The Economic and Financial Crimes Commission (EFCC) has confirmed significant progress in its investigation into the collapsed cryptocurrency investment platform, CryptoBank Exchange (CBEX), which defrauded thousands of Nigerians of an estimated ₦1.3 trillion.
Speaking in an interview on Television Continental (TVC), EFCC Chairman Ola Olukoyede revealed that the anti-graft agency has made “reasonable arrests” and recovered “a reasonable amount of money” linked to the collapsed digital investment scheme.
Although Olukoyede did not disclose the exact sum recovered or the identities of those arrested, he emphasized that the EFCC was being strategic about information release to avoid compromising ongoing operations.
“We have gone far. We have made a reasonable arrest. We have also been able to recover a reasonable amount of money. We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” he said.
CBEX, which gained popularity for its promise of 100% Return on Investment (ROI) within 30 days, attracted thousands of unsuspecting Nigerians, particularly youths and small business owners seeking quick financial gains. However, the scheme crashed earlier this year, with users reporting that their digital wallets had been wiped clean.
Industry experts and financial watchdogs had long warned about the unrealistic ROI promises and lack of regulatory oversight, but these warnings were largely ignored by investors drawn by the platform’s aggressive marketing and influencer endorsements.
Olukoyede’s comments suggest that the EFCC is deploying a combination of cyber intelligence, inter-agency collaboration, and international partnerships to track down fugitives connected to the fraud.
A senior EFCC official who spoke under anonymity disclosed to Daily Post that some suspects fled the country after the CBEX crash, prompting the agency to seek Interpol red notices to aid their arrest abroad.
“There is ongoing digital forensics on CBEX’s transaction records, and we are working with the Central Bank of Nigeria (CBN) and blockchain analysts to trace diverted funds through wallets and exchanges,” the official said.
Meanwhile, victims of the CBEX scam have called on the EFCC to publish names of key suspects, disclose the amount recovered so far, and develop a framework for restitution.
A coalition of affected investors, under the platform “CBEX Victims Support Group,” issued a statement urging President Bola Tinubu to intervene and ensure justice is served.
“We appreciate the EFCC’s efforts, but we want a clear roadmap for recovering our funds. Many families have been ruined by this scam,” said Chinedu Onuorah, one of the group’s coordinators.
The CBEX case has reignited national conversations around the need for tighter regulation of cryptocurrency trading and digital finance platforms in Nigeria.
Financial analysts say the absence of legal protections, combined with widespread ignorance of investment risks, leaves Nigerian consumers vulnerable to exploitation.
In response, the Securities and Exchange Commission (SEC) is reportedly working with stakeholders to finalize a Digital Assets Regulatory Framework, expected to be launched before the end of 2025.
The EFCC has vowed to continue pursuing all suspects connected to CBEX and recover as much of the stolen funds as possible. Legal proceedings are expected to commence in the coming months as arrests are formalized.
For now, the commission urges Nigerians to remain vigilant and avoid investing in schemes that promise unrealistic returns without clear regulatory backing.