The Economic and Financial Crimes Commission (EFCC) has uncovered international financial trails linked to the collapsed CBEX crypto bridge exchange scheme, revealing that funds connected to the alleged $1 billion fraud have been traced to at least four countries.
EFCC Chairman, Ola Olukoyede, disclosed this during an interview on Wednesday, admitting that although some accounts have been frozen, full recovery of investors’ money remains improbable.
“We’ve blocked several accounts and frozen a reasonable amount of funds,” Olukoyede said, without disclosing specific figures. “However, I must be honest , we may not be able to restore every victim’s money. A significant portion of the funds has already left the Nigerian financial system.”
According to the anti-graft chief, most transactions were executed in cryptocurrency, funneled through offshore wallets, and orchestrated by foreign nationals, which complicates recovery efforts due to jurisdictional limitations.
He also confirmed that three suspects are currently in EFCC custody, having made “very useful statements” to investigators, while efforts are ongoing in collaboration with foreign law enforcement agencies to recover additional assets.
Olukoyede emphasised the EFCC’s commitment to uncovering the full extent of the fraud.
“We’ve gone far. We’ve made significant progress. But restitution for all victims may simply not be feasible.”