The Economic and Financial Crimes Commission (EFCC) has warned Nigerians against an excessive love for money.
The agency issued the advice in a a short post on its X handle on Sunday.
“Love money too much, and Ponzi schemes will love you …..as their next target….be guided, the Eagle loves you all,” the post read.
This warning comes as investigations continue into the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX).
CBEX had reportedly collapsed on April 14, leading to the loss of billions of naira belonging to Nigerian investors.
Several videos circulating online have shown some Nigerians raising the alarm over the loss of their funds to the scheme.
On Friday, the EFCC declared eight individuals wanted over their alleged roles in a fraudulent scheme connected to CBEX. This development followed the Federal High Court in Abuja granting the EFCC’s request to arrest and detain those promoting the platform.
Justice Emeka Nwite, issued the order following submissions by the counsel for the EFCC, Fadila Yusuf, seeking the court’s approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.
The EFCC stated that during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to conduct investment activities.
Furthermore, it said the defendants had vacated their last known addresses in Lagos and Ogun States.
The EFCC had argued that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges.
The commission said its investigation had also established a prima facie case of an investment scam and that granting the application was in the interest of justice.
During an interview on Channels Television’s breakfast programme, The Morning Brief, on April 16, the EFCC spokesperson, Dele Oyewale, advised Nigerians against investing in a business without considering the legal framework that regulates it.
Oyewale said, “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says, ‘Bring your money; I’m going to give you a return in 30 days,’ you know that is not realistic; it’s just not pragmatic.
“Or if somebody says, ‘If you bring your money, we’re going to give you a 100% return on investment,’ that is not possible”.
What you should know
The EFCC has cautioned Nigerians amid a major fraud investigation involving CryptoBank Exchange (CBEX), advising the public to beware of unrealistic investment promises and prioritize ventures with solid legal backing.
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