The Economic Financial Crimes Commission, EFCC, says that many Nigerians failed to listen to its warnings against digital trading platforms, such as CBEX.

The spokesperson of the EFCC, Dele Oyewale, told Channels Television that that Commission warned Nigerians against patronising such platforms.

He said that the Commission had taken steps to enlighten citizens about the dangers of the criminal schemes.

DAILY POST reported that CBEX crashed on Monday, leaving many Nigerians unable to access their funds.

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

The crash reportedly led to the loss of N1.3tn belonging to Nigerians investors.

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.

“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.

“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.

“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.”

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.