Nigeria’s Economic and Financial Crimes Commission (EFCC) has clarified that it does not act as a regulatory or clearing agency for online businesses operating in the country. The statement follows revelations about a fraudulent online investment platform known as Crypto Bridge Exchange (CBEX).
An investigation by local media outlet Saturday PUNCH revealed that CBEX operated under a company registered as ST Technologies International Limited. This company was registered with Nigeria’s Corporate Affairs Commission in September 2024 and subsequently with the EFCC’s Special Control Unit Against Money Laundering (SCUML) in January 2025.
The report indicated that promoters of the alleged fraud used these registration certificates to convince a large number of investors to deposit funds into the trading platform.
In a post on its official social media account, the EFCC explicitly distanced itself from endorsing or approving the CBEX platform. “The EFCC is not a clearing house or regulatory authority of online businesses,” the commission stated.
The agency further explained that while ST Technologies, the company behind CBEX, is registered with SCUML, this registration is a mandatory requirement under Nigeria’s anti-money laundering and counter-terrorism financing laws for all Designated Non-Financial Businesses and Professions (DNFBPs). It emphasised that this registration does not constitute an endorsement or approval of the business’s operations.
Despite clarifying its non-regulatory role, the EFCC stressed that financial fraud of any kind falls within its jurisdiction. The commission assured the public of its commitment to ensuring justice for the victims of the CBEX scam and bringing the perpetrators to account.
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