The Economic and Financial Crimes Commission (EFCC) has traced funds linked to the collapsed CBEX crypto trading scheme to at least four countries, with recovery efforts currently underway.
EFCC Chairman Ola Olukoyede disclosed this during an interview on Politics Today, a Channels Television programme, on Wednesday.
He noted that while some progress has been made, full reimbursement of victims is unlikely due to the scale and complexity of the fraud.
“We have been able to block some accounts and freeze a reasonable amount of funds,” Olukoyede said.
“However, I cannot give a specific figure at this time.”
He explained that many of the transactions were conducted in cryptocurrency and funneled through international wallets, making the process of tracking and recovering assets more challenging.
“Quite a certain amount of money has been dissipated outside our system,” he added.
Olukoyede revealed that the main perpetrators behind the CBEX scheme are foreign nationals, complicating the legal pursuit.
Despite this, he credited the EFCC’s efforts for managing to freeze some assets and initiate international cooperation.
“We’ve traced funds to three or four countries.
Recovering every kobo may be impossible, but we’re committed to retrieving as much as we can and updating Nigerians accordingly,” he said.
The EFCC has so far arrested three suspects connected to the scheme.
According to Olukoyede, they are in custody and have provided “very useful statements” to investigators.
The CBEX platform, which had attracted significant investments from Nigerians, became inaccessible in April, leaving users unable to withdraw their funds.
The Securities and Exchange Commission (SEC) confirmed that the platform was not registered and operated illegally.
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A Federal High Court in Abuja recently granted the EFCC permission to arrest and detain six individuals linked to the $1 billion investment scam.
Additionally, on April 30, the EFCC declared Elie Bitar, a foreign national, wanted in connection with the case.
He joins eight other Nigerian suspects previously declared wanted for allegedly promoting the CBEX scheme.
