As public outrage continues to mount over the N1.3 trillion crash of digital trading platform, CryptoBank Exchange (CBEX), the Economic and Financial Crimes Commission (EFCC) has distanced itself from any form of blame, despite increasing evidence that regulatory inaction and government negligence enabled the scheme’s massive fraud.
CBEX, a shadowy online platform allegedly operated by foreign interests, collapsed on Monday, leaving thousands of Nigerians in financial ruin. Videos of devastated victims flooding social media platforms have sparked a nationwide debate about the government’s failure to protect citizens from organized digital scams.
In a controversial appearance on Channels Television’s The Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale insisted that the commission had done its job by “warning Nigerians” months earlier, essentially blaming the victims for their losses.
“We cannot lay any blame on the EFCC concerning this CBEX thing,” Oyewale said, deflecting responsibility. “We’ve given enlightenment, we’ve raised awareness, we’ve listed 58 companies to avoid. The rest is up to Nigerians.”
However, critics argue that the EFCC’s so-called “warnings” were buried in obscure press releases and lacked any serious enforcement action, despite CBEX openly operating across major Nigerian cities and advertising aggressively on social media.
EFCC’s Passive Posture Under Fire
Oyewale confirmed that CBEX had no operational license and described it as a “Chinese digital company with no jurisdictional link to Nigeria.” Yet, he failed to explain why the EFCC and other regulatory bodies allowed such an unregistered entity to conduct large-scale financial operations in the country unchecked.
Observers have questioned how a “ghost” company with no official presence in Nigeria was able to establish multiple “offline” offices in cities like Ibadan, Lagos, and Port Harcourt — some of which were vandalized by angry investors on Monday.
“The question isn’t whether the EFCC warned Nigerians,” said financial analyst Musa Anjorin. “The real question is: why didn’t they shut CBEX down before it looted over a trillion naira from citizens?”
Promises Amid Silence
While promising that victims would eventually recover their funds, Oyewale failed to present a timeline or strategy. Instead, he cited ongoing “collaboration with Interpol” and vague international efforts.
“It would be unprofessional to say there’s nothing we can do,” Oyewale said. “We are working with Interpol and other agencies to bring the perpetrators to book. It might not be in the short term, but investors will get their money back.”
But the EFCC’s track record in recovering funds from collapsed Ponzi schemes like MMM, MBA Forex, and others provides little comfort. Years later, most victims of those frauds remain uncompensated, and the perpetrators either remain at large or were given light punishments.
Regulatory Failures and Political Silence
What’s more troubling is the silence of key financial regulators like the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). Neither agency has issued a formal statement or provided a roadmap for restitution, despite CBEX clearly violating the Investment and Securities Act 2025, which Oyewale referenced.
The Act makes it criminal to operate digital investment platforms without registration and compliance, yet CBEX allegedly collected funds from over 500,000 Nigerians under false pretenses — right under the nose of Nigeria’s anti-fraud agencies.
“CBEX promised 100% returns in 30 days — that alone should’ve triggered a full-scale investigation,” said economic researcher Bisi Ikuomola. “Instead, the EFCC watched and waited until the damage was done.”
Victims Demand Accountability
Nigerians are now demanding more than promises. Protests have already begun in cities like Ibadan and Abuja, with victims calling for not just the arrest of CBEX’s founders, but also the resignation of officials who failed to act on the warning signs.
“This isn’t about Ponzi or greed,” said Mrs. Obianuju Eze, a victim who lost her life savings. “This is about a government that watched us fall into a trap and did nothing.”
CBEX’s fall may mark one of the largest digital financial frauds in Africa, but for many Nigerians, it also marks a disturbing confirmation: that when it comes to safeguarding their finances, they are largely on their own.
Sidebar
Warning Signs Ignored: How CBEX Fooled a Nation
Promised 100% ROI in 30 days
Aggressive ads on social media, even sponsored influencer promotions
No known license with SEC or CBN
Operated “offices” across Nigerian cities despite claiming to be fully online
No public accountability or audits
Reference
N1.3trn CBEX Collapse: EFCC Blames Nigerians, Denies Responsibility Amid Mounting Anger