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The Economic and Financial Crimes Commission (EFCC) has made significant progress in its investigation into the failed CBEX crypto bridge exchange scheme, revealing that proceeds from the scam have been traced to at least four countries. However, the agency has cautioned that full recovery and restitution for victims may not be possible.
Speaking on Channels Television’s Politics Today on Wednesday, April 30, EFCC Chairman Ola Olukoyede provided an update on the ongoing probe. He stated that several accounts connected to the fraudulent operation had been frozen and a substantial—though undisclosed—amount of funds secured.
“We have been able to block some accounts and freeze some funds,” Olukoyede said. “While I can’t give you the exact figures, we’ve managed to secure a reasonable amount.”
A major hurdle, he explained, is that most of the transactions were conducted in cryptocurrency and routed through wallets based outside Nigeria. This makes fund recovery more difficult, especially given the limited jurisdiction of Nigerian authorities over foreign digital wallets.
“I won’t promise that every victim will be refunded,” Olukoyede added. “It’s practically impossible because a significant portion of the money has already been moved outside the system. We’ve traced funds to at least four countries, and many of the key actors behind the scheme are foreigners.”
Three suspects are currently in custody and have reportedly provided valuable information to investigators. The EFCC is also working with international partners to track the stolen funds and bring the perpetrators to justice.
The CBEX platform collapsed in April, leaving users unable to access their funds and sparking widespread outcry. The Securities and Exchange Commission (SEC) has since clarified that CBEX was operating illegally, as it was never registered with the agency. Nine individuals—eight Nigerians and one foreign national—have been declared wanted in connection with the fraud.
