In a major escalation of efforts to unravel what is now regarded as Nigeria’s biggest digital investment fraud, the Economic and Financial Crimes Commission (EFCC) has confirmed the involvement of the International Criminal Police Organisation (INTERPOL) in its ongoing probe of the collapsed CryptoBank Exchange (CBEX). The platform, now defunct, is at the heart of an alleged N1.3 trillion scam that has devastated thousands of investors across the country and beyond.
According to EFCC spokesperson Dele Oyewale, the commission had already begun tracking the operations of CBEX even before it abruptly shut down operations and went underground. Following reports from victims and whistleblowers, the EFCC has expanded its investigation in collaboration with INTERPOL to trace the financial footprints of the masterminds—both local and foreign—behind the scheme.
CBEX reportedly lured unsuspecting investors through glitzy digital campaigns, promising mouth-watering returns of 100 percent within just 30 days. But the promise soon turned into a nightmare. After initial deposits, users found themselves unable to withdraw funds. CBEX allegedly demanded additional deposits under the guise of “account verification” before going completely dark. Estimated losses stand at a staggering $847 million (approximately N1.3 trillion), making it one of the most catastrophic cases of investment fraud in recent memory.
The fallout has been explosive. Aggrieved investors stormed CBEX offices in major cities including Ibadan and Abuja, demanding refunds and justice. In Abuja, the company’s office was swiftly locked down following threats of unrest and vandalism. Law enforcement authorities have since secured the premises as part of ongoing investigations.
The Securities and Exchange Commission (SEC) had earlier issued multiple warnings against the proliferation of unregistered digital investment platforms. Under the newly signed Investment and Securities Act of 2025, operating without proper licensing now constitutes a criminal offence. The SEC’s Director of Public Affairs emphasized that ignorance is no longer an excuse, urging Nigerians to verify investment opportunities before parting with their money.
Financial analysts say the CBEX saga is a harsh reminder of the dangers of unregulated financial schemes. “This isn’t just about fraud; it’s about unchecked greed, a worrying lack of due diligence, and poor investment education,” said a Lagos-based financial expert, who warned that similar Ponzi-style platforms are still operational in various guises across the country.
In a public advisory, the EFCC called on victims to step forward with verifiable complaints and evidence. The agency assured that its collaboration with INTERPOL is aimed not only at nabbing the culprits wherever they may be hiding but also at recovering stolen funds through international legal channels.
This development adds to a growing list of cross-border financial crimes facing intensified scrutiny as Nigerian authorities tighten the noose on fraudulent digital schemes exploiting economic desperation and digital ignorance among the populace.
As the joint investigation gains momentum, the CBEX scandal may well become a litmus test for Nigeria’s ability to safeguard its financial system in the age of digital deception.