The Economic and Financial Crimes Commission (EFCC) has revealed it has traced funds from the failed CBEX crypto bridge exchange scheme to at least four countries, warning that full restitution to victims may be unattainable.
EFCC Chairman, Ola Olukoyede, made this known during an appearance on Politics Today, a programme on Channels Television, on Wednesday. He stated that the agency had frozen several accounts linked to the fraudulent operation and had made notable headway in its investigations.
“We have been able to block certain accounts and freeze some funds. I cannot disclose the exact amount, but it is a considerable sum,” Olukoyede said.
He noted that most of the transactions were conducted in cryptocurrency and channelled through digital wallets outside Nigeria’s jurisdiction, thereby complicating efforts to recover the money.
“I won’t make any promises that all victims will be refunded. That would be practically impossible, as a substantial amount has already been dispersed and lies beyond our financial system,” he said. “We’ve traced the money to three or four countries so far. In fact, the key individuals behind the scheme—most of them are foreign nationals.”
Olukoyede further mentioned that three suspects are currently in custody and have made “very useful statements”. He also confirmed that the EFCC is working with international partners to recover stolen funds and apprehend the remaining suspects.
In April, CBEX users reported being unable to access their funds, triggering widespread complaints. The Securities and Exchange Commission later clarified that the digital trading platform was not registered.
On April 30, the EFCC declared Elie Bitar, a foreign national, wanted in connection with the $1 billion investment fraud. A Federal High Court in Abuja subsequently authorised the arrest and detention of six CBEX promoters.
To date, at least eight Nigerians have also been declared wanted in relation