The Economic and Financial Crimes Commission (EFCC) has traced funds from the collapsed cryptocurrency exchange platform, CBEX, to at least four foreign countries, with authorities warning that full restitution to victims may not be possible.
EFCC Chairman, Ola Olukoyede, made the disclosure during an interview on *Politics Today*, a current affairs programme aired on Channels Television on Wednesday. He revealed that the commission has made progress in freezing several accounts and seizing some assets linked to the scam, though he refrained from disclosing the total value of the frozen funds.
"We’ve been able to block and freeze a number of accounts containing reasonable sums. However, the exact figures are confidential at this point," Olukoyede stated.
The anti-graft boss explained that most of the illicit transactions were conducted using cryptocurrency wallets hosted outside Nigeria, making recovery efforts far more complex.
“We have traced the movement of the stolen funds to at least three or four countries. Unfortunately, most of the key players behind this scheme are foreign nationals operating beyond our jurisdiction,” he added.
Despite ongoing investigations and international collaboration, Olukoyede tempered expectations, stressing that total compensation to defrauded victims may not be achievable due to the extent of fund dissipation.
“I won’t claim we can restore everything to the victims. Much of the money has already been moved and laundered through channels outside the Nigerian financial system,” he said.
In a significant breakthrough, three suspects linked to the CBEX scheme are now in EFCC custody and have reportedly provided investigators with “very useful statements” that may aid further tracking of the fraudulent network.
The CBEX scandal, which left scores of Nigerians defrauded of their savings, has renewed calls for tighter regulation of digital currencies and greater cross-border cooperation in tackling cyber-enabled financial crimes.
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