Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • NiMet Predicts Three-Day Rain, Thunderstorms Nationwide From Monday
    • Again Boko Haram Kills Nine In Borno, Governor Zulum Mourns
    • There Is Pain Behind That Smile. Just Do Your Bit – By Dr Hassan Gimba
    • What Can Nigeria Learn From China’s Electricity Revolution? – By Dr Dakuku Peterside
    • Amaechi: Nigerian Politicians And Doublespeak – By Kazeem Akintunde
    • Remembering ‘Watergate Scandal’ And Danger Of Crippling Opposition – By Martins Oloja
    • When Power Mongers Regroup: Inside The ADC Circus – By Temitope Ajayi
    • Kwankwaso: The Northern Titan Tinubu Needs For 2027 – By Lamara Garba Azare
    Facebook X (Twitter) Instagram
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    • HOME
    • NEWS

      NiMet Predicts Three-Day Rain, Thunderstorms Nationwide From Monday

      July 7, 2025

      Again Boko Haram Kills Nine In Borno, Governor Zulum Mourns

      July 6, 2025

      I’m Going To Contest For President In 2027, Peter Obi Declares

      July 6, 2025

      FG Fines Multichoice N766m For Violating Data Protection Act

      July 6, 2025

      We Haven’t Received Any Court Reinstatement Order On Natasha – Senate

      July 6, 2025
    • COLUMN

      There Is Pain Behind That Smile. Just Do Your Bit – By Dr Hassan Gimba

      July 6, 2025

      What Can Nigeria Learn From China’s Electricity Revolution? – By Dr Dakuku Peterside

      July 6, 2025

      Amaechi: Nigerian Politicians And Doublespeak – By Kazeem Akintunde

      July 6, 2025

      Remembering ‘Watergate Scandal’ And Danger Of Crippling Opposition – By Martins Oloja

      July 6, 2025

      Don’t Kill Yourself Because He’s Cheating – By Funke Egbemode

      July 6, 2025
    • EDUCATION

      13 Countries Offering Free Or Low-Cost PhD Programmes For Non-Citizens

      January 25, 2025

      NECO: Abia, Imo Top Performing States In Two Years, Katsina, Zamfara Come Last

      October 3, 2024

      NBTE Accredits 17 Programmes At Federal Polytechnic Kabo

      August 20, 2024

      15 Most Expensive Universities In Nigeria

      May 19, 2024

      FULL LIST: Tinubu Appoints Former SGF Yayale, Ex-Governor Yuguda, Muhammad Abacha, Jega In Universities’ Governing Councils

      May 18, 2024
    • INTERNATIONAL

      Israeli Army Targets Gaza City With Heavy Strikes, Killing 39

      July 6, 2025

      French Intelligence Claims China Trying To Foil Global Sale Of Rafale Jets

      July 6, 2025

      Israel Sending Negotiating Team To Qatar For Gaza Ceasefire Talks

      July 6, 2025

      Texas Flood Kills 24 As Rescuers Search For Children Missing From Girls’ Camp

      July 6, 2025

      UN Says 613 Gaza Killings Recorded At Aid Sites, Near Humanitarian Convoys

      July 5, 2025
    • JUDICIARY

      FULL LIST: Judicial Council Recommends Appointment Of 11 Supreme Court Justices

      December 6, 2023

      Supreme Court: Judicial Council Screens 22 Nominees, Candidates Face DSS, Others

      November 29, 2023

      FULL LIST: Judicial Commission Nominates 22 Justices For Elevation To Supreme Court

      November 16, 2023

      Seven Key Issues Resolved By Seven Supreme Court Judges

      October 26, 2023

      FULL LIST: CJN To Swear In Falana’s Wife, 57 Others As SANs November 27

      October 12, 2023
    • POLITICS

      What Peter Obi May Lose If He Joins Coalition As VP Candidate

      May 25, 2025

      Atiku Moves To Unseat Wike’s Damagum As PDP Chairman, Backs Suswam As Replacement

      April 15, 2024

      Edo’s Senator Matthew Uroghide, Others Defect To APC

      April 13, 2024

      Finally, Wike Opens Up On Rift With Peter Odili

      April 2, 2024

      El-Rufa’i’s Debt Burden: APC Suspends Women Leader For Criticising Kaduna Gov

      March 31, 2024
    • SPORTS

      THROWBACK: How I Became Known As Dodo Mayana – Peter Rufai

      July 6, 2025

      Zubimendi Joined Gunners For £60m – How Arsenal Signed Arteta’s ‘Obsession’

      July 6, 2025

      Best Of African Women’s Football On Display As WAFCON Kicks Off

      July 6, 2025

      Mbappe Scores As Real Madrid Beat Dortmund To Set-Up PSG Semi-Final

      July 6, 2025

      Super Eagles’ Captain, Ahmed Musa Named General Manager Of Kano Pillars

      July 5, 2025
    • MORE
      • AFRICA
      • ANALYSIS
      • BUSINESS
      • ENTERTAINMENT
      • FEATURED
      • LENS SPEAK
      • INFO – TECH
      • INTERVIEW
      • NIGERIA DECIDES
      • OPINION
      • Personality Profile
      • Picture of the month
      • Science
      • Special Project
      • Videos
      • Weekend Sports
    NEWS POINT NIGERIANEWS POINT NIGERIA
    UBA 720X90
    Home - N1.3trn CBEX Probe: ‘We Warned You Against Ponzi Schemes’, EFCC Tells Nigerians

    N1.3trn CBEX Probe: ‘We Warned You Against Ponzi Schemes’, EFCC Tells Nigerians

    By Bala MuhammadApril 16, 2025
    RFCC

    AMID growing concerns over the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX), which reportedly led to the loss of N1.3tn belonging to Nigerians investors, the Economic and Financial Crimes Commission (EFCC) says it warned Nigerians against investing in Ponzi schemes.

    The spokesperson of the EFCC, Dele Oyewale, who spoke as a guest on Channels Television’s The Morning Brief on Wednesday, however, said that the Commission had taken steps to enlighten Nigerians about the dangers of the criminal schemes.

    CBEX was reported to have crashed on Monday, leaving many Nigerians unable to access their funds.

    UBA

    Several videos online showed some Nigerians lamenting the loss of their funds to the scheme.

    But Oyewale said, “You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies; we came out with a list–that shows that we’re proactive and we have our hands on what is happening.

    WIDGET ADS

    “So, concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans. So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working.”

    Speaking further, 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.

    Thomas Sankara African Leadership Prize

    “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.”

    Nigerian TAX Reform - Federal Goverment

    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.

    According to him, 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.

    Oyewale said, “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.

    National Orientation Agency Page UP
    National Orientation Agency - Down

    “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.

    “Now, if they’re operating at variance with all of these laws, you know that it’s just a matter of time before a problem will come.”

    He, however, assured that the EFCC is working with its international partners, including Interpol, to ensure that the victims get their money back.

    “It would be very irresponsible and unprofessional of the EFCC to say you have lost your money and there is nothing the commission can do about it; we’re already working with Interpol and we’re already working with our international development agencies to ensure that these people are brought to book.

    “Investors are going to get their money back and we’re already working on that. All I’m saying is that this kind of thing could have been averted, but we’re not going to throw our hands up helplessly to say that there’s nothing the EFCC can do about it. No, we’re more responsible; we are more professional than that,” the spokesperson said.

    “So, we’ve spread our wings; we’re talking to Interpol, we’re talking to all the necessary agencies across the world to be able to bring all the actors to book and the investors are going to have their money back. It might not be in the short term, but I can assure you that the commission, as the leading anti-corruption agency in Nigeria, is not going to allow investors to just lose their money like that because they are not compliant. No. Escapism is not a solution to any problem,” he added.Amid growing concerns over the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX), which reportedly led to the loss of N1.3tn belonging to Nigerians investors, the Economic and Financial Crimes Commission (EFCC) says it warned Nigerians against investing in Ponzi schemes.

    Cbex EFCC Interpol
    Share. Facebook Twitter WhatsApp LinkedIn Telegram Email

    Related Posts

    NiMet Predicts Three-Day Rain, Thunderstorms Nationwide From Monday

    July 7, 2025

    Again Boko Haram Kills Nine In Borno, Governor Zulum Mourns

    July 6, 2025

    I’m Going To Contest For President In 2027, Peter Obi Declares

    July 6, 2025

    FG Fines Multichoice N766m For Violating Data Protection Act

    July 6, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    Latest Posts

    NiMet Predicts Three-Day Rain, Thunderstorms Nationwide From Monday

    July 7, 2025

    Again Boko Haram Kills Nine In Borno, Governor Zulum Mourns

    July 6, 2025

    There Is Pain Behind That Smile. Just Do Your Bit – By Dr Hassan Gimba

    July 6, 2025

    What Can Nigeria Learn From China’s Electricity Revolution? – By Dr Dakuku Peterside

    July 6, 2025

    Amaechi: Nigerian Politicians And Doublespeak – By Kazeem Akintunde

    July 6, 2025
    Advertisement
    WIDGET ADS
    News Point NG
    © 2025 NEWS POINT NIGERIA Developed by ENGRMKS & CO.
    • Home
    • About us
    • Disclaimer
    • Our Advert Rates
    • Privacy Policy
    • Terms of Use

    Type above and press Enter to search. Press Esc to cancel.

    Join Us On WhatsApp