BREAKING: EFCC Traces CBEX Funds to Four Countries, Says Full Recovery ‘Practically Impossible’
Speaking during an interview on Channels Television, Olukoyede said the EFCC had traced funds linked to the $1 billion sc@m to at least four countries..
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BREAKING: EFCC Traces CBEX Funds to Four Countries, Says Full Recovery ‘Practically Impossible’
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that recovering all the funds lost in the failed Crypto Bridge Exchange (CBEX) investment scheme may not be feasible.
Speaking during an interview on Channels Television, Olukoyede said the EFCC had traced funds linked to the $1 billion sc@m to at least four countries, noting that most of the illicit transactions were conducted in cryptocurrency and routed through wallets outside Nigeria.
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“We’ve blocked and frozen some accounts and recovered a reasonable amount, but I can’t give figures now,” he said. “The key players behind this scheme are mostly foreigners, beyond our jurisdiction, which complicates recovery efforts.”
He admitted that full restitution for victims was unlikely, saying: “It will be practically impossible to compensate every victim. A significant portion of the money has already been dissipated outside our system.”
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Olukoyede confirmed that three suspects are currently in EFCC custody and have made useful statements. He also revealed that the commission is working closely with international partners on the case.
CBEX collapsed in April, leaving many Nigerian investors unable to access their funds. The Securities and Exchange Commission (SEC) later revealed that CBEX was not registered with the agency. Following this, the Federal High Court in Abuja granted the EFCC’s request to arrest six CBEX promoters over the alleged $1 billion fr@ud.
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