The Economic and Financial Crimes Commission (EFCC) has partnered with the International Criminal Police Organization (Interpol) to investigate an alleged N1.3 trillion fraud involving CryptoBank Exchange (CBEX), a digital investment and cryptocurrency trading platform.
- CBEX reportedly promised investors 100% returns within 30 days. It started restricting withdrawals on April 9, 2025, and crashed days later, leaving thousands of investors stranded.
- Users said their account balances were wiped out. They were then asked to deposit between $100 and $200 before they could get their money back.
- Unconfirmed reports put the losses at about $847 million (roughly N1.3 trillion), affecting both Nigerian and foreign investors. The figure has not been officially verified.
What the EFCC said
EFCC spokesperson Dele Oyewale said the commission had been monitoring the platform before it collapsed and would now step up its work with Interpol to bring those responsible to justice.
- “We are on the local collaborators, while we are partnering with Interpol to trace the foreign operators,” Oyewale said.
- He added that where recovery is possible, the commission will recover funds, and where prosecution is possible, it will prosecute.
- The EFCC asked anyone who invested in CBEX to come forward with evidence to help the investigation.
Anger among investors
After the crash, angry investors stormed CBEX offices in Lagos and Oyo States. In Ibadan, some broke into the Oke Ado office and took furniture and equipment.
The Securities and Exchange Commission (SEC) had earlier warned Nigerians against unregistered investment and trading platforms. It urges investors to check whether an operator is registered before putting money into any scheme that promises unusually high returns.
