EFCC confirmed to BBC News Pidgin that they are collaborating with Interpol &Fbi

The Economic and Financial Crimes Commission (EFCC) is investigating the CBEX Ponzi scheme after numerous Nigerians expressed anger over lost funds on the digital asset trading platform. The EFCC confirmed to BBC News Pidgin that they are collaborating with the International Criminal Police Organization (Interpol), the Federal Bureau of Investigation (FBI), and other agencies to identify those behind CBEX and explore ways to recover lost money. This move comes after many investors were unable to withdraw their funds for several days due to suspended withdrawals, leading to the platform's sudden collapse, which cost many individuals their investments. Reports indicate that CBEX misappropriated over 1.3 trillion naira from investors. Many individuals fell victim to this Ponzi scheme due to CBEX's promise of a 100% return on investment within one month. 

In response to the financial losses, angry youths in Ibadan vandalized an office associated with the platform. Dele Oyewale, the head of media and publicity for the EFCC, stated that this is not the first time they are investigating such a platform, even before its collapse. "We are working with Interpol, the FBI, and other international agencies due to jurisdictional matters. Our focus is on uncovering the fraudulent activities and determining how we can remedy the situation," said the EFCC. 
The agency added, "At the very least, we want to see how we can recover some of the funds lost by the people. As an anti-corruption agency, we cannot remain silent. We were already investigating before the platform's crash, and we will continue." CBEX is a digital asset trading platform that promised investors a 100% return on investment in 30 days, but this isn't the first time Nigerians have fallen prey to scams of this nature. Numerous Ponzi schemes have emerged in Nigeria, leaving investors with heartbreak, disappointment, and financial loss when the platforms eventually fail. Despite warnings from the Securities and Exchange Commission (SEC) regarding unregulated trading platforms, some individuals continue to get ensnared by these schemes. 
The number of Ponzi schemes in Nigeria has skyrocketed, leading many to wonder how, despite past scams like MMM, people are still being duped. Experts attribute this to the difficult economic situation in Nigeria, with individuals seeking better opportunities to make money. In 2016, Mavrodi Mondial Moneybox (MMM) enticed Nigerians with promises of high returns, resulting in significant losses when it eventually collapsed—approximately 12 billion naira ($7 million) according to the Nigeria Electronic Fraud Forum. Financial literacy advocate Caleb Ijioma, executive director of Roundcheck, explained that the appeal of Ponzi schemes lies in the rapid returns they offer. "Nigerians keep falling for these Ponzi schemes because of the enticing benefits they promise in a short time," he said. "Investors hope for quick profits and financial freedom, which makes these schemes attractive."
 He noted that early investors in these schemes typically benefit while promoting the scheme to others. "Legitimate investment platforms do not offer the same gains as Ponzi schemes, which is why many Nigerians, despite previous experiences, still fall prey to fake investment opportunities.