EFCC Traces CBEX Scam Funds to Four Countries, Speaks on Investors' Money Refund
- Funds from the collapsed CBEX scheme have been traced to at least four countries, with most transactions via foreign-based crypto wallets
- EFCC chairman Ola Olukoyede said several accounts have been frozen, but full recovery of the stolen funds may not be possible
- He added that the commission is working with international partners and remains committed to keeping Nigerians informed of progress
Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology, Banking and the Economy.
The Economic and Financial Crimes Commission (EFCC) has disclosed that it has tracked money connected to the collapsed CBEX crypto scheme to at least four different countries.
During an interview on Politics Today, a programme on Channels Television aired on Wednesday, April 30, the EFCC chairman, Ola Olukoyede, said the commission is working hard to recover the missing funds.
Source: UGC
However, he noted that it may not be possible to fully compensate all affected investors.
Olukoyede explained that several bank accounts had been identified and frozen, but he could not disclose the total amount recovered so far.
He added that most of the financial activities were carried out using cryptocurrency through wallets outside Nigeria, making recovery more difficult.
The EFCC chief said:
“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."
The EFCC boss admitted that many of the funds had already been moved beyond the system, making it hard to return all of it.
He added that it required a lot of skill from the commission to secure the frozen assets, and whatever is recovered will be made known to Nigerians.
Recall that the EFCC had earlier clarified the certificate that was issued to ST Technologies, which is believed to be associated with the controversial CBEX.
Nigerians scammed via CBEX Ponzi scheme
It would be recalled that in yet another case of a Ponzi scheme, investors were left stunned as they discovered the sudden disappearance of their funds invested in Crypto Bridge Exchange Smart-Treasures (CBEX).
Marketed as an artificial intelligence-powered cryptocurrency trading platform, CBEX promised users the opportunity to buy and sell digital assets, guaranteeing "100 per cent returns every month."
What was once advertised as a lucrative investment opportunity has now been exposed as a fraudulent scheme.
Three suspects in EFCC custody
Olukoyede also revealed that three individuals linked to the case have been arrested and are currently being held in custody.
He said they have provided investigators with important information.
He said:
“We have made arrests. Right now, we have about three people in our custody who have made very useful statements.”
Source: Facebook
On Wednesday, April 30, the anti-graft agency declared one foreign national, Elie Bitar, wanted for his alleged involvement in the cryptocurrency fraud.
Four Nigerians were also declared wanted by the EFCC for their alleged involvement in the Ponzi scheme.
The EFCC chairman noted that the commission is fully dedicated to the probe, staying true to its commitment to Nigerians.
He added that the agency has also reached out to international partners and has begun to make some progress through those collaborations.
Wanted CBEX promoter surrenders to EFCC
Meanwhile, Legit.ng earlier reported that one of the wanted CBEX promoters, Adefowora Abiodun Olaonipekun, has surrendered himself to the EFCC.
Adefowora Abiodun Olaonipekun, accompanied by his lawyers, turned himself in at the EFCC headquarters in Abuja on Monday, April 28, 2025.
Counsel to the CBEX promoter, Babatunde Busari, explained the reason his client decided to submit himself to the EFCC.
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Source: Legit.ng
