By Adenike Lawal
The Economic and Financial Crimes Commission (EFCC) has debunked claims suggesting that a SCUML certificate serves as a license or clearance for business operations, following growing confusion linked to the controversial CBEX investment scheme.
In a statement released on its official X platform, the anti-graft agency clarified that CBEX was never registered with the Special Control Unit Against Money Laundering (SCUML).
Instead, a different entity, ST Technologies, obtained the certificate—misleading many into believing CBEX was duly authorized.
“SCUML registration is a statutory requirement, not a business license or EFCC clearance,” the Commission emphasized, pointing to Section 17 of the Money Laundering (Prevention and Prohibition) Act of 2022.
The clarification comes after victims of the CBEX Ponzi scheme, including Lesley Kessy Oviritsa, said they were lured in by the platform’s Corporate Affairs Commission documents and SCUML certificate.
CBEX had also claimed a Securities and Exchange Commission license was forthcoming by May 2025, adding to its air of legitimacy.
The EFCC stressed that its role is to investigate and prosecute financial crimes, not to authorize business operations.
“We are not a clearing house for online ventures,” the statement said, but assured that action is being taken to secure justice for victims.
CBEX is under investigation for allegedly defrauding investors of over N1.3 trillion.
Law enforcement agencies, including INTERPOL, are tracking the masterminds behind what is fast becoming one of Nigeria’s largest financial scams.