The Chairman of the Economic and Financial Crimes Commission (EFCC) has responded to growing criticism over the commission’s handling of the Cbex investment fraud, saying the EFCC cannot preemptively act on cases that have not yet shown signs of criminality.
Speaking during a press briefing on Tuesday, the EFCC Chairman addressed public concerns about how the multi-million naira Cbex fraud occurred under the Commission’s watch.
“When the going is good, nobody makes noise, nobody talks,” he said. “But when the bubble bursts, the EFCC is dragged into it. We don’t have any magic wand to start looking for cases where people have invested, whether this will lead to fraud or not.” Read Full Details
The EFCC has come under fire following the collapse of Cbex, a controversial investment platform accused of defrauding thousands of Nigerians. Many have questioned why the commission failed to investigate or shut down the scheme earlier.
In defense, the EFCC chair emphasized that the agency’s work is reactive to evidence of fraud, not speculation, and called on Nigerians to remain vigilant and report suspicious financial activities before they escalate.
Investigations into the Cbex case are currently ongoing.
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