The Economic and Financial Crimes Commission (EFCC) has revealed that it has traced funds connected to the failed CBEX cryptocurrency bridge exchange scheme to at least four different countries.
EFCC Chairman Ola Olukoyede disclosed this on Wednesday during an appearance on Politics Today, a Channels Television programme.
Olukoyede explained that while efforts are ongoing to recover the stolen assets, victims of the scheme may not receive full restitution due to the complex international nature of the fraud.
“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” he said.
He noted that many of the transactions were carried out in cryptocurrency and routed through digital wallets outside Nigeria’s legal reach.
“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system,” Olukoyede said.
The EFCC boss confirmed that funds linked to the scheme have been traced to “three, four countries,” adding that the key actors behind CBEX are mostly foreigners operating beyond Nigeria’s jurisdiction.
“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,” he said.
He also disclosed that three suspects have so far been arrested in connection with the scam and are currently in custody.
“They have made very useful statements,” he noted, expressing hope that these leads would aid the ongoing investigation.
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