*The Economic and Financial Crimes Commission warns Nigerians against the excessive desire for money and get-rich-quick schemes as it begins investigation into the recent alleged N1.3 trillion fraud perpetrated by CryptoBank Exchange

Isola Moses | 绿帽献妻

Amid the ongoing amid ongoing investigation into the alleged N1.3 trillion fraud perpetrated by CryptoBank Exchange (CBEX), a digital investment platform, Nigeria’s Economic and Financial Crimes Commission (EFCC) has warned Nigerians against the excessive desire for money.

The EFCC, which gave the advice in a terse post on its verified X account Sunday, April 27, 2025, stated: 鈥淟ove money too much, and Ponzi schemes will love you 鈥�..as their next target鈥�.be guided, the Eagle loves you all.”

绿帽献妻 had reported that CBEX reportedly crashed April 14 this year, leading to the loss of billions of Naira belonging to Nigerian investors in the firm.

Shortly the firm collapsed and trillions of Naira reportedly disappeared into thin air, several videos that surfaced online showed how some Nigerians raised the alarm, and lamented the loss their funds to the Ponzi scheme.

In the course of investigating the incident, the anti-graft Commission Friday, April 25 declared eight persons wanted over their purported involvement in a fraudulent scheme linked to the online trading platform in the West African country.

Earlier, the Federal High Court sitting in Abuja, FCT, had granted the EFCC鈥檚 request to arrest and detain persons found promoting the CBEX scheme in Nigeria.

Justice Emeka Nwite, issued the order, following submissions by Fadila Yusuf, counsel for the EFCC, seeking the court鈥檚 approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.

According to EFCC, during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission (CAC) was not authorised by the Securities and Exchange Commission to conduct investment activities in the country.

The Commission also noted that the defendants had vacated their last known addresses in Lagos and Ogun states.

The anti-graft regulatory agency further contended that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges over the alleged fraud.

The Commission said its investigation had also established a prima facie case of an investment scam and that granting the application was in the interest of justice.

Speaking on the issue while featuring in a Channels TV programme recently, Dele Oyewale, Spokesman of EFCC, urged Nigerians against investing in a business without considering the legal framework that regulates it.

Oyewale said: 鈥淲e know that for every business concern, you declare your profit either quarterly, annually or bi-annually.

“But if somebody says, 鈥楤ring your money; I鈥檓 going to give you a return in 30 days,鈥� you know that is not realistic; it鈥檚 just not pragmatic.

鈥淥r if somebody says, 鈥業f you bring your money, we鈥檙e going to give you a 100 percent returns on investment,鈥� that is not possible.鈥�

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