Clarifies SCUML registration does not equal commission’s endorsement
The Economic and Financial Crimes Commission (EFCC) has reaffirmed its commitment to ensuring justice for victims of the controversial CBEX investment scheme, while clarifying misconceptions about regulatory approvals in Nigeria’s digital business space.
In a statement obtained obtained from the commission’s website, the anti-graft agency disclosed that registration with the Special Control Unit against Money Laundering (SCUML) does not constitute EFCC clearance or endorsement of any business entity.
“ST Technologies (not CBEX) registered with SCUML in line with Section 17 of the Money Laundering (Prevention & Prohibition) Act, 2022,” the Commission stated. “This registration is a statutory requirement for all Designated Non-Financial Businesses and Professions (DNFBPs) under Nigeria’s Anti-Money Laundering/Combating Financing of Terrorism (AML/CFT) framework.”
The clarification comes amid growing concerns from thousands of Nigerian investors who claimed to have lost substantial funds in the CBEX platform, which allegedly collapsed after operating an unlicensed investment scheme.
The EFCC categorically stated that it is not a clearing house or regulatory authority for online businesses. However, financial fraud of any kind falls within its mandate, and are committed to ensuring justice for victims of the CBEX scam.
The CBEX case has joined a growing list of investment scams currently under EFCC investigation, including the high-profile cases of Binance and other unlicensed trading platforms.
The Commission has urged affected investors to formally lodge petitions with documented evidence to facilitate investigations. EFCC sources confirm that special investigators have been assigned to unravel the CBEX operation and track down its promoters.
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