…says full recovery nearly impossible
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that it may be nearly impossible to recover all the funds lost to the failed Crypto Bridge Exchange (CBEX) investment scheme.
In an interview on Channels Television, Olukoyede disclosed that the EFCC has traced funds linked to the $1 billion scam to at least four countries.
He explained that most of the illicit transactions were carried out using cryptocurrency and funnelled through wallets based outside Nigeria.
“We’ve frozen and blocked several accounts and recovered a significant sum, but I can’t provide exact figures at this time,” he said.
“Many key players involved are foreigners and beyond our jurisdiction, making recovery more challenging.”
He further admitted that full restitution for victims was unlikely, stating: “It will be practically impossible to compensate every victim. A significant portion of the money has already been dissipated outside our system.”
Olukoyede confirmed that three suspects are currently in EFCC custody and have made useful statements. He added that the commission is collaborating with international partners in the ongoing investigation.
CBEX collapsed in April, leaving thousands of Nigerian investors unable to access their funds.
The Securities and Exchange Commission (SEC) later disclosed that CBEX was not registered with the agency.
Subsequently, the Federal High Court in Abuja granted the EFCC’s request to arrest six CBEX promoters in connection with the alleged $1 billion fraud.
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