The Economic and Financial Crimes Commission (EFCC) has begun recovering funds lost by Nigerian investors in the collapsed digital Ponzi scheme, Crypto Bridge Exchange (CBEX). Ola Olukoyede, the EFCC Chairman disclosed this.
Olukoyede revealed that the EFCC apprehended several individuals linked to the scam, while efforts continue to trace others currently evading capture.
According to him, a portion of the misappropriated money has been retrieved. Still, he, declined to specify the amount due to the sensitive and ongoing nature of the recovery operation.
“We’re being cautious about disclosing too much detail so as not to jeopardise the process. We still have several persons on our wanted list,” he added.
CBEX, a cryptocurrency investment platform run by foreign nationals with local collaborators, abruptly collapsed in April 2025, leaving thousands of Nigerians unable to access their funds. Reports estimate investor losses to be as high as N1.3 trillion.
“We have made significant progress on the CBEX case. A reasonable sum has already been recovered,” he stated.
Challenges of converting crypto assets
The EFCC boss highlighted the technical challenges of converting recovered cryptocurrencies into fiat currency, particularly US dollars.
“These funds were stolen in crypto form, and retrieving the equivalent value in cash involves complex processes. You cannot convert crypto to dollars without going through the same channels used to extract the funds,” he explained.
Olukoyede added that the Commission has engaged with relevant stakeholders and investigated numerous digital wallets as part of a wider operation.
To shed light on the fraudulent operation, Olukoyede revealed that CBEX recruited Nigerians to register unsuspecting clients and establish credibility through promotional events.
“Many of the principal actors were foreigners who recruited locals to act as intermediaries. From our investigation, we are beginning to understand who knew what, and when,” he said.
“They organised seminars and conferences to build public trust. In fact, we have video evidence of these events, where professionals, including a PhD holder in capital markets, were invited to lend credibility.”
