Economic and Financial Crimes Commission has blamed Nigerians over their losses to Crypto Bank Exchange, popularly known as CBEX investment.
Recall that INFORMATION NIGERIA had reported that thousands of investors in Nigeria, recounted their loses, lamenting over their inability to withdraw their investments from the ponzi scheme website.
It was gathered that over N1.3tn belonging to Nigerians was stolen by the scheme organisers on Monday.
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Speaking on Wednesday during an interview with Channels Television, EFCC’s Spokesman, Dele Oyewale, said that the Commission had issued severe warnings to Nigerians about the dangers of the criminal organization.
He further explained that the Investment and Security Act 2025 is a very important, well-conceived and responsive Act of the government to check illegal investment schemes.
Adewale added that with the Act, it is a criminal thing to engage in any digital trading activity without being licensed, without complying with all the extant laws, as any form of exchange or business engagement must conform with the Act.
He said: “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.
READ MORE: Angry Youths Storm, Loot CBEX Office In Ibadan Following Platform Crash (Video)
“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 that there are 58 companies that 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.
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% return on investment, that is not possible; even we know that the prevailing interest rate in Nigeria is 27.5. So, how will somebody give you a 100% return on investment in 30 days?
“So 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.”
