The Economic and Financial Crimes Commission (EFCC) has tracked stolen funds tied to the collapsed CBEX cryptocurrency bridge scheme across at least four different countries.
Chairman of the EFCC, Ola Olukoyede, shared this update during an appearance on Politics Today, a television program aired on Channels TV, on Wednesday, May 1st.
Olukoyede noted that while the agency has taken significant steps to block accounts and freeze assets linked to the fraud, full recovery of all stolen money remains uncertain. Many of the transactions, he said, were conducted through cryptocurrency wallets that lie outside Nigerian borders, making the recovery process difficult.
“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 stated.
According to him, the majority of key figures involved in the CBEX scheme are foreign nationals and not under Nigeria’s jurisdiction, adding a complex layer to the ongoing investigation.
“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,” he said.
He also revealed that three suspects connected to the fraudulent crypto operation are now in EFCC custody. These individuals have reportedly provided “very useful statements” to the investigators working on the case.
Olukoyede further explained that it was the expertise and determination of the EFCC that led to the successful freezing of some assets so far. He stated that recovery efforts would continue both in Nigeria and overseas. However, he cautioned that while the agency is doing all it can, a complete refund to every affected victim may not be possible.
