The Economic and Financial Crimes Commission (EFCC) has said that full recovery of funds lost to the failed Crypto Bridge Exchange (CBEX) scheme may not be possible.
EFCC Chairman Ola Olukoyede disclosed this during an interview on Channels Television on Wednesday. He explained that although some progress has been made in tracing the stolen assets, many of the transactions were conducted using cryptocurrency and routed through digital wallets outside Nigeria’s jurisdiction.
“We have traced the funds to at least four countries,” Olukoyede said. “Several accounts have been blocked and funds frozen, but I cannot disclose the total amount at this time.”
He acknowledged that much of the stolen money has already been dissipated, making full restitution to victims unlikely.
“I will not sit here and tell you that we can restitute every victim. That will be practically impossible. The principal actors behind the scheme are mostly foreigners and beyond our jurisdiction,” he said.
Olukoyede added that arrests have been made and three suspects are currently in EFCC custody, providing useful statements. Despite the challenges, he assured that efforts to recover assets will continue and any progress will be communicated to the public.
