The Economic and Financial Crimes Commission (EFCC) has recovered a significant amount of money linked to the collapsed digital investment platform, Crypto Bridge Exchange (CBEX), which wiped out the life savings of thousands of Nigerians. EFCC Chairman, Mr. Ola Olukoyede, revealed the development during a recent interview with TVC, stating that operatives have also arrested several suspects in connection with the multi-billion naira crypto scam.
According to Olukoyede, the EFCC has made remarkable progress in tracking and recovering funds that were stolen and moved through cryptocurrency. He confirmed that although some of the stolen money was traced and retrieved, the recovery process was complicated due to the use of non-custodial crypto wallets, which are intentionally designed to avoid identification.
“We have gone far with CBEX. We’ve recovered a reasonable amount of money, but it has been challenging because the fraudsters used noncustodial wallets, meaning there’s no identity attached to the accounts,” the EFCC Chairman said.
Olukoyede noted that the stolen funds were routed through multiple crypto wallets across Europe and Eastern Europe, with a notable trail leading to Cambodia. While a portion of the funds had already been dispersed, the EFCC was able to freeze some wallets before the money was withdrawn. He emphasized the complexity of converting the crypto back into physical currency due to its digital trail.
“There’s no way you can get the money in cash without going through the same crypto process. That’s how it was taken, and that’s how it has to be recovered,” he explained.
The EFCC also confirmed that some suspects are now in custody while others remain at large. Efforts are ongoing to apprehend all individuals declared wanted. The EFCC has deliberately withheld certain details to avoid disrupting ongoing investigations.
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Among those declared wanted were six key promoters of CBEX, including Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The Federal High Court in Abuja, presided over by Justice Emeka Nwite, approved EFCC’s application for their arrest, citing credible evidence presented by the commission’s counsel, Fadila Yusuf.
Following the court’s declaration, Adefowora Abiodun voluntarily surrendered at the EFCC headquarters in Abuja, accompanied by his legal team. His lawyer, Babatunde Busari, stated that his client turned himself in to clear his name and to correct the negative narrative circulating in the media.
The CBEX platform had gained massive traction among young Nigerians, many of whom invested their savings with hopes of earning huge returns. However, the sudden crash of the platform in early 2024 left thousands devastated, prompting a nationwide outcry and sparking one of Nigeria’s biggest crypto-related fraud investigations to date.
As the EFCC continues to trace digital trails and pursue justice, the agency is also warning the public to remain vigilant and avoid unregulated investment schemes that promise unrealistic profits.