EFCC recovers part of funds lost to CBEX crypto ponzi scheme

The Economic and Financial Crimes Commission (EFCC) has announced the partial recovery of funds lost by Nigerian investors in the collapsed cryptocurrency investment platform, Crypto Bridge Exchange (CBEX), which went under in April 2025.

This was revealed by EFCC Chairman, Ola Olukoyede, during an interview with TVC News on Sunday.

Although Olukoyede did not disclose the exact amount recovered, he confirmed that the commission had made significant progress in its investigation.

“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he said, adding that several suspects have been apprehended while others remain at large.

The CBEX scandal, described as one of the most damaging Ponzi schemes in Nigeria’s recent financial history, reportedly cost investors up to ₦1.3 trillion. Thousands of Nigerians were lured into the platform with promises of 100% returns on investments within 30 days.

The scheme, operated by a syndicate of foreign nationals in partnership with Nigerian agents, shut down unexpectedly on April 9, 2025, initially citing technical issues. Investors were soon blocked from accessing their accounts, and in a bizarre twist, were told to make additional deposits—$100 for accounts below $1,000 and $200 for larger accounts—before regaining access.

Olukoyede explained that much of the defrauded money was moved through cryptocurrency wallets, making recovery and conversion into usable fiat currency especially complex.

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“Even though the funds are in the crypto wallet, there is no way you will get the dollars in cash without necessarily going through the same process it was taken,” he noted.

The EFCC Chairman also shed light on how the scheme operated. According to him, foreign perpetrators recruited Nigerians to register clients, host promotional seminars, and give the operation a sense of legitimacy.

“They brought in professionals, including a PhD holder and capital markets experts, to speak at their events and lure investors,” he said. “We have tapes of those seminars.”

Olukoyede emphasized that the investigation is ongoing and that many individuals have been declared wanted. “We are still after quite a number of people… and are investigating a lot of wallets,” he stated, urging the public to remain patient while the commission works to unravel the full extent of the fraud.

CBEX’s collapse has reignited calls for tighter regulation of digital investment platforms and heightened investor education on the risks of high-return schemes.