How We Traced CBEX Funds To Four Countries –EFCC

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Thursday, May 1st, 2025

(AFRICAN EXAMINER) – The Economic and Financial Crimes Commission (EFCC) has stated that it has traced the funds connected to the failed crypto bridge exchange (CBEX) scheme to at least four countries.

Speaking on Politics Today, a Channels Television programme, on Wednesday, Ola Olukoyede, EFCC chairman, stated that despite the fact that efforts are underway to recover the lost funds; full restitution to victims is not possible.

Olukoyede stated that many accounts have been blocked and funds frozen and the amounts cannot be disclosed yet.

He stated that most of the transactions were done in cryptocurrency and they were routed through wallets beyond Nigeria’s jurisdiction.

“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,” the EFCC boss said.

“I will not sit down and tell you that we are going to restitute every victim. It will become practically impossible because quite a certain number 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, they are not within our jurisdiction, and you know what that entails.

“In fact, it took our impunity, our proficiency, to be able to even freeze some assets that we have done now. So, yes, we’ve embarked on that journey. Whatever we can get back, we will get it back and let Nigerians know. But we will not be able to confirm that we will restitute every victim. That may be practically impossible.”

He also disclosed that the anti-graft agency has arrested three suspects who are presently in custody and have made “very useful statements” to investigators.

“We have made arrests. Right now, we have about three people in our custody who have made very useful statements,” Olukoyede said.

“We have been so committed to this investigation because we have promised Nigerians. We have gone deep, we have gone far. We have established contact with our foreign counterparts and we have been able to make some inroads.”

The African Examiner writes that in April, they were reports that CBEX users could no longer access their funds and many Nigerians who had invested in the platform reportedly lost their cash.