The Economic and Financial Crimes Commission (EFCC) says it is still recovering funds linked to the collapsed CBEX Global Investment scheme, which defrauded thousands of Nigerians earlier this year.
The anti-graft agency made this known on Thursday, following public demand for updates on the case.
CBEX, a Ponzi scheme that promised investors up to 88 per cent returns, crashed in April 2025, leaving an estimated 600,000 Nigerians stranded and resulting in losses amounting to N1.3 trillion.
Some of the scheme’s promoters have since been arrested and arraigned in court. On July 7, the EFCC charged Awerosuo Otorudo and Chukwuebuka Ehirim before Justice Mohammed Umar over allegations of operating illegal financial services and unlicensed investment activities.
Responding to inquiries, the EFCC’s Head of Media and Publicity, Mr. Dele Oyewale, confirmed that efforts to recover the stolen funds are ongoing.
“The recovery is still ongoing. We can’t put a figure on what we have recovered now because it’s ongoing,” he said.
“As I am talking to you now, our people are working. It will be too premature for us to say we have recovered N20m, N24m, etc.
“When we are ready to make full disclosure of what we have recovered, we will let the public know,” he added.
The EFCC assured Nigerians that all lawful means will be employed to trace and recover the funds for the benefit of the victims.
