As Nigeria reels from another massive investment scam, global authorities mobilize to track the perpetrators
The Economic and Financial Crimes Commission (EFCC) has launched a major international investigation into the collapsed CryptoBank Exchange (CBEX), teaming up with INTERPOL to track down suspects behind what may be Nigeria’s largest crypto Ponzi scheme at N1.3 trillion ($847 million). The digital platform, which promised unrealistic 100% monthly returns, abruptly locked thousands of investors out of their accounts this week after months of suspicious activity including sudden domain changes and demands for “verification fees.”
EFCC spokesperson Dele Oyewale confirmed the commission had been monitoring CBEX before its collapse, stating: “We had intelligence beforehand. Now that the scheme has crashed, all major actors – both local and foreign – will be apprehended.” The investigation comes amid violent protests by defrauded investors, including the looting of CBEX’s Ibadan office, as victims discovered their account balances wiped clean.
The Securities and Exchange Commission (SEC) warned that CBEX operated illegally under Nigeria’s new Investment and Securities Act (2025), with Director-General Dr. Emomotimi Agama emphasizing that over 92% of such high-yield platforms collapse within 18 months. Preliminary estimates suggest losses could exceed N1.3 trillion, affecting investors across Nigeria, Ghana and South Africa who were lured by social media promotions and peer recruitment tactics.
As the EFCC expands its crackdown on similar schemes, authorities urge the public to verify SEC registration of any investment platform and report suspicious operations. The commission confirms it is currently investigating 11 other suspected Ponzi operations nationwide, with arrests expected in coming weeks.
