EFCC Has Recovered A Portion Of The N1.3 Trillion Allegedly Lost To CBEX, According To Ola Olukoyede.

The head of Nigeria’s Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, revealed that the agency has successfully retrieved a portion of the funds invested by Nigerians in the recently defunct Ponzi scheme, Crypto Bridge Exchange (CBEX). While he refrained from sharing specific figures, Olukoyede assured that efforts to recover more assets are still underway.

Reports estimate that Nigerians lost as much as 1.

3 trillion naira to the fraudulent scheme, which collapsed abruptly in April. The EFCC has confirmed the arrest of several suspects connected to the scheme and is actively pursuing additional individuals believed to be at large.

“Our investigations into CBEX have made significant progress. We’ve recovered a considerable amount of money,” Olukoyede stated during an interview on TVC News.

Challenges in Converting Cryptocurrency to Cash

Olukoyede explained that much of the stolen money was held in cryptocurrencies. He noted that converting these digital assets into dollars or cash has presented difficulties.

“Since the funds are stored in crypto wallets, extracting them as cash or dollars is not straightforward,” he said. “The process requires going through the same steps as when the money was initially moved into the crypto wallets.”

He also mentioned ongoing discussions with relevant stakeholders and emphasized caution in revealing too many details to avoid compromising the investigation. The EFCC remains committed to tracking down the remaining suspects, some of whom are currently declared wanted.

How the Crypto Scheme Operated

In explaining the modus operandi, Olukoyede said most of the perpetrators are foreigners who recruited Nigerians to facilitate the scheme.

“They engaged Nigerians to register clients for them and created awareness through seminars and conferences,” he explained. “Our investigations are uncovering whether these Nigerians knew they were participating in fraudulent activities or if they were deceived. We have records of their seminars and conferences, which featured experts, including a PhD holder specializing in capital markets.”

Overview of CBEX Collapse

Crypto Bridge Exchange was a digital investment platform operated by a group of foreign nationals partnering with Nigerian associates. It promised users a 100% return within 30 days via online trading. However, in April, the platform suddenly halted withdrawals, causing panic among investors.

Initially, many believed the issue was a technical glitch, but it soon became evident that the platform had collapsed. In a shocking turn, affected users were instructed to deposit additional funds—at least $100—to access their accounts again. For those with balances exceeding $1,000, the required deposit was raised to $200.

As of now, thousands of Nigerian investors remain stranded, unable to access their funds, highlighting the risks associated with unregulated online investment schemes.