The Economic and Financial Crimes Commission (EFCC) has distanced itself from claims that it oversees online businesses, debunking misleading reports linking it to the controversial CBEX trading platform. In an official statement, the anti-graft agency warned Nigerians against fraudulent investment schemes falsely using its name for legitimacy.
Recent rumors suggested that CBEX, an online trading platform, was EFCC-approved, leading to widespread confusion. The commission clarified that its mandate is strictly law enforcement, not business regulation, and urged the public to verify investment opportunities with the Securities and Exchange Commission (SEC).
Financial experts have raised concerns over the rise of Ponzi schemes disguising as forex and crypto trading platforms. The EFCC reiterated its commitment to prosecuting fraudsters but emphasized that due diligence remains investors’ responsibility.
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