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EFCC Uncovers Global Web of Fraud in CBEX Scandal, Warns Billions May Be Lost Forever
The Economic and Financial Crimes Commission (EFCC) has disclosed that funds linked to the defunct cryptocurrency investment platform, CBEX, have been traced to no fewer than four foreign countries—unveiling what appears to be a vast, transnational fraud operation.....KINDLY READ THE FULL STORY HERE▶
Speaking during an appearance on Politics Today aired by Channels Television on Wednesday, EFCC Chairman Ola Olukoyede explained that while the commission has succeeded in freezing some assets, full restitution to victims may be unattainable due to the nature and scale of the scam.
“We’ve successfully blocked some accounts and frozen certain funds—although I can’t give exact figures, we’ve secured a reasonable amount,” Olukoyede said.
He emphasized the complexity of the case, noting that the movement of funds through cryptocurrency wallets and international channels poses significant hurdles to full recovery.
“I can’t in good conscience promise that all victims will be reimbursed. Much of the money has already been laundered beyond our reach. The perpetrators are primarily foreigners operating outside our jurisdiction, which complicates enforcement.”
Despite these setbacks, the EFCC chief praised the commission’s determination and technical capacity in tracking and freezing assets amid such a challenging investigation.
“It took skill and resilience to achieve the asset freezes we have. We’re pursuing all possible avenues for recovery and will keep Nigerians informed. But realistically, full restitution isn’t guaranteed.”
Olukoyede also confirmed that three suspects connected to the CBEX scheme are currently in EFCC custody and have made critical disclosures.
“We have arrested three individuals who have provided valuable information. Our investigation is extensive—we’ve reached out to international partners and made meaningful progress.”
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