EFCC Traces CBEX Stolen Funds to Four Countries, Warns Full Recovery May Be Impossible

By THE GIST SCOOP

 The Economic and Financial Crimes Commission (EFCC) has made a significant breakthrough in the ongoing investigation of CBEX, the cryptocurrency platform accused of defrauding over 600,000 Nigerians of ₦1.2 trillion. According to EFCC Chairman Ola Olukoyede, funds from the scam have been traced to at least four foreign countries, casting doubt on the possibility of full restitution for victims.


Olukoyede revealed the update during an interview on Politics Today, a Channels Television program. He confirmed that several accounts linked to the fraud have been frozen, and assets seized, but withheld the exact figures, citing operational confidentiality.


> “We’ve been able to block and freeze a number of accounts containing reasonable sums. However, the exact figures are confidential at this point,” he stated.




The EFCC chief emphasized the global nature of the crime, noting that the bulk of the fraudulent transactions were carried out through cryptocurrency wallets hosted outside Nigeria. This cross-border complexity, he said, has severely hampered recovery efforts.


> “We have traced the movement of the stolen funds to at least three or four countries. Unfortunately, most of the key players behind this scheme are foreign nationals operating beyond our jurisdiction,” Olukoyede added.




Despite partnerships with international agencies and continued efforts to bring the perpetrators to justice, the EFCC admitted that full recovery of the stolen funds is unlikely.


> “I won’t claim we can restore everything to the victims. Much of the money has already been moved and laundered through channels outside the Nigerian financial system.”




In a ray of hope, three suspects connected to CBEX are now in EFCC custody and have reportedly provided valuable statements that could aid further investigation.


The CBEX scandal has reignited urgent calls for tighter regulation of digital finance, especially in the booming yet largely unregulated crypto space. As the investigation unfolds, many Nigerians are demanding not just justice, but safeguards to prevent such large-scale financial crimes in the future.