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.

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.”

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.

Nigeria’s history of Ponzi schemes

The Mavrodi Mundial Movement (MMM) will perhaps remain the most popular of these Ponzi schemes that have ever operated in Nigeria. So many Nigerians were victims of these schemes and so much money was lost when the scheme finally crashed in 2017. According to the Central Bank of Nigeria, investors lost about N12 billion to MMM.

Even after the crash of MMM, you would think that many would learn their lessons. But no, more people seem to have shifted to patronising newer illicit schemes, repeating the same cycle.

From MMM to Loom; Ultimate Cycler to Givers Forum; Pennywise to Twinkas; Clarrita to Loopers Club, the list is endless. They come under the guise of offering outrageous Returns on Investment.

According to an earlier report by Legit.ng, the EFCC disclosed that it has arrested and is prosecuting about 10 Ponzi scheme operators who have allegedly fleeced Nigerians of over N12 billion between October 2020 and August 2021.

The EFCC Special Fraud Unit (SFU) had arraigned Dominic Joshua of Brisk Capital Limited for allegedly defrauding investors of over N2 billion with a promise of a 60 per cent ROI.

Also in Lagos, the anti-graft agency recently arrested a couple for allegedly defrauding unsuspecting victims in an N935 million Ponzi scheme.

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.

Source: Legit.ng