EFCC Gives Update on CBEX Funds Recovery

The Economic and Financial Crimes Commission has said it is still recovering funds linked to the collapsed CBEX Global Investment scheme.

CBEX, a Ponzi scheme, collapsed in April this year, leaving many investors stranded.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3tn after it collapsed.

Following the crash, some of the scheme’s promoters were arrested and arraigned in court by the EFCC.

On July 7, Awerosuo Otorudo and Chukwuebuka Ehirim were arraigned before Justice Mohammed Umar on allegations bordering on illegal financial operations and unlicensed investment activities.

They were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.

When contacted for an update on Thursday, the commission’s Head of Media and Publicity, Dele Oyewale, said recovery efforts were ongoing.

He, however, did not state the amount recovered so far.

Oyewale said it would be premature to give specific figures at this time.

“The recovery is still ongoing. We can’t put a figure on what we have recovered now because it’s ongoing.

“As I am talking to you now, our people are working. It will be too premature for us to say we have recovered N20m, N24m, etc.

“When we are ready to make full disclosure of what we have recovered, we will let the public know,” he said.