The Economic and Financial Crimes Commission (EFCC) has made progress recovering money lost by Nigerians in the Crypto Bridge Exchange (CBEX) Ponzi scheme. EFCC Chairman Ola Olukoyede spoke to TVC News about the ongoing efforts but did not reveal the exact amount recovered.
Reports say Nigerians lost about N1.3 trillion when CBEX collapsed in April 2025. The EFCC has arrested some suspects linked to the fraud. Others are still on the run, and the commission is actively hunting for them.
Olukoyede explained that the recovered funds were in cryptocurrency, which made cash conversion difficult. “There is no way you get the dollars in cash without necessarily going through the same process,” he said.
He also warned against sharing too many details. “We are not going to give out too much because we don’t want the process to be truncated,” Olukoyede added.
The EFCC investigation shows that foreign nationals mainly ran the scheme. They worked with Nigerians who helped register clients. These agents held seminars and conferences to promote CBEX. The EFCC even found videos of these events, featuring experts like capital market professionals.
CBEX promised investors 100% returns in 30 days through online trading. Thousands joined the platform. Withdrawals were first limited on April 9, 2025. Soon after, users lost access to their funds. The platform then asked investors to deposit more money to regain access, requiring $100 or $200 depending on the account balance.
Despite this, the EFCC remains determined. “We are still after quite a number of people that we have declared wanted. We are still investigating a lot of wallets,” said Olukoyede. The commission continues to fight for justice and to recover investors’ money.
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