The Economic and Financial Crimes Commission (EFCC) has confirmed that efforts are still underway to recover funds lost to the collapsed CBEX Global Investment scheme, which left over 600,000 Nigerian investors stranded earlier this year.
CBEX, which was exposed as a Ponzi scheme, collapsed in April 2025 after allegedly defrauding investors of approximately N1.3 trillion. In the aftermath, several individuals behind the scheme were arrested and charged in court.
On July 7, two of the promoters Awerosuo Otorudo and Chukwuebuka Ehirim were arraigned before Justice Mohammed Umar on charges of operating illegal financial activities and running unlicensed investment operations. They were accused of collecting funds from the public while promising returns of up to 88 percent, without any regulatory approval.
Speaking on Thursday, EFCC’s Head of Media and Publicity, Dele Oyewale, confirmed that the commission’s recovery operations are still in progress but declined to reveal specific figures recovered so far.
“It would be premature to give exact amounts at this stage,” Oyewale stated. “Our teams are still actively working on the case. When we are ready to make a full disclosure of the amount recovered, the public will be duly informed.”
Advertisement
