Nigeria’s Economic and Financial Crimes Commission (EFCC) has traced proceeds from the collapsed Crypto Bridge Exchange (CBEX) fraud to at least four countries, according to the agency’s chairman, who warned that complete restitution to victims may be impossible.
During an interview on Wednesday on Channels Television’s Politics Today, EFCC Chairman Ola Olukoyede revealed that investigators have frozen several accounts connected to the fraudulent scheme that reportedly swindled investors out of approximately $1 billion.
“We have been able to block some accounts and freeze a reasonable amount of funds,” Olukoyede stated, declining to specify exact figures. “However, I cannot promise that we will restore funds to every victim. It’s practically impossible as a significant portion of the money has been dissipated outside our jurisdiction.”
The investigation has been complicated by the nature of cryptocurrency transactions, with funds routed through digital wallets beyond Nigeria’s borders. Olukoyede disclosed that the commission has traced assets to multiple countries and determined that “the principal parties behind the entire scheme are mostly foreigners.”
Three suspects are currently in custody and have provided “very useful statements,” according to the EFCC chairman. The commission is collaborating with international law enforcement partners to recover stolen funds and apprehend additional suspects.
The scandal erupted in April when CBEX users reported being unable to access their investments, triggering widespread complaints. The Securities and Exchange Commission subsequently revealed that the digital trading platform was operating without proper registration.
On April 30, the EFCC declared foreign national Elie Bitar wanted in connection with the investment scam. A federal high court in Abuja has granted the commission permission to arrest and detain six CBEX promoters, while at least eight Nigerian nationals have been declared wanted for their alleged roles in the scheme.
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