EFCC Traces CBEX Crypto Scam Funds to Four Countries, Says Full Recovery Unlikely

|By Adejumo Adekunle-

-Crypto Scam Funds Traced Across Borders – EFCC
–Chairman Says Full Recovery May Be Impossible as Most Transactions Happened Outside Nigeria

The Economic and Financial Crimes Commission (EFCC) has revealed that funds linked to the failed CBEX crypto exchange scheme have been traced to at least four foreign countries, with most transactions conducted outside Nigeria’s jurisdiction.

EFCC Chairman, Ola Olukoyede, made the disclosure on Politics Today, a Channels Television programme, on Wednesday, noting that although efforts to recover the stolen funds are ongoing, full restitution to victims may not be possible.

“We have been able to block some accounts. We have been able to freeze some funds… a reasonable amount. But I won’t be able to disclose the figures at this time,” Olukoyede said.

He explained that a significant portion of the stolen funds was transferred via cryptocurrency wallets, making the trail harder to follow and assets more difficult to recover. According to him, foreign nationals are behind the scheme and are currently beyond the reach of Nigerian law enforcement.

“We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners. They are not within our jurisdiction, and you know what that entails,” he added.

Despite the challenges, Olukoyede confirmed that the EFCC has arrested three suspects in connection with the scam. The individuals are currently in custody and have made “very useful statements” to investigators.

He cautioned victims not to expect full compensation, warning that a large part of the stolen money has already been “dissipated” and is now irretrievable due to its offshore nature.

The CBEX fraud scheme, which promised high returns through crypto investments, has left thousands of Nigerians in financial distress, with calls for justice growing louder across social media and civic platforms.