The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed that the Commission has begun the recovery of looted funds from the collapsed CBEX investment scheme, which defrauded over 600,000 Nigerians of a staggering N1.3 trillion.
Speaking on the ongoing efforts, Olukoyede assured Nigerians that justice is underway, as final forfeiture processes have commenced while several suspects connected to the fraudulent scheme are already facing prosecution.
"This is one of the most devastating financial scams in the country’s recent history," Olukoyede declared, emphasizing that the EFCC is committed to ensuring that victims of the scam get justice and that looted funds are traced and returned through legal channels.
CBEX, which disguised itself as a legitimate investment platform, lured hundreds of thousands of Nigerians with promises of high returns, only to collapse suddenly, leaving investors in financial ruin. The scale of the fraud sent shockwaves through financial and regulatory circles.
The EFCC boss noted that the Commission has frozen several bank accounts linked to the scam and is working with local and international financial intelligence units to track assets purchased with proceeds from the fraudulent scheme.
Olukoyede further warned Nigerians to be wary of suspicious investment offers that sound too good to be true, stressing the importance of due diligence and regulatory checks.
"We are not just recovering funds, we are also dismantling the criminal network behind this monumental fraud," he added.
As investigations deepen and prosecutions intensify, the EFCC has called on victims of the CBEX scheme to come forward with relevant information that may aid the ongoing legal process.
This development marks a significant step in restoring public confidence in Nigeria’s financial regulatory systems and sends a strong message to fraudsters that no one is above the law.