The Economic and Financial Crimes Commission (EFCC) has vowed to recover Nigerians’ lost investments in the alleged N1.3 trillion CryptoBank Exchange scam, promising action in collaboration with Interpol and other international agencies.
EFCC spokesman, Dele Oyewale, disclosed this in an interview on Channels Television, where he rejected any suggestion that the Commission would neglect victims of the scam.
The EFCC made this commitment while addressing concerns about the massive losses suffered by Nigerians who invested in CryptoBank Exchange, a digital investment platform currently under investigation for fraud amounting to N1.3 trillion.
EFCC spokesman, Dele Oyewale, disclosed this in an interview on Channels Television, where he rejected any suggestion that the Commission would neglect victims of the scam.
“No, certainly no, it would be very irresponsible and unprofessional of the EFCC to say that, there is nothing the Commission can do about it.
Investors are going to get their money back. And we are already working on that,” Oyewale said.
International cooperation underway
He stated that the Commission is actively collaborating with Interpol and international development partners to trace and apprehend the individuals behind the CryptoBank scheme.
“We are already working with Interpol, and we are already working with our international development agencies to ensure that these people are brought to book.”
Oyewale assured that the EFCC has launched a wide-reaching effort to bring the perpetrators to justice and secure the return of investors’ funds.
“We are talking to Interpol, we are talking to all the necessary agencies across the world to be able to bring all the actors, we are going to bring them to book. And investors, they are going to have their money back.
It may not be in the short term, but I can assure you that the Commission, as the leading anti-corruption agency in Nigeria, is not going to allow investors to just lose their money like that,” he said.
EFCC dismisses helplessness, urges vigilance
Oyewale emphasized that the EFCC would not abandon its responsibility or act helplessly in the face of such large-scale fraud.
“Escapism, you know, is not a solution to any problem.
We are more responsible, we are more professional than that. So we are already, we have spread out our wings.
We are going to do our work. But I’m just saying that to avoid future occurrence of this kind of thing, there are some things that Nigerians also need to pay attention to. But at least there is a shaft of light at the end of the tunnel,” he noted.
He also urged Nigerians to exercise greater caution with future investments, emphasizing the need for thorough scrutiny and heightened awareness.
What you should know
CBEX is a digital investment platform operated by a group of foreign nationals in partnership with Nigerian collaborators that reportedly collapsed on Monday, leaving thousands of investors stranded and unable to access their funds.
- The platform, which had promised 100% returns within 30 days through online trading, first restricted withdrawals on April 9, 2025. Many users initially believed the issue was a temporary glitch—until their account balances suddenly vanished.
- In a surprising twist, affected users were instructed to deposit additional funds—at least $100—in order to regain access to their accounts. For those with balances above $1,000, the required deposit was set at $200.
Shortly before shutting out its subscribers, CBEX issued a message stating:
“All accounts need to undergo the following verification steps to ensure their authenticity. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews.”
Despite signs of trouble, several new users reportedly signed up after the withdrawal restriction, believing it was a technical delay that would be resolved within days.
