EFCC Traces CBEX Funds To Four Countries

The Economic and Financial Crimes Commission (EFCC) has revealed that it has tracked proceeds from the collapsed CBEX crypto bridge exchange scheme to at least four countries, stating that complete restitution for victims may be unachievable.

The commission’s chairman, Ola Olukoyede, shared this information during an interview on Channels Television’s Politics Today on Wednesday, April 30. He disclosed that the agency had frozen several accounts tied to the fraudulent scheme and had achieved considerable progress in its ongoing investigations.

“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” Olukoyede said.

He noted that the majority of the transactions were executed in cryptocurrency and funneled through wallets beyond Nigeria’s jurisdiction, which has hindered recovery efforts.

“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system. We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners.”

Olukoyede further mentioned that three suspects are currently detained and have provided “very useful statements.” He also confirmed cooperation with international partners to retrieve stolen funds and apprehend those responsible.

In April, CBEX users reported being unable to access their funds, leading to widespread grievances. The Securities and Exchange Commission later clarified that the digital trading platform was not registered. Nine individuals, including one foreigner and eight Nigerians, have been declared wanted by the commission in connection with the CBEX fraud.

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli