Headline
EFCC Denies Endorsing CBEX, Reiterates Anti-Fraud Mandate
Nigeria’s anti-graft agency, the EFCC, has issued a statement clarifying its role in response to the CBEX investment platform scandal, stating, “The EFCC is not a clearing house or regulatory authority of online businesses.”
CBEX was promoted under ST Technologies International Limited, which secured registration from the CAC and SCUML. The EFCC emphasized that SCUML registration, required by Section 17 of the Money Laundering Act, is not an endorsement or regulatory approval.
The Commission highlighted that its core mandate remains fighting financial fraud, and it is committed to ensuring justice for victims of the CBEX scam. The agency also stressed that it will continue to investigate and prosecute fraudulent activities in the online business sector.
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