The Economic and Financial Crimes Commission has disclosed that efforts are ongoing to recover funds lost in the collapse of CBEX Global Investment, a Ponzi scheme that defrauded thousands of Nigerians earlier this year.
The fraudulent investment platform crumbled in April 2025, leaving an estimated 600,000 investors with losses totalling over N1.3 trillion.
The scheme had promised investors up to 88 percent returns without the necessary regulatory approval.
EFCC spokesperson, Dele Oyewale, confirmed on Thursday that the commission is actively working to retrieve the looted funds but stressed that it was too early to disclose specific amounts recovered.
“Our recovery efforts are still in progress. We cannot put a definite figure to what has been recovered so far,” Oyewale said.
“It would be premature to announce that we’ve recovered N20 million or N24 million. When we’re ready to make a full disclosure, we will inform the public.”
Following the scheme’s collapse, several of its key promoters were arrested and charged. On July 7, two suspects—Awerosuo Otorudo and Chukwuebuka Ehirim—were arraigned before Justice Mohammed Umar on charges related to illegal financial operations and operating unlicensed investment services.
According to EFCC, the duo allegedly collected public funds and lured investors with false promises of high returns, without any authorization from financial regulatory bodies.
The agency has reiterated its commitment to ensuring justice for victims and returning as much of the stolen funds as possible.
“The public should rest assured that our operatives are diligently tracing assets and following every lead to recover the funds,” Oyewale added.
CBEX is one of the largest Ponzi schemes uncovered in recent years, highlighting growing concerns about the spread of unregulated investment platforms in Nigeria.