The Economic and Financial Crimes Commission (EFCC), has traced funds linked to the collapsed CBEX crypto investment platform to at least four countries.
Speaking during an interview on Politics Today, a Channels Television programme aired on Wednesday, EFCC Chairman Ola Olukoyede said that although efforts are ongoing to recover the stolen funds, full restitution to affected victims may not be possible.
Olukoyede revealed that several accounts have been blocked and a significant amount of funds frozen. However, he declined to disclose the total amount recovered so far.
“We have been able to block some accounts and freeze some funds. I can’t give you a figure yet, but it’s a reasonable amount,” he said. “Most of the transactions were in cryptocurrency and routed through wallets outside Nigeria’s jurisdiction.”
He explained that the EFCC has tracked the illicit financial flows to at least four countries, noting that most of the key figures behind the scheme are foreigners.
“It took a great deal of technical capacity to trace and freeze some of these assets. However, I must be honest with Nigerians—it is unlikely that we can recover and refund every kobo to victims. A large portion of the money has been dissipated outside the country,” he said.
The anti-graft boss disclosed that three suspects are currently in EFCC custody and have made “very useful statements” to aid the investigation.
“We have made arrests. Three suspects are with us and they’ve been cooperating. We are working closely with foreign partners and have made significant inroads,” Olukoyede added.
The CBEX platform, which promised high returns on crypto investments, came under scrutiny after users reported being unable to withdraw their funds in April. The Securities and Exchange Commission (SEC) later confirmed that CBEX was operating illegally, as it was not registered with the regulatory body.
