EFCC Tracks CBEX Funds To Four Countries, Warns Full Recovery May Be ‘Practically Impossible’.
The Economic and Financial Crimes Commission (EFCC) has revealed that funds linked to the collapsed Crypto Bridge Exchange (CBEX) scheme have been traced to at least four countries, raising serious concerns about the possibility of fully compensating victims. The announcement was made by EFCC Chairman Ola Olukoyede during an appearance on Channels Television’s Politics Today on Wednesday, 30 April 2025.
Speaking on the programme, Olukoyede disclosed that the EFCC has made significant progress in its investigation, including blocking and freezing several accounts linked to the fraudulent scheme. “We have blocked and frozen some accounts and recovered a reasonable amount, but I can’t give figures now,” he stated. However, he cautioned that the international nature of the transactions, primarily conducted through cryptocurrency wallets outside Nigeria’s jurisdiction, poses a significant challenge to recovering all the lost funds.
“Full recovery will be practically impossible because a substantial amount of money has been dissipated and is no longer within our system,” Olukoyede explained. He noted that the principal parties behind the scheme are largely foreign nationals, further complicating efforts to retrieve the funds. Despite these hurdles, the EFCC is collaborating with international law enforcement agencies to track down the perpetrators and recover as much as possible.
The EFCC’s investigation has already led to the arrest of three suspects, who are currently in custody and providing “very useful statements” to aid the probe. Additionally, a Federal High Court in Abuja recently granted the EFCC permission to arrest and detain six individuals allegedly involved in the $1 billion investment scam. On 30 April, the agency declared Elie Bitar, a foreign national, wanted in connection with the fraud, joining eight Nigerians previously listed as wanted for promoting the CBEX scheme.
The CBEX platform, which promised investors 100% returns within 30 days through purported AI-driven trading, collapsed in April 2025 when users reported being unable to withdraw their funds. The Securities and Exchange Commission (SEC) later confirmed that CBEX was unregistered and operating illegally in Nigeria. The scheme, which reportedly defrauded over 600,000 Nigerians, has been described as a sophisticated Ponzi scheme designed to mimic legitimate digital trading platforms.
Olukoyede expressed sympathy for the victims but urged Nigerians to exercise caution with investment platforms, particularly those promising unrealistic returns. “When the going was good, nobody reported to the EFCC. But when the bubble burst, we were dragged into it,” he remarked, highlighting the challenges faced by the agency in identifying fraudulent schemes before they collapse. He added that the EFCC had previously warned the public about 58 Ponzi schemes operating in Nigeria, though CBEX was not included in that list.
The EFCC’s efforts to recover the funds are ongoing, with Olukoyede pledging transparency. “Whatever we can get back, we will get it back and let Nigerians know,” he assured. However, he reiterated that fully restituting every victim may not be feasible due to the scale and complexity of the fraud.
The collapse of CBEX has sparked widespread outrage, with some Nigerians criticising the EFCC for not identifying the scheme earlier. Human rights lawyer Inibehe Effiong described the omission of CBEX from the EFCC’s earlier warnings as a “serious failure” by regulatory and security agencies. He called for stronger preventive measures and international cooperation to tackle such scams.
As the EFCC continues its investigation, the case underscores the growing risks associated with unregistered digital investment platforms and the need for greater public awareness and regulatory oversight in Nigeria’s financial sector.
