The Economic and Financial Crimes Commission (EFCC) has traced funds connected to the collapsed CBEX cryptocurrency trading platform to at least four countries, with recovery efforts now underway.
EFCC Chairman Ola Olukoyede shared the development during an interview on Politics Today, a Channels Television program, on Wednesday. He explained that while progress has been made, fully reimbursing victims may be impossible due to the complexity and scale of the fraud.
“We have managed to block certain accounts and freeze a significant amount of funds,” Olukoyede said, adding that he could not yet provide specific figures.
He further explained that many of the fraudulent transactions were conducted using cryptocurrency, which was routed through international wallets, making the asset recovery process more difficult.
“A significant portion of the funds has been dissipated outside our system,” he noted.
Olukoyede revealed that the primary individuals behind the CBEX fraud are foreign nationals, complicating the legal process. Nevertheless, he commended the EFCC’s efforts in freezing some assets and securing international cooperation.
“We’ve traced funds to three or four countries. While recovering every single naira may be unrealistic, we remain committed to retrieving as much as possible and keeping Nigerians informed,” he said.
The EFCC has arrested three individuals in connection with the scheme, who are currently in custody and have provided valuable information to investigators.
The CBEX platform, which had gained considerable investment from Nigerians, became inaccessible in April, leaving users unable to withdraw their funds. The Securities and Exchange Commission (SEC) confirmed that CBEX was unregistered and operated illegally.
Recently, a Federal High Court in Abuja granted the EFCC permission to arrest and detain six individuals linked to the $1 billion investment fraud. Additionally, on April 30, the EFCC declared Elie Bitar, a foreign national, wanted in connection with the case. Bitar joins a list of eight Nigerian suspects already wanted for allegedly promoting the fraudulent CBEX scheme.
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