The Economic and Financial Crimes Commission (EFCC) has announced that it has traced funds tied to the collapsed crypto bridge exchange, CBEX, to at least four foreign jurisdictions, raising concerns over the likelihood of fully recovering stolen investments.
EFCC Chairman Ola Olukoyede made the disclosure during an appearance on Politics Today, a Channels Television programme, on Wednesday, April 30, 2025. He revealed that, while significant efforts have been made to freeze and block accounts associated with the scheme, the cross-border nature of the transactions now poses a formidable challenge to complete restitution for victims.
“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,” Olukoyede told host Seun Okinbaloye. He explained that much of the illicit proceeds were moved in cryptocurrency via wallets located outside Nigeria’s jurisdiction, complicating repatriation efforts.
The EFCC boss cautioned that full recovery of the siphoned assets is unlikely. “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, emphasizing that several principal actors behind the scheme are foreigners and beyond the EFCC’s immediate reach.
In addition to tracing the trail of funds, the commission has arrested three suspects in connection with the CBEX collapse. According to Olukoyede, these individuals are currently in custody and have provided “very useful statements” that may aid ongoing investigations and international cooperation efforts.
The EFCC has called on international partners to assist in freezing and repatriating assets, while urging would-be investors in nascent crypto ventures to exercise caution and conduct due diligence. The agency’s ongoing probe underscores the growing complexity of policing financial crimes in the rapidly evolving digital asset space.
