The Economic and Financial Crimes Commission (EFCC) has traced funds tied to the collapsed crypto bridge exchange (CBEX) to at least four different countries. EFCC chairman, Ola Olukoyede, revealed during a Channels Television interview on Wednesday that, while efforts to recover the stolen assets are ongoing, it may be impossible to fully compensate all victims.
Olukoyede explained that the EFCC had blocked several accounts and frozen some of the funds involved, though he refrained from disclosing the exact amounts. He noted that many of the transactions were carried out using cryptocurrency and moved through wallets outside Nigeria’s jurisdiction, making the recovery process more complex.
“We’ve been able to freeze some assets, but I cannot provide an exact figure at this point,” Olukoyede said. He added that while the agency was committed to recovering what it could, it would be “practically impossible” to restitute every victim, as much of the stolen money had been dissipated and moved beyond Nigeria’s reach.
He also confirmed that the principal individuals behind the fraud were largely foreign nationals, complicating the investigation further. However, Olukoyede praised the EFCC’s expertise in freezing certain assets, despite the challenges posed by the international aspect of the scheme.
The EFCC has also arrested three suspects, who are currently in custody and have provided valuable information to the investigators.