The Economic and Financial Crimes Commission (EFCC) has revealed that funds linked to the collapsed CBEX cryptocurrency bridge exchange scheme have been traced to at least four different countries. EFCC Chairman Ola Olukoyede disclosed this on Wednesday during an appearance on Channels Television's Politics Today.
Olukoyede highlighted that while the commission has made strides in freezing several accounts tied to the scam, full restitution for victims may not be possible due to the complex international nature of the fraud. “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,” he stated.
The EFCC boss explained that many transactions in the scam were conducted using cryptocurrency and routed through digital wallets outside Nigeria's jurisdiction. He expressed concerns that a significant portion of the stolen money has been dissipated and is beyond the commission’s reach. “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 admitted.
Further complicating matters, Olukoyede confirmed that the primary culprits behind the scam are foreign nationals who are operating outside Nigeria’s legal reach. “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,” he said.
To date, three suspects have been arrested in connection with the scheme, and they are currently in custody. Olukoyede noted that the suspects have provided “very useful statements,” which could potentially assist in the ongoing investigation.
