‘Investors Are Going To Get Their Money Back’
AS the ripple effects of the crash of investment platform, CryptoBank Exchange (CBEX), widens among Nigerians investors, who may have lost over N1.3trillion, the Economic and Financial Crimes Commission (EFCC) has recalled warning Nigerians against investing in Ponzi schemes.
Spokesperson of the Commission, Dele Oyewale, speaking on a television programme on Wednesday, April 16 said EFCC had taken steps to enlighten Nigerians about the dangers of the criminal schemes, including CBEX, which reportedly crashed on Monday, April 14, with Nigerians investors unable to access their funds and lamenting online.
However, said: “You’ll recall that on March 11, this year, the Executive Chairman of the EFCC, Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies.
“We came out with a list, that shows that we’re proactive and we have our hands on what is happening.
“So, concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans. So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working.”
He added: “We cannot lay any blame on the EFCC concerning this CBEX thing. I’m sure we know that that business venture is a Chinese digital trading company with no jurisdictional link with Nigeria. All the area offices that people are saying are in Ibadan and in some other locations are not functional offices; the entire thing is online.
“And we have been warning Nigerians against criminal engagements online. So, what would you expect the EFCC to do? We have given empowerment, given enlightenment, given public awareness and raised intelligence.
“It is to the credit of the EFCC chairman that he came forward to say there are 58 companies Nigerians are patronising that they should no longer patronise.
“So, if the Commission is as proactive as that, then the rest is for the people concerned to be more vigilant and to ensure that they guard their investment, in line with the information that is available.”
Oyewale stated that the Investment and Security Act 2025 is a very important, well-conceived and responsive Act to check illegal investment schemes, noting that with the Act, it is a criminal to engage in any digital trading activity without being licensed, without complying with all the extant laws, since any form of exchange or business engagement must conform with the Act.
“We know that for every business concern, you declare your profit either quarterly, annually or bi-annually. But if somebody says, ‘bring your money; I’m going to give you a return in 30 days, you know that is not realistic; it’s just not pragmatic.
“Or if somebody says if you bring your money, we’re going to give you a 100 per cent return on investment, that is not possible. We know that the prevailing interest rate in Nigeria is 27.5 per cent, so how will somebody give you a 100 per cent return on investment in 30 days?
“If you want to go into any investment, you must look at these fellows that are parading this; how compliant are they with the Money Laundering Prevention and Prohibition Act 2022? How compliant are they with the Proceeds of Crime Act? How compliant are they with the Terrorism Financing Act? It is very important.
“If they’re operating at variance with all of these laws, you know that it’s just a matter of time before a problem will come.”
Meanwhile, Oyewale has assured that the EFCC was working with its international partners, including Interpol, to ensure victims get their money back.
“It would be very irresponsible and unprofessional of the EFCC to say you have lost your money and there is nothing the Commission can do about it; we’re already working with Interpol and our international development agencies to ensure that these people are brought to book.
“Investors are going to get their money back and we’re already working on that. All I’m saying is that this kind of thing could have been averted, but we’re not going to throw our hands up helplessly to say that there’s nothing the EFCC can do about it. No, we’re more responsible; we are more professional than that.
“So, we’ve spread our wings; we’re talking to Interpol, we’re talking to all the necessary agencies across the world to be able to bring all the actors to book and the investors are going to have their money back.
“It might 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 because they are not compliant. No! Escapism is not a solution to any problem.”
