Nigeria has seen it again.
This time not MMM or yuor regular ponzi scheme In a recent update that has sparked a glimmer of hope among thousands of Nigerians, the Economic and Financial Crimes Commission (EFCC) has officially assured CBEX investors that they will get their money back.
just as we heard from our source that the EFCC, Nigeria’s top anti-graft agency, made this statement following weeks of mounting pressure and public outcry over the controversial collapse of CBEX, a supposed crypto and forex investment platform that promised unusually high returns.
What Happened With CBEX?
Because of Nigerians’ greedy and lazy nature, CBEX, which gained massive traction among Nigerian investors between 2023 and 2024, lured people in with promises of quick profits through cryptocurrency and forex trading. The company operated mostly online, using influencer marketing and referral systems to gain popularity. However, things began to fall apart earlier this year when investors suddenly couldn’t withdraw their funds.
With reports of unpaid investments running into billions of naira, panic spread like wildfire. The EFCC quickly stepped in, launching an investigation into the firm’s activities.
freezing of accounts, and detaining key executives linked to the platform.
EFCC’s Reassurance: “You Will Get Your Money Back”
In an official press briefing, EFCC spokesperson Dele Oyewale stated:
“We understand the pain and financial hardship this has caused to Nigerians. Let it be known that the EFCC is working round the clock to recover and redistribute funds to all affected investors. We assure you – you will get your money back.”
According to Oyewale, significant amounts have already been recovered from CBEX’s accounts, and the commission is in the process of verifying claims and tracing additional funds.
What’s next for Nigerian investor #whatsnextng
This reassurance from the EFCC is a major relief, especially for low-income earners and small business owners who invested their life savings in CBEX. Many have been vocal on social media, expressing their struggles and begging the authorities to intervene.
Here’s some thing you should know as an investor:
- Claims verification is ongoing by the EFCC. Investors are urged to submit proof of investment to them via official channels.
- Beware of scammers – Only engage with the EFCC directly. Fraudsters may pose as officials promising faster refunds.
- Recovery will take time – While refunds are promised, the process may take weeks or even months, depending on the volume of claims.
The Bigger Picture: A Wake-Up Call for Nigerians
CBEX is just one of many platforms in Nigeria that have crashed after promising unrealistic returns. From MBA Forex to Chinmark and now CBEX, the trend of Ponzi-like investment schemes is unfortunately growing.
This case reinforces the urgent need for financial literacy in Nigeria and urges Nigerians to behave more humanly. The EFCC also advised Nigerians to do due diligence before investing in any platform, especially those without regulatory licenses or physical presence.
Conclusion
The EFCC’s statement brings a sigh of relief to many.
that is, if the result will be provided at the end of this investigationor they tell us that the government has asset under investigation .
but also serves as a stern warning: not all that glitters is gold. As the commission continues its investigation, affected investors are encouraged to remain patient and hopeful.
If you or someone, you know was affected by the CBEX investment scheme sorry.
keep following @whatsnextng.com as your go to source and the EFCC’s official updates for the latest developments.
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