CBEX Fr@ud: EFCC Traces Funds To Multiple Nations, Warns Full Recovery Unlikely

During an appearance on Politics Today, a programme aired on Channels Television on Wednesday, EFCC Chairman Ola Olukoyede disclosed that although investigations have led to the freezing of some assets, it may not be feasible to fully reimburse affected investors.

"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,ÔÇØ he stated.

Olukoyede stressed that the cross-border nature of the transactions, most of which were carried out via cryptocurrency wallets, makes the recovery process highly challenging.

"I will not sit down and tell you that we are going to restitute every victim. It will become practically impossible because quite a certain number of money has been dissipated and not within our system.

"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,ÔÇØ Olukoyede added.

The EFCC chief further commended his agency's persistence and expertise in tracking and freezing assets, despite the complexities involved.

"In fact, it took our impunity, our proficiency, to be able to even freeze some assets that we have done now. So, yes, we've embarked on that journey. Whatever we can get back, we will get it back and let Nigerians know. But we will not be able to confirm that we will restitute every victim. That may be practically impossible.ÔÇØ
Arrests Made as Investigation Deepens
Olukoyede also confirmed that three individuals connected to the CBEX scheme are currently in EFCC custody and have provided important leads.

"We have made arrests. Right now, we have about three people in our custody who have made very useful statements,ÔÇØ he said. "We have been so committed to this investigation because we have promised Nigerians. We have gone deep, we have gone far. We have established contact with our foreign counterparts and we have been able to make some inroads.ÔÇØ

The CBEX platform came under scrutiny in April after users were suddenly unable to access or withdraw their funds. Numerous Nigerians reportedly lost significant amounts of money to the failed investment.

The Securities and Exchange Commission (SEC) had earlier issued a statement noting that CBEX was not registered with the agency.

In response to the escalating situation, a Federal High Court in Abuja granted the EFCC authority to arrest and detain six individuals allegedly behind the $1 billion fraud linked to CBEX. The court order, issued by Justice Emeka Nwite, followed an ex parte motion filed by EFCC counsel, Fadila Yusuf.

Additionally, the anti-graft agency declared Elie Bitar, a foreign national, wanted in connection with the scam. He now joins eight other suspects who had previously been declared wanted for allegedly promoting the scheme.