ABUJA — The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that funds linked to the CBEX investment fraud have been traced to at least four countries, with much of the stolen money moved through cryptocurrency channels outside Nigeria’s jurisdiction.
Speaking during a press briefing, Olukoyede confirmed that while the agency has frozen multiple accounts and seized a reasonable amount of funds, the prospect of full recovery and restitution for all victims remains slim.
“We’ve successfully frozen some accounts and blocked certain transactions, but I cannot disclose the exact amounts at this time. A significant portion of the stolen funds was laundered through crypto wallets and routed abroad, complicating our recovery efforts,” he explained.
He stressed that due to the cross-border nature of the scam and the involvement of foreign actors, full restitution for victims is unlikely.
“We’re not in a position to promise total restitution. A lot of the money has already been dissipated and exists beyond our financial system. The principal actors in this scheme are foreigners, operating outside our jurisdiction,” Olukoyede added.
Despite these challenges, the EFCC boss assured Nigerians that the agency is pursuing every available lead.
“We’ve traced funds to three or four different countries and have managed, through skilled efforts, to freeze some assets. Whatever can be recovered will be recovered and communicated to the public.”
In a related development, the EFCC has arrested three suspects connected to the scheme.
“We currently have three individuals in custody who have provided very useful statements to aid our investigation,” Olukoyede said.
Hobnob News will continue to follow the case as the EFCC expands its investigation into the international web of fraud behind the CBEX scandal.
