12 results
- 1 May 2025
CBEX Scam: EFCC Freezes Accounts, Traces Funds Internationally
Economic and Financial Crimes Commission (EFCC) says it has traced proceeds from the failed CBEX crypto bridge exchange scheme to at least four countries, noting that full restitution to victims may…
- 5 Mar 2026
Senate Targets Fintech Overreach, Vows Ponzi Crackdown After ₦1.3trn CBEX Scam
Nigerian Senate has launched a public hearing to amend the Banks and Other Financial Institutions Act (BOFIA) 2020 while investigating rampant ponzi schemes, spotlighting the Crypto Bridge Exchange…
- 13 May 2025
EFCC Tells Nigerians to Shun Ponzi Schemes Like CBEX, Others
Economic and Financial Crimes Commission (EFCC) has charged Nigerians to shun Ponzi schemes as many of such schemes have destroyed lives, eroded trust and undermined national development. Aisha…
- 23 Apr 2025
Nigerians Lose N4.8 Trillion to Scams Since 2016
Nigerians have lost N4.8 trillion ($2.99 billion) to various scams since 2016, according to findings by Paul Alaje, a prominent Nigerian economist and chief economist at SPM Professionals. This is…
- 21 Apr 2025
EFCC Clarifies SCUML Certificate Misuse amid CBEX Ponzi Scheme Scandal
Economic and Financial Crimes Commission, EFCC, has dismissed the claims that the defunct digital asset trading platform, CBEX, was registered with its Special Control Unit against Money Laundering,…
- 11 Jul 2025
EFCC Says Corrupt Politicians are Using Crypto Wallets to Launder Money
Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC), has raised the alarm that some corrupt Nigerian politicians are now hiding their illicit wealth in cryptocurrencies to evade…
- 30 Apr 2025
NFIU Alerts Nigerians of Rising Ponzi Schemes, Unregulated Crowdfunding Scams
The Nigerian Financial Intelligence Unit (NFIU) issued a detailed advisory on yesterday, warning Nigerians about the growing threat of Ponzi schemes and unregulated crowdfunding scams, particularly…
- 26 May 2025
EFCC Recovers Funds, Arrests Suspects in N1.3 Trillion CBEX Crypto Fraud
Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission has revealed that the agency has recovered some money from the digital investment platform Crypto Bridge Exchange trading…
- 15 Apr 2025
Four Red Flags Nigerians Ignored until CBEX Crashed- DUBAWA
It has not been a pleasant week for thousands of Nigerians who have again fallen for another money scam. According to DUBAWA, a West African independent verification and fact-checking project,…
- 28 Sept 2025
SEC Raises Alarm over AI-generated Investment Scams
Securities and Exchange Commission (SEC) has warned Nigerians to beware of a rising wave of artificial intelligence (AI)-driven scams that are targeting unsuspecting investors with promises of…
- 9 Jul 2025
Senate Orders Full Probe into N1.3 Trillion CBEX Ponzi Scandal
The Senate Wednesday launched a full-scale investigation into the operations of Ponzi schemes in the country. The development followed the catastrophic collapse of the Crypto Bullion Exchange (CBEX),…
- 24 Apr 2025
EFCC Secures Arrest Warrant for Six CBEX Promoters
A federal high court in Abuja has granted permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six Crypto Bridge Exchange (CBEX) promoters over allegations of…