Sh*ck Update On CBEX: EFCC Steps In To Trace Investors’ Money

A senior official of the commission, who spoke to Punch, revealed that a significant portion of the funds traced to the alleged fraud was moved خارج Nigeria. According to him, the EFCC has contacted relevant international bodies to track and recover the money, but is yet to receive replies, even more than a year after making the requests.

The CBEX platform, an online investment scheme that promised unusually high returns within a short period through digital trading, collapsed in April 2025. It reportedly attracted about 600,000 investors, who collectively committed around ₦1.3 trillion before the platform shut down.

The trouble began when the platform restricted withdrawals on April 9, 2025, preventing users from accessing their funds. Shortly afterward, investors reportedly found their account balances wiped out, while being asked to deposit additional funds to regain access—actions that heightened suspicions of fraud.

Among those said to have invested is Fuji musician Taye Currency.

The EFCC official explained that while some suspects have been arrested and charged, the case has an international dimension, making recovery efforts more complex and dependent on cooperation from foreign jurisdictions.

Another official noted that legal, immigration, and law enforcement processes across multiple countries are involved, which can slow down progress. He added that although some funds have been recovered locally from arrested suspects, a larger portion of the money is believed to have been moved abroad.

The EFCC had earlier declared 14 individuals wanted in connection with the scheme, with several already in custody and facing trial. Investigators believe the operation involved both local actors and foreign collaborators, making international cooperation crucial to tracing and recovering the stolen funds.