CBEX Promoters Used EFCC, CAC Certificates to Deceive 600,000 Investors, Authorities Allege
Promoters of a purported investment scheme operating under the name “CBEX” are alleged to have swindled an estimated 600,000 unsuspecting investors across Nigeria by presenting fake or deliberately misleading certificates purportedly from the Economic and Financial Crimes Commission (EFCC) and the Corporate Affairs Commission (CAC).
This shocking revelation was made public by the EFCC, which confirmed it has launched a major investigation into the elaborate fraudulent operation.
According to sources within the anti-graft agency, the perpetrators behind CBEX meticulously crafted a sophisticated deception, leveraging official government documents to gain the trust of potential investors.
They reportedly presented certificates of registration from the CAC, a standard requirement for legal entities, but allegedly misrepresented their meaning as an endorsement of the investment viability.
More egregiously, the scheme’s promoters are accused of forging or manipulating documents to suggest some form of accreditation or approval from the EFCC itself, an institution primarily responsible for combating financial crimes.
“They used these certificates, particularly the fake or misleading EFCC ones, as key tools to convince people their investment platform was not only legitimate but also secured and monitored by the anti-corruption agency,” an EFCC official, who preferred anonymity due to the ongoing investigation, stated. “This gave victims a false sense of security, making them believe their money was safe.”
CBEX reportedly lured investors with promises of impossibly high and rapid returns, a classic red flag for Ponzi or pyramid schemes. However, the visual proof of seemingly official government certificates helped dispel doubts for many, leading to a massive influx of funds from hundreds of thousands of Nigerians desperate for financial gains.
The sheer scale of the alleged fraud, impacting an estimated 600,000 individuals, underscores the effectiveness of the promoters’ tactics and the vulnerability of the public to sophisticated scams.
Victims are reported to have invested varying amounts, collectively potentially running into billions of Naira.
The EFCC’s involvement follows numerous complaints filed by distressed investors who suddenly found themselves unable to withdraw their funds as the scheme inevitably collapsed or became non-responsive.
While the CAC registration confirms a company’s legal existence, it does not validate its business model or guarantee profitability.
The alleged misuse of the CAC certificate and the reported forgery of EFCC documents constitute serious criminal offenses.
The EFCC has warned the public to be extremely cautious of investment opportunities promising unrealistic returns and to always conduct thorough due diligence, verifying claims directly with the relevant government agencies rather than relying solely on presented documents.
The commission stated that its investigation is active and that efforts are underway to apprehend all individuals involved in the CBEX scheme and recover assets where possible.
Authorities reiterated that the EFCC’s role is to investigate financial crimes, not to certify or endorse investment platforms.
The use of its name and purported certificates for fraudulent purposes is a criminal act that is being vigorously pursued.
Investors who believe they were victims of the CBEX scheme are encouraged to come forward and report their losses to the nearest EFCC office.
Tolu Adebayo
Reporter/ Social Media Manager
