The Economic and Financial Crimes Commission, EFCC, has disclosed that it is prosecuting Nigerian promoters of the collapsed Crypto Billion Exchange, CBEX, over their involvement in the alleged multi-million-dollar Ponzi scheme.
Speaking at a public hearing convened by the Senate Committee on Banking, Insurance and Other Financial Institutions, an EFCC representative, Mr. Dein Whyte, revealed that investigations traced over $46 million in stablecoin (USDT) transactions to wallets identified as collection points operated by the scheme’s promoters.
According to him, although initial speculative figures were exaggerated, forensic blockchain analysis confirmed that over $46 million flowed into the identified wallets.
Whyte disclosed that more than 1,200 victims have so far been identified in Lagos and Ogun States alone, noting that the actual number nationwide is believed to be far higher.
Meanwhile, the Senate Committee on Banking, Insurance and Other Financial Institutions convened the deliberations on a bill seeking to amend the Banks and Other Financial Institutions Act (BOFIA), following a motion for an investigative hearing into the operations of Ponzi schemes in Nigeria, with particular reference to the CBEX incident.
Chairman, Senate Committee on Banking, Insurance and Financial Institution
Declaring the hearing open on behalf of the President of the Senate, Senate Leader, Senator Opeyemi Bamidele, stressed that stakeholder engagement was critical to strengthening legislation and restoring confidence in the nation’s financial architecture.
In his remarks, Deputy Governor for Financial System Stability at the Central Bank Of Nigeria ,Philip Ikeazor welcomed key innovations in the proposed amendment, particularly the establishment of a registry for systemically important financial institutions.
𝗙𝗼𝗹𝗹𝗼𝘄 𝗢𝘂𝗿 𝗪𝗵𝗮𝘁𝘀𝗔𝗽𝗽 𝗖𝗵𝗮𝗻𝗻𝗲𝗹 𝗧𝗼 𝗚𝗲𝘁 𝗟𝗮𝘁𝗲𝘀𝘁 𝗡𝗲𝘄𝘀 𝗔𝘀 𝗜𝘁'𝘀 𝗗𝗿𝗼𝗽!
