Abuja, Nigeria — The Economic and Financial Crimes Commission (EFCC) has come under heavy criticism following a public statement distancing itself from the CBEX investment scam, despite growing calls for accountability. The Commission clarified that the issuance of a SCUML (Special Control Unit against Money Laundering) certificate to ST Technologies — wrongly associated with CBEX — should not be interpreted as an EFCC clearance or endorsement.
According to the EFCC, ST Technologies was duly registered under SCUML in line with Section 17 of the Money Laundering (Prevention and Prohibition) Act, 2022. The Commission emphasized that registration with SCUML is a statutory obligation for all Designated Non-Financial Businesses and Professions (DNFBPs) under Nigeria’s Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) regime.
“The EFCC is not a regulatory body or clearing house for online businesses,” the Commission wrote in a statement shared via its official Twitter (X) page. “SCUML registration is not an EFCC clearance.”
However, the post quickly went viral, sparking intense reactions from Nigerians, especially victims of the CBEX scam, who accused the Commission of attempting to absolve itself of responsibility.
Twitter Reactions:
One user, @BelloWrites, wrote: “This is shameful. You issued a certificate to a company and now deny responsibility after people have been scammed? What is SCUML under EFCC for then?”
Another user, @AdaOmaXX, tweeted: “EFCC wants to eat their cake and have it. You want to control financial crimes but don’t want to take blame when Nigerians lose millions to fraud. Unacceptable!”
@SodiqCodes added: “So what’s the point of SCUML if it can’t protect citizens from fraudulent platforms? EFCC must do better. We need justice!”
Meanwhile, some Twitter users defended the Commission’s stance, noting the need for broader regulatory reforms beyond the EFCC’s scope.
@RealTundeM tweeted: “The public also needs to understand the limits of EFCC’s authority. SCUML is not a license. Let’s stop expecting magic.”
Despite the backlash, the EFCC maintained that it remains committed to investigating the CBEX fraud and ensuring justice for the victims. The Commission has urged the public to come forward with verifiable information to aid its ongoing probe.
As the controversy rages on, the incident underscores growing concerns about the regulatory loopholes in Nigeria’s digital investment space and the urgent need for coordinated oversight to protect citizens from future financial traps.
