The Economic and Financial Crimes Commission (EFCC) has traced funds from the collapsed CBEX crypto exchange scheme to at least four countries, raising concerns that it may be impossible to fully compensate victims. EFCC Chairman Ola Olukoyede revealed this information during a recent interview on Channels Television’s Politics Today. He disclosed that the commission had frozen several accounts related to the fraudulent scheme and made significant progress in its investigations.
While he refrained from disclosing specific amounts, Olukoyede confirmed that a substantial sum had been blocked. However, he explained that most transactions involved cryptocurrency and were routed through wallets outside Nigeria, making the recovery process extremely challenging.
“The reality is that not all victims will be fully compensated. A large portion of the funds has already been dissipated and is beyond our reach,” Olukoyede stated. “We’ve traced the transactions to three or four countries, and many of the key individuals behind the scheme are foreigners.”
Three individuals are in custody and have provided valuable information that could aid in further arrests. Olukoyede also mentioned that the EFCC works with international law enforcement agencies to recover the stolen funds and apprehend the remaining suspects.
The scheme came to light in April when CBEX users reported being unable to access their funds. Shortly after, the Securities and Exchange Commission disclosed that the platform operated without proper registration. On April 30, the EFCC declared Elie Bitar, a foreign national, wanted for his role in the $1 billion investment scam. The agency also received permission from a federal high court to arrest and detain six other CBEX promoters. Additionally, at least eight Nigerians are wanted in connection with the scheme.
