Speaking on the fraudulent investment activities surrounding the now-collapsed CryptoBank Exchange (CBEX), EFCC spokesperson Dele Oyewale warned Nigerians to be wary of investment schemes promising unrealistic returns.
“In legitimate businesses, profits are typically declared quarterly, bi-annually, or annually,” Oyewale explained. “So, when someone claims they can offer a return within 30 days, or even promise 100% profit in that timeframe, it’s simply not realistic.”
He further emphasized, “With Nigeria’s current interest rate at 27.5%, it defies logic for any credible entity to promise a 100% return on investment in just one month. These are red flags investors must not ignore.”
Oyewale urged Nigerians to critically assess the legal compliance of any investment platform. “Before committing funds, ask: Are they compliant with the Money Laundering Prevention and Prohibition Act of 2022? What about the Proceeds of Crime Act or the Terrorism Financing Act? These are essential checks. If a company operates outside these legal frameworks, it’s only a matter of time before problems arise.”
Reassuring victims of the CBEX debacle, Oyewale said the EFCC is actively working with international partners, including Interpol, to trace and recover stolen funds.
“It would be irresponsible and unprofessional for the EFCC to dismiss these losses as irretrievable,” he stated. “We are already collaborating with Interpol and other international development agencies to bring those behind this scam to justice.”
He assured investors that efforts are underway to recover their funds. “Although restitution may not be immediate, I can confidently say that we will not abandon these victims. The EFCC remains committed to protecting Nigerians and holding fraudsters accountable.”
“We’re casting a wide net, engaging all relevant global law enforcement bodies. Justice will be pursued. The perpetrators will be brought to book, and investors will recover their money. It might take time, but we won’t allow non-compliance or international borders to shield them from justice. Escaping accountability is not an option,” he added.
