The Economic and Financial Crimes Commission (EFCC) has cautioned Nigerians about the risks of unchecked greed, which can make them easy targets for Ponzi scheme operators. In a brief advisory posted on its official X account on Saturday, the agency warned: “Love money too much, and Ponzi schemes will love you… as their next target. Be guided, the Eagle loves you all.”
EFCC Investigates CBEX Collapse
This warning follows the EFCC’s ongoing investigation into the collapse of CryptoBank Exchange (CBEX), a digital investment platform. The platform allegedly defrauded investors of billions of naira. CBEX crashed on April 14, and many Nigerians shared emotional videos on social media, expressing their distress over the loss of life savings.
In response, the EFCC announced on Friday that it had declared eight individuals wanted in connection with the scandal. The move came after Justice Emeka Nwite of the Federal High Court in Abuja granted the agency’s request to arrest and detain the promoters until the investigations are complete.
The EFCC revealed that ST Technologies, the company behind CBEX, was registered with the Corporate Affairs Commission. However, it lacked approval from the Securities and Exchange Commission to operate as an investment platform.
Investigators also found that the suspects had abandoned their known addresses in Lagos and Ogun states. As a result, the agency issued a red alert for their arrest.
The Nation reports that the Commission’s spokesperson, Dele Oyewale, during an interview on National TV, urged Nigerians to be more cautious before investing in online platforms.
“We understand that businesses typically declare profits quarterly, annually, or bi-annually,” Oyewale said. “However, if someone promises a return in 30 days, that’s unrealistic and simply not practical.”
He added, “If someone promises, ‘Bring your money, and we’ll give you a 100 percent return on investment,’ that is impossible.”
