The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says the agency has recovered part of the funds Nigerians lost to the failed Crypto Bridge Exchange (CBEX) scheme.
Olukoyede spoke during an interview with TVC News on Sunday. He declined to reveal the exact amount, explaining that recovery efforts are still in progress.
CBEX, a digital investment platform run by foreign nationals and their Nigerian partners, collapsed in April 2025. The scheme promised 100% returns within 30 days through online crypto trading.
On April 9, CBEX blocked withdrawals. Many users assumed it was a glitch until their account balances vanished. The platform then demanded additional deposits to unlock funds, $100 for small accounts and $200 for those above $1,000.
Reports claim Nigerians lost up to ₦1.3 trillion.
Olukoyede confirmed that the EFCC has arrested some suspects. He added that operatives are still tracking others who fled after the scheme collapsed.
“We have gone far with CBEX. We have recovered a reasonable amount,” he said.
He explained that the stolen money was in cryptocurrency, which made recovery difficult. The agency had to convert crypto assets back to cash using careful procedures.
“You can’t just turn crypto into dollars without going through the same process used to steal it,” he said. “We are speaking with people. Some are cooperating. But we won’t reveal too much to avoid disrupting our progress.”
How the Scam Worked
Olukoyede said foreign operators hired Nigerians to register clients. These agents promoted CBEX through seminars and events. Some even featured experts from the capital markets.
“We found tapes of their events. They brought in professionals, including a PhD holder in capital markets,” he revealed.
Investigators are still analyzing several wallets linked to the scam.
CBEX attracted thousands of Nigerians with its promise of fast returns. But many users lost their savings when the platform disappeared.
The EFCC has vowed to recover the stolen funds and hold all involved accountable.
