Headline:
The Economic and Financial Crimes Commission (EFCC) is still awaiting responses from foreign authorities regarding funds linked to the collapsed CBEX investment scheme, more than a year after initiating international requests.
Sources within the commission disclosed that a substantial portion of the funds traced to the scheme is currently held outside Nigeria, complicating recovery efforts.
CBEX, an online trading platform that lured investors with promises of 100 per cent returns within 30 days, collapsed in April 2025 after reportedly attracting over 600,000 Nigerians who invested an estimated ₦1.3 trillion. The platform restricted withdrawals on April 9, leaving users unable to access their funds, before allegedly wiping account balances and demanding fresh deposits of at least $100 to restore access—raising widespread concerns of fraud.
Among notable investors affected was Fuji musician Taye Currency.
Providing an update, an EFCC official who spoke anonymously said the commission had formally contacted relevant foreign jurisdictions to trace and recover funds transferred abroad but had yet to receive any response.
“Many of the operators have been arrested and some arraigned. However, the scheme has strong foreign linkages. We have written to authorities in those countries where funds were moved, and we are still awaiting their responses. This is beyond our direct control,” the source said.
Another official explained that the investigation involves complex cross-border processes, including immigration, legal, and law enforcement protocols, which often delay cooperation.
“Several layers are involved—immigration, legal frameworks, and international law enforcement procedures. Since the transactions were largely in foreign currencies, multiple jurisdictions are implicated. Nonetheless, investigations are ongoing,” the official stated.
The commission also confirmed that while some funds have been recovered locally from arrested suspects, the majority remains outside Nigeria.
EFCC spokesperson Dele Oyewale could not be reached for comment at the time of filing this report.
Earlier, the commission declared 14 individuals wanted in connection with the fraudulent scheme, with several suspects already in custody and facing prosecution. Investigators believe the operation was carried out through a coordinated network of local promoters and international collaborators, making full recovery heavily reliant on foreign cooperation.