The Economic and Financial Crimes Commission (EFCC) has confirmed that it is still recovering funds linked to the collapsed CBEX Global Investment scheme, a Ponzi scheme that left many investors stranded. The scheme, which collapsed in April this year, reportedly affected over 600,000 Nigerians who lost a staggering N1.3 trillion. Following the crash, the EFCC arrested and arraigned some of the scheme’s promoters, including Awerosuo Otorudo and Chukwuebuka Ehirim, on allegations of illegal financial operations and unlicensed investment activities.
The EFCC’s Head of Media and Publicity, Dele Oyewale, revealed that the commission’s recovery efforts are ongoing, but declined to disclose the amount recovered so far. Oyewale stated that it would be premature to give specific figures at this time, adding that the commission’s team is still working to recover more funds. “The recovery is still ongoing. We can’t put a figure on what we have recovered now because it’s ongoing,” he said.
The EFCC’s efforts to recover the lost funds have been ongoing since the scheme’s collapse. The commission has been working tirelessly to track down the perpetrators and recover the funds, with the aim of returning them to the affected investors. While the exact amount recovered so far remains undisclosed, the EFCC’s commitment to seeing the recovery efforts through to the end is clear.
The collapse of the CBEX Global Investment scheme has highlighted the need for investors to exercise caution when dealing with investment opportunities that promise unusually high returns. The EFCC’s efforts to crack down on such schemes and recover lost funds are a welcome development, and investors are advised to remain vigilant and do their due diligence before investing in any scheme.
The EFCC’s ongoing recovery efforts are a testament to the commission’s commitment to protecting the public from financial scams and ensuring that perpetrators are brought to justice. As the recovery process continues, affected investors are advised to remain patient and cooperative, and to report any further developments to the EFCC.
