EFCC Calls CBEX Cryptocurrency Probe “Complex and Multinational,” Traces Millions Abroad

The Economic and Financial Crimes Commission has described its ongoing investigation into the controversial CBEX virtual currency scheme as one of the most intricate and far-reaching financial probes in its history, involving multiple jurisdictions and international partners.

The Head of Investigation at the EFCC, Abdulkarim Chukkol, who represented the agency’s Chairman, Ola Olukoyede, disclosed this on Thursday in Abuja during a media briefing held to mark Olukoyede’s second anniversary in office.

CBEX, an online trading and investment platform, reportedly lured thousands of Nigerians with promises of guaranteed profits through cryptocurrency transactions and referral bonuses. However, the platform abruptly went offline in April 2025, locking investors out of their accounts and triggering nationwide outrage. The EFCC subsequently launched a full-scale investigation into the scheme’s operations and financial trail.

Chukkol explained that preliminary findings had revealed several layers of cross-border transactions and money-laundering channels through which funds were moved to offshore accounts. He described the case as “complex and multinational,” stressing that the EFCC was collaborating with foreign law enforcement agencies to trace and recover the stolen assets.

“When I say it’s complex, I mean it involves different jurisdictions. The modus operandi, as we all know, has to do with virtual currency. Funds obtained from Nigerians through the CBEX platform were laundered through different layers, and most of the custodians of those funds are outside the country,” he said.

He added that the sums involved run into millions of dollars, with suspects from several countries currently under investigation.

“We are working with law enforcement agencies across the world. Some of the funds have already been frozen, but repatriation follows due legal process. Nigerians are not the only victims, and the suspects are not only Nigerians,” he explained.

Chukkol also disclosed that key Nigerian operatives of the scheme had been arrested and charged to court.

“In Nigeria, the major players have been arrested and are being prosecuted. Three suspects are already facing trial — one individually and two jointly. Establishing their culpability locally is necessary before any claims can be made on the frozen offshore funds,” he added.

Meanwhile, the Director of Proceeds of Crime at the EFCC, Gbolahan Latona, addressed recent reports alleging unauthorised deductions from recovered assets. He dismissed the claims as unfounded, stating that the EFCC operates strictly within the provisions of the law.

“The EFCC has not been making any statutory deductions contrary to what is being alleged. All confiscated funds are duly remitted to the appropriate accounts as prescribed by law. The Commission does not engage in any unlawful appropriation,” Latona clarified.

He also confirmed that properties linked to former Central Bank Governor Godwin Emefiele had been formally handed over to the Ministry of Housing, in compliance with a Federal Government directive.

“A joint committee of EFCC and Housing Ministry officials has inspected and evaluated the structures, which are about 40 to 50 percent completed. Work is ongoing, and the houses will be auctioned to the public upon completion as directed by the President,” he said.

The EFCC reiterated its commitment to transparency, cross-border cooperation, and the recovery of stolen assets, assuring the public that no effort would be spared in bringing perpetrators of the CBEX fraud to justice.