The Economic and Financial Crimes Commission (EFCC) is making significant strides in its investigation into the failed Crypto Bridge Exchange (CBEX) scheme, which defrauded Nigerians of billions of naira. However, despite ongoing efforts to recover stolen funds, the EFCC’s chairman, Ola Olukoyede, has warned that full restitution for victims may be “practically impossible.”
During an appearance on Channels Television on Wednesday, Olukoyede provided crucial updates on the ongoing investigation, which has extended beyond Nigeria’s borders. Investigators have traced CBEX-related illicit transactions to at least four countries, indicating the international scope of the scam. Olukoyede confirmed that the illicit funds were largely routed through cryptocurrency wallets outside Nigerian jurisdiction, making it significantly harder to trace and recover the stolen assets.
“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 on, but there are some reasonable amounts of funds that have been frozen,” Olukoyede said during the interview.
Despite these efforts, the complexity of tracing and freezing cryptocurrency-related transactions, combined with the involvement of foreign perpetrators, has made it nearly impossible to ensure that all victims are fully compensated. “I will not sit down and tell you that we are going to rehabilitate every victim. It will become practically impossible because quite a certain amount of money has been dissipated and is not within our system,” the EFCC chairman explained.
A critical factor hindering the recovery of stolen funds is the involvement of foreign nationals, many of whom are operating outside Nigeria’s legal jurisdiction. Olukoyede pointed out that most of the key players behind the scheme, including some of the individuals who promoted the CBEX platform, are foreigners. These international links complicate efforts to recover assets and bring perpetrators to justice.
“We have traced funds 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,” Olukoyede remarked, emphasizing the logistical and legal hurdles the EFCC faces in bringing these individuals to justice.
The EFCC has made arrests in connection with the fraud. Currently, three suspects are in custody, and their testimonies are reportedly aiding the investigation. “We have made arrests. Right now, we have about three people in our custody who have made very useful statements,” Olukoyede confirmed.
The EFCC’s investigation into CBEX follows a series of alarming reports from Nigerians who lost their investments after the platform unexpectedly froze users’ accounts and refused to allow withdrawals. The Securities and Exchange Commission (SEC) subsequently confirmed that CBEX was not registered with the agency, highlighting the lack of oversight for digital platforms operating within Nigeria.
In April 2025, the Federal High Court in Abuja granted the EFCC permission to arrest six CBEX promoters, who are allegedly linked to a massive $1 billion investment fraud scheme. Justice Emeka Nwite issued the order following an ex parte application by the EFCC’s legal counsel, Fadila Yusuf.
Notably, the EFCC has also declared Elie Bitar, a foreign national, wanted for his alleged involvement in the fraud. Bitar joins eight other Nigerians previously declared wanted in connection with the fraudulent activities.
The CBEX case has highlighted significant vulnerabilities in the Nigerian financial ecosystem, especially within the cryptocurrency space. With many Nigerians having lost their hard-earned savings, the EFCC’s investigation has sparked national outrage, with calls for stronger regulations on digital currency platforms.
While the EFCC’s efforts have been commendable, Olukoyede’s statements serve as a stark reminder of the challenges faced by Nigeria’s anti-graft agency in recovering stolen funds, especially when they involve international players and decentralized digital assets. Although the EFCC is committed to bringing the perpetrators to justice, the prospect of a full recovery for the victims seems increasingly remote.
The case continues to unfold, with more arrests and international cooperation expected in the coming months. However, for many Nigerians who have lost substantial amounts of money in the CBEX scheme, the road to recovery remains uncertain, and the fight for justice persists.
As the investigation continues, it is clear that the EFCC’s commitment to transparency and accountability is crucial, but so too is the need for stronger regulations to safeguard against future fraud within the cryptocurrency market. The CBEX scandal serves as a wake-up call for both regulators and investors, urging greater vigilance in an increasingly digital and interconnected financial landscape.