News

EFCC Recovers Funds Lost To CBEX Fraud, Forfeiture Process Underway — Olukoyede

Published

3 months ago

July 10, 2025

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that funds lost to the fraudulent CBEX investment scheme have been recovered, with the process of final forfeiture already in progress.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3 trillion after it collapsed in April 2025.

Olukoyede, who did not state the amount recovered, assured Nigerians that the EFCC has taken decisive action against the promoters of the scheme.

Speaking at an event to mark the Africa Anti-Corruption Day in Abuja on Thursday, the EFCC boss stressed that those found culpable are already facing prosecution.

He said, “We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested.

“So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it.”

The EFCC chairman condemned the CBEX scheme as a prime example of virtual asset and investment fraud, which he said is spreading like wildfire across Africa.

He noted that fraudsters continue to exploit the desperation of investors to defraud them through Ponzi schemes and similar fraudulent arrangements.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable.

“Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He blamed the rising trend of investment fraud not only on the fraudulent actors but also on the carelessness of many investors, who, according to him, often fail to report suspicious activities until it is too late.

“When the going was good with CBEX, when people were collecting 100% returns in one week or one month, nobody complained. Nobody reported to the EFCC.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money,” he said.

Olukoyede emphasised that while the EFCC remains committed to its mandate of enforcement and recovery, the public must also take responsibility by verifying investment platforms before participation.

He advised Nigerians to “shine their eyes” and not fall for too-good-to-be-true offers.

The EFCC boss also confirmed that some foreign nationals have been linked to the CBEX fraud, revealing that they are part of a larger network building cybercrime cells across Africa.

“In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions.

“Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He reiterated the EFCC’s resolve to pursue every case to its logical conclusion, adding that even cases requiring international collaboration will not be abandoned.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.

Olukoyede urged the public to remain vigilant, avoid unregulated investment schemes, and support the anti-corruption fight by promptly reporting suspicious financial activities to the appropriate authorities.
(PUNCH)

News

BREAKING: Rev Uma Ukpai Is Dead

Published

11 minutes ago

October 13, 2025

Editor

Rev. Uma Ukpai, an international evangelist who is the founder and president of Uma Ukpai Evangelistic Association, is dead.

Rev. Uma died at the age of 80.

News

ASUU Declares Two-week Strike, Orders Members To Down Tools On Monday

Published

13 hours ago

October 12, 2025

Editor

The Academic Staff Union of Universities (ASUU) has announced the commencement of a two-week ‘total strike’ and ordered its members to withdraw their services across the country, effective 12:01 a.m. on Monday.

ASUU President, Prof. Christopher Piwuna, disclosed this at a press conference in Abuja on Sunday.

The development comes after the two-week ultimatum issued to the Federal Government to address their long-standing demands expired.

Prof. Piwuna expressed dismay that nothing significant had happened since it issued the two-week ultimatum. “Government has been asking for time with nothing concrete on the ground to resolve it,” he said.

According to him, the decision to embark on the total strike was reached after several rounds of meetings with government representatives ended without any tangible commitment.

He noted that the union had exhausted all avenues for dialogue and patience, emphasising that the strike action was the last resort to compel the government to fulfil its promises.

He further explained that the union had consistently shown restraint in order not to disrupt the academic calendar, but the government’s insensitivity had left them with no alternative.

“Consequently, all branches of ASUU are hereby directed to withdraw their services with effect from midnight (12:01 a.m.) on Monday, 13 October 2025. The warning strike shall be total and comprehensive as agreed at the last NEC meeting,” he said.

He also called on well-meaning Nigerians, civil society organisations, and the media to prevail on the Federal Government to address the lingering issues once and for all. The union warned that unless concrete steps are taken within the two-week period, it will not hesitate to extend the strike indefinitely. “This struggle is not just for university lecturers; it is for the soul of public education in Nigeria,” Prof. Piwuna declared.

The seven-point demands include: re-negotiation of the 2009 ASUU-FGN agreement; sustainable funding of universities; revitalisation of universities; victimisation of ASUU members in Lagos State University (LASU), KSU (now Prince Abubakar Audu University), and Federal University of Technology, Owerri (FUTO).

Others are outstanding 25–35 per cent salary arrears; promotion arrears for over four years; as well as third-party deductions.

News

Nigerian Engineers applaud Gov. Mohammed’s $5bn Investment Deals

Published

14 hours ago

October 12, 2025

Editor

The Nigerian Society of Engineers (NSE), Bauchi state chapter has commended Gov. Bala Mohammed for organising the maiden international investment summit that recorded a 5 billion Dollars investment deal in the state.

It could be recalled that Prof. Murtala Sagagi, Chairman of the Summit Planning Committee, disclosed at the end of the summit that it recorded over 5 billion Dollars investment deals and 47 Memoranda of Understanding (MoUs) signed.

He said that the agreements signed covered agriculture, solid minerals, power, infrastructure, and ICT sectors, adding that one of the MoUs translated into a concrete investment deal worth 1 billion dollars, which would become operational before the end of 2025.

Speaking with newsmen on Sunday, Engr. Abdulkarim Hassan, Chairman, NSE, Bauchi state chapter, congratulated the state government for organizing and the successful completion of the economic and investment summit.

According to him, the summit has also showcased Nigerian engineers’ professional prowess to the world as the newly constructed International Conference Centre (ICC) where the summit was held was built by a Nigerian construction company.

He expressed confidence in the governor for engaging Nigerian engineers to do the job, saying “the feeling is mutual because if he didn’t have confidence in us, he would have engaged foreign engineers to do the work.

“We extend our profound
congratulations to the governor on the successful completion of the Bauchi
Investment Summit.

“This summit was not merely an event, it was a clear demonstration of his visionary leadership and unwavering commitment to transforming Bauchi State into a prime destination for investment.

“The quality of delegates, the insightful discussions, and the tangible commitments secured during the summit have set a new benchmark for economic engagement in the North-East and other
regions in Nigeria.

“As professional engineers, we were particularly encouraged by the strong emphasis placed on infrastructure, industrialisation, and technological development, which are key pillars that will
drive sustainable growth,” he said.

Hassan added that the success of the summit has laid a robust foundation for attracting the capital necessary to execute the ambitious infrastructural projects required for the state’s development.

He expressed the readiness of the NSE, Bauchi branch to partner with the state government by offering its professional expertise and technical support to ensure that the outcomes and MoUs from the summit translated into sustainable reality for the people of Bauchi State.