N1.3tn CBEX fraud: Forfeiture process begins as EFCC recovers funds

Wanted CBEX officials

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that funds lost to the fraudulent CBEX investment scheme have been recovered, with the process of final forfeiture already in progress.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3tn after it collapsed in April 2025.

Olukoyede, who did not state the amount recovered, assured Nigerians that the EFCC had taken decisive action against the promoters of the scheme.

Speaking at an event to mark the Africa Anti-Corruption Day in Abuja, the EFCC boss stressed that those found culpable were already facing prosecution.

He said, “We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested.

“So at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it.”

The EFCC chairman condemned the CBEX scheme as a prime example of virtual asset and investment fraud, which he said was spreading like wildfire across Africa.

He noted that fraudsters continued to exploit the desperation of investors to defraud them through Ponzi schemes and similar fraudulent arrangements.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors.

“The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable.

“Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He blamed the rising trend of investment fraud not only on the fraudulent actors but also on the carelessness of many investors, who, according to him, often failed to report suspicious activities until it was too late.