The Economic and Financial Crimes Commission (EFCC) has traced funds from the failed CBEX crypto scheme to at least four countries, but says full recovery of the stolen money may not be possible.
EFCC Chairman, Ola Olukoyede, made the disclosure during a live appearance on Channels Television on Wednesday night. He explained that although the commission has frozen several accounts and blocked access to some funds, much of the money was moved through cryptocurrency wallets outside Nigeria’s jurisdiction.
Olukoyede noted that many of the key players behind the scheme are foreigners, which complicates the recovery process. “We have traced funds to three or four countries, but a significant portion of the money has already been spent or moved beyond our reach,” he said.
He confirmed that three suspects are currently in custody and have provided useful information to investigators. However, he warned that full compensation for all victims is unlikely due to the scale and complexity of the fraud.
The EFCC chairman assured the public that efforts to recover more assets are ongoing and updates will be shared as progress is made.