Nigerian regulator begins compensating CBEX investors for losses
Date: 2025-05-28 Author: Henry Casey Categories: IN WORLD
Nigeria's anti-corruption agency EFCC is taking active steps to return the funds lost by investors as a result of the collapse of the CBEX crypto platform. The agency has already detained several people suspected of involvement in fraudulent activities, and continues to search for other participants in the scheme.
According to the head of the EFCC, Olukoyede, they have already managed to return some of the stolen funds, but the exact amounts are not disclosed so as not to disrupt the investigation and complicate the process of tracking financial flows. He noted that the investigation is progressing well and a significant number of investors have already received compensation.
However, according to him, certain difficulties are caused by the process of converting the returned cryptocurrency into traditional currencies, especially into US dollars. This is due to both technical and legal aspects.
The CBEX platform collapsed in April 2025. Thousands of Nigerians lost access to their investments, with the total losses estimated at $1 billion. According to Olukoyede, the project’s creators used a complex network of foreign participants and local representatives hired by them. Through public events and an aggressive marketing strategy, they managed to instill confidence in the population and attract a large number of investors.
“They actively promoted the project through seminars and conferences, to which renowned experts were invited. We have video footage from these events, which confirms the scale of the campaign,” the EFCC chairman said.
In April, the Federal High Court in Abuja ordered the arrest of six key promoters of CBEX. These individuals offered potential clients up to 100% profit on investments, promising stability by transferring funds in USDT.
The investigation into the CBEX case is ongoing. The authorities are determined to see it through to the end and bring all those involved to justice, while the EFCC is working to return as much of the lost funds as possible to their rightful owners.
