EFCC CBEX funds recovery delay persists as foreign countries fail to respond on tracing billions lost in collapsed investment scheme
The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, in Lagos on Saturday disclosed that the agency is grappling with a prolonged EFCC CBEX funds recovery delay as foreign governments have yet to respond to requests for assistance in tracing billions linked to the collapsed CBEX investment scheme.
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An official of the commission, who spoke on condition of anonymity due to lack of authorisation, confirmed that a significant portion of the funds traced in the scheme remains outside Nigeria, complicating recovery efforts more than a year after formal requests were sent to relevant jurisdictions.
CBEX, a digital investment platform that promised investors a striking 100 per cent return within 30 days through online trading, collapsed in early April 2025.
No fewer than 600,000 Nigerians reportedly invested about N1.3tn before the platform abruptly restricted withdrawals on April 9, leaving users stranded.
Account balances were subsequently wiped out, while users were allegedly asked to make fresh deposits of at least $100 to regain access, a move that intensified suspicions of fraud and triggered widespread outrage.
Providing insight into the ongoing investigation, the EFCC official said the agency had written to foreign authorities where substantial funds were believed to have been transferred. However, no responses had been received more than a year later.
“Many of the operators have been arrested and some arraigned. The scheme has foreign linkages, and we have reached out to those jurisdictions. We are still expecting responses. This is not entirely within our control,” the official said.
Another senior official explained that the delay reflects the complexity of cross-border investigations, involving immigration procedures, legal frameworks and multiple law enforcement agencies.
“Several layers are involved, including immigration and legal processes. Since the transactions were largely in dollars, it requires cooperation across jurisdictions.
These processes take time, but the investigation is ongoing,” the official added.
Despite the international bottleneck, the commission has recorded modest progress locally.
Some funds have been recovered from suspects already arrested, although officials acknowledged that the bulk of the money remains beyond Nigeria’s reach.
“Recoveries have been made within the country, but a larger percentage of the funds is still outside Nigeria,” the official disclosed.
The EFCC had earlier declared 14 individuals wanted in connection with the scheme, while several suspects are currently standing trial.
Investigators believe the operation relied on a coordinated network of local promoters and foreign collaborators, further complicating recovery efforts.
Among those affected by the collapse was Fuji musician Taye Adebisi, popularly known as Taye Currency, highlighting the scheme’s reach across different segments of society.
Efforts to obtain official comment from the EFCC spokesman, Dele Oyewale, were unsuccessful as of press time.
Also read: CBEX: EFCC charges two over alleged crypto scam in Abuja
The EFCC CBEX funds recovery delay underscores the growing challenge of tackling cross-border financial crimes, where international cooperation remains critical to delivering justice for victims.
