The Economic and Financial Crimes Commission (EFCC) has traced proceeds from the collapsed CBEX crypto bridge exchange scheme to at least four countries, but warns that full restitution to victims may not be possible.
EFCC Chairman, Ola Olukoyede, disclosed this during an appearance on Channels Television’s Politics Today on Wednesday, April 30. He confirmed that several accounts linked to the fraudulent operation have been frozen and that significant progress has been made in the investigation.
“We have been able to block some accounts. We have been able to freeze some funds—though I can’t disclose the exact amount, it’s a reasonable sum,” Olukoyede stated.
He noted that most of the transactions were conducted using cryptocurrency and moved through offshore wallets, placing them beyond the immediate jurisdiction of Nigerian authorities and complicating recovery efforts.
“I won’t sit here and tell you we’ll recover everything. That’s practically impossible. A significant portion of the funds has already been dissipated and moved out of the system. We’ve traced transactions to three or four countries so far. In fact, most of the key players behind the scheme are foreigners,” he added.
Olukoyede also revealed that three suspects are currently in custody and have provided valuable statements. He confirmed ongoing collaboration with international law enforcement agencies to track down additional suspects and recover stolen assets.
The CBEX scheme unraveled in April when users reported being unable to access their funds. The Securities and Exchange Commission later confirmed that CBEX was operating without proper registration. The EFCC has since declared nine individuals wanted in connection with the fraud, including eight Nigerians and one foreign national.
