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

Published

5 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

FG, UK Rally Support As 2 States, 150 LGAs Become Open Defecation Free

Published

43 minutes ago

November 23, 2025

Editor

Following the declaration of about 158 Local Government Areas and two states as having achieved Open Defecation Free status, the Federal Government, Foreign Commonwealth Development Office (FCDO), and Self Help Africa have called for concerted efforts to sustain and scale up the achievement to other states.

They made the call on Sunday in Abuja at the Water, Sanitation and Hygiene (WASH) Systems Learning Forum organised by Self Help Africa WASH Systems for Health Project, funded by the UK government.

The Minister of Water Resources and Sanitation, Prof Joseph Utsev, in a keynote address, said that although, with the help of development partners, two states and 150 LGAs have been declared open defecation free, it is important that the progress is sustained; otherwise, it can vanish easily.

He said, “These milestones are worth celebrating, yet we must remain humble: victory in WASH is never final; it must be continuously maintained. Otherwise, progress can vanish faster than a bucket of cold water left in the Abuja sun.”

The Minister, who was represented by the Permanent Secretary, Mr Richard Pheelangwah, however, noted some of the persistent challenges in the WASH sector, including monitoring gaps, weak data reliability, and limited accountability.

He added, “Our WASH Information Management System (WASHIMS), although innovative, is not yet fully operational across all states and local governments. The WASHNORM exercise has not been conducted since 2021, creating data gaps that affect planning. In the WASH sector, no data is as dangerous as wrong data—both lead to poor decisions.”

He applauded the learning forum, saying it is an opportunity to pause and ask how to fully operationalise WASHNORM nationwide, as well as automate and institutionalise WASH norms, and also ensure that every investment is traceable, measurable, and accountable.

‘Scale up efforts to end open defecation, achieve sanitation target by 2030’
The Country Director of Self Help Africa, Joy Aderele, stated that through the support of FCDO, the organisation is implementing a five-year project named WASH Systems for Health Programme in West Africa.

The project, according to her, is aimed at strengthening systems, enhancing capacities, and reforming policies across the countries where it operates, including Nigeria and Sierra Leone, and enabling communities to continue thriving even after the programme ends in 2027.

She pointed out that through collaboration, ranging from government ministries driving reforms to local actors designing context-specific solutions, systems can be transformed, but she emphasised that much work remains.

She said, “Only 158 of more than 700 local government areas in Nigeria have achieved open defecation-free (ODF) status. This figure shows progress but also underscores the scale of the challenge.”

Aderele explained that the sessions will provide opportunities to share ideas, tackle barriers, and draw on practical insights, while also celebrating milestones with humility, recognising that future gains depend on the work being done today.

The representative of FCDO, Gill Fletcher, in her remarks stated that the WASH Systems for Health project is being implemented in six countries: Nigeria, Sierra Leone, Malawi, Tanzania, Nepal, and Bangladesh, to drive systematic change to ensure sustainable and equitable WASH services.

She emphasised that WASH is not just a sector, but it is central to achieving SDG 6 on clean water and sanitation, improving health outcomes, advancing gender equality, unlocking economic growth, and is also critical to Nigeria’s national development agenda of reducing poverty and meeting global commitments.
(Guardian)

News

JUST IN: Tinubu Orders Withdrawal Of Police Guards From VIPs

Published

1 hour ago

November 23, 2025

Editor

President Bola Tinubu has directed the immediate withdrawal of police officers assigned to provide security for Very Important Persons (VIPs) across the country.

In a statement released by presidential spokesperson Bayo Onanuga, the administration said the police will henceforth refocus on their primary responsibilities instead of guarding individuals.

The directive, according to the statement, followed a high-level security meeting held on Sunday in Abuja with the heads of the police, army, Air Force, and the Director-General of the Department of State Services (DSS).

The presidency clarified that, going forward, “VIPs who want police protection will now request well-armed personnel from the Nigeria Security and Civil Defence Corps.”Africa Grain Supply

The statement added that many rural communities are underserved by police personnel, leaving residents vulnerable. It explained that the President wants to strengthen security nationwide by ensuring more officers are deployed back to local stations.

“In view of the current security challenges facing the country, President Tinubu is desirous of boosting police presence in all communities,” it said, noting that Tinubu has already approved the recruitment of 30,000 new police officers.

The federal government is also partnering with state governments to upgrade police training centres across the country.

Those present at Sunday’s meeting included Chief of Army Staff Lt. Gen. Waidi Shaibu, Chief of Air Staff Air Marshal Sunday Kelvin Aneke, Inspector-General of Police Kayode Egbetokun, and DSS Director-General Tosin Adeola Ajayi.

News

JUST IN: 50 Abducted Niger Catholic School Students Escape, Reunite With Families — CAN

Published

4 hours ago

November 23, 2025

Editor

At least 50 students kidnapped at the St Mary’s Catholic School, Papiri, Agwara local government, Niger State have reportedly escaped and reunited with their parents, bringing hope to families of the abducted victims.

Recall on November 21,2025 armed bandits stormed the school and abducted 303 students and 12 teachers bringing the total to 315.

The state Chairman of the Christian Association of Nigeria (CAN) Rev. Bulus Dauwa Yohanna who is also the Proprietor of the school and Catholic Bishop of Kontagora Diocese gave the update in a statement issued by his Media Aide, Daniel Atori in Minna.

The chairman explained that the pupils escaped between Friday and Saturday and have reunited with their parents as they could not return to the school after they escaped.

“We were able to ascertain this when we decided to contact and visit some parents.

” This is to notify the public that, as at Sunday 23rd November, 2025 we have received some good news as fifty pupils escaped and have reunited with their parents. We were able to ascertain this when we decided to contact and visit some parents, ” the statement disclosed”

“For the records, we now have Primary 251 pupils, 14 Secondary students and 12 teachers still with their abductors”.

”In the primary section out of the total number of 430 pupils we have in the school, 377 of them are boarders and the remaining 53 others are non boarders”

“Currently, aside from the 50 pupils that escaped and have returned home, we have 141 pupils who were not carried away. As it stands now, we have 236 pupils, another 3 children who belong to our staff, 14 Secondary students making a total of 253 children including 12 members of staff with the abductors, ” the CAN chairman stated.

The cleric called on everyone to remain calm and prayerful as he assured of continous active collaboration with security operatives, community leaders, government and relevant authorities for the safe and quick return of all abductees.

“As much as we receive the return of these 50 children that escaped with some sigh of relief, I urge you all to continue in your prayers for the rescue and safe return of the remaining victims, ” Bishop Yohanna added..