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“We warned Nigerians” – EFCC Says After CBEX Crash
The Economic and Financial Crimes Commission (EFCC) has said many Nigerians ignored its repeated warnings about digital trading platforms like CBEX.
Speaking on Channels Television, EFCC spokesperson Dele Oyewale explained that the Commission had made efforts to educate the public on the risks of such platforms long before the recent crash.
CBEX, an online trading company with links to China, reportedly collapsed on Monday, locking investors out of their funds and resulting in an estimated N1.3 trillion loss. Videos have since circulated showing victims expressing frustration and heartbreak over their lost savings.
Oyewale stressed that the EFCC had previously published a list of 58 suspicious investment companies, warning citizens to steer clear. He said this was part of their effort to prevent scams and protect the public.
He emphasized that CBEX never had any real, registered presence in Nigeria, despite claims of physical offices in places like Ibadan. He also noted that the company operated entirely online and lacked any legal ties to Nigeria.
According to Oyewale, the Commission had done its part by creating awareness and alerting Nigerians to the risks. “The rest is for people to be cautious and protect their money,” he said.
He also pointed to the newly introduced Investment and Securities Act 2025, which now makes it a criminal offense to engage in digital trading without proper licenses and compliance with Nigerian law.
Nigerians reacts to President Tinubu trip to UK and lament that the timing is just bad. The timing of the trip and the arising crises occurring in the country.
It can be noted that the President, his wife and some other officials followed him on the trip.
And the public has shouted that we need the officials here in the country in the crises, asking who will help to manage the state of things as they are all going at once.
People shared their displeasure with a large crowd following the president to another country and leaving Nigeria in this state.
Federal Government in Nigeria has declared March 19th and 20th as public holidays for the end of Ramadan.
This was revealed by the Minister of Interior, Olubunmi Tunji-Ojo. He made this announcement on behalf of the Federal Government.
He wished Muslims a joyful Eid al-Fitr celebration.
It has been reported that President Bola Ahmed Tinubu has departed to London.
The Nigerian leader is travelling ahead of a state visit to the United Kingdom. The purpose of this visit is to strengthen bilateral relations and explore avenues for collaboration on issues such as immigration, trade, investment, and cultural exchange.
Amid this travel, the fuel prices still remain increased and many of the public are still there.
Nigerians react to the news, stating that he is leaving Nigerians once again to suffer with the current state of things before he returns.
They are calling out for him to do something and change about the fuel.
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