NIGERIA: EFCC Debunks Claims Of Issuing Clearance To CBEX

By Ameenat Hamzat, Lagos, Nigeria

The Economic and Financial Crimes Commission (EFCC) has refuted recent claims circulating on social media, that it issued a clearance certificate to Crypto Bridge Exchange, popularly known as CBEX, an investment platform that crashed with N1.3trn of Nigeria investors.

A viral tweet by a user, Olumide Adesina (@olumidecapital), claimed that “CBEX had an EFCC clearance certificate and was registered with the Nigerian Corporate Affairs Commission,” suggesting that the company had regulatory backing.

However, in a press release issued by the EFCC on Monday via it’s official X handle, the Commission clarified that it did not issue any clearance to CBEX, and it’s not responsible for certifying or regulating online businesses.

The statement reads: “The SCUML certificate is not clearance by the EFCC. ST Technologies (not CBEX) registered with the Special Control Unit against Money Laundering, SCUML, in line with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022.”

The Commission further explained that registration with SCUML is a legal requirement for all Designated Non-Financial Businesses and Professions (DNFBPs) in Nigeria, in line with the country’s Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) framework.

Importantly, the EFCC stressed that its role is not to act as a clearing house or regulatory body for online businesses.

The statement added: “The EFCC is not a clearing house or regulatory authority of online businesses.”

Despite not being a regulator for such businesses, the Commission reaffirmed its resolve to investigate and prosecute financial crimes.

“But financial fraud of any kind is the remit of the Commission, and it is committed to ensuring justice for victims of the CBEX scam,” the EFCC assured.

The Commission urged the public to verify claims with credible sources and refrain from spreading misinformation.