The Economic and Financial Crimes Commission (EFCC) has clarified its role in the wake of public outcry over the collapse of a digital trading platform, Crypto Bridge Exchange Smart-Treasures, commonly known as CBEX, which allegedly defrauded investors of over one trillion naira.
In an interview on Nigeria Info’s HardFacts, EFCC spokesperson Dele Oyewale stated that the agency’s Special Control Unit Against Money Laundering (SCUML) does not have the mandate to regulate or monitor investment schemes. According to Oyewale, the legal authority to supervise and monitor the activities of such entities falls under the Securities and Exchange Commission (SEC).
His comments follow growing criticism from Nigerians who accused the EFCC of negligence and failure to prevent fraudulent investment operations like CBEX from deceiving unsuspecting citizens.
Oyewale explained that companies such as CBEX often meet all the requirements for business registration and operation, which makes early detection of fraudulent intent difficult. He stated that these companies usually fulfil all regulatory conditions for registration, leaving no immediate red flags. Oyewale, however, added that the SEC is tasked with ensuring that investment firms operate within their approved frameworks.
The EFCC spokesperson also gave assurance to affected investors, stating that efforts are underway to recover funds lost to CBEX and that victims will get their money back.
As investigations continue, Nigerians are calling for stronger regulatory coordination between agencies to prevent future financial crimes and protect investors.
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