EFCC traces CBEX funds to four countries

The Economic and Financial Crimes Commission (EFCC) says it has traced proceeds from the failed CBEX crypto bridge exchange scheme to at least four countries, noting that full restitution to victims may be impossible.

The chairman of the commission, Ola Olukoyede, disclosed this during an appearance on Channels Television’s Politics Today on Wednesday, April 30. He revealed that the agency had frozen a number of accounts linked to the fraudulent scheme and had made significant progress in 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 explained that a majority of the transactions were conducted in cryptocurrency and routed through wallets outside Nigeria’s jurisdiction, complicating recovery efforts.

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“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 added that three suspects are currently in custody and have provided “very useful statements.” He also confirmed collaboration with foreign counterparts to recover stolen funds and apprehend suspects.

In April, users of CBEX reported they could no longer access their funds, prompting widespread complaints. The Securities and Exchange Commission later revealed that the digital trading platform was unregistered. Nine persons including a foreigner and eight Nigerians have been declared wanted by the commission over the CBEX fraud.

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