The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has issued a sobering message to Nigerians who lost funds in the collapsed Ponzi scheme, Crypto Bridge Exchange (CBEX), urging them not to expect full recovery of their investments.
Speaking during an interview on Channels Television, Olukoyede described the CBEX case as a highly complex and international scam, with links traced to at least three or four foreign countries. According to him, many of the key players behind the fraudulent operation are foreign nationals, making the investigation more challenging due to jurisdictional and legal limitations.
The EFCC chairman expressed empathy for the victims, acknowledging the pain and financial hardship they are currently enduring. However, he was also critical of the silence maintained by investors while the scheme was yielding unusually high returns. “When the going was good and some were receiving 100% returns, nobody reported to the EFCC,” he said. “But when the bubble burst, we were dragged into it.”
Olukoyede stressed that the EFCC does not possess a “magic wand” to detect every fraudulent operation before it collapses, especially those not reported or flagged through intelligence. He revealed that although CBEX was not on the initial list of 58 companies previously flagged and prosecuted by the EFCC, the commission has now taken decisive steps to investigate the scheme.
“So far, three suspects are in custody and have made useful statements,” he disclosed. “Transactions were largely carried out through cryptocurrency, which adds another layer of difficulty to asset tracing. Still, we have managed to freeze some accounts and funds.”
The EFCC boss noted that the commission is working closely with international partners and law enforcement agencies to track the funds and prosecute those involved. However, he was clear in tempering expectations. “It would be unrealistic to assure that all victims will be restituted. Our spokesperson’s promise was a reflection of our commitment, not a guarantee,” he clarified.
Olukoyede concluded by urging Nigerians to report suspicious investment schemes early and to avoid get-rich-quick platforms that often turn out to be fraudulent. “We will do everything legally possible to recover what we can,” he assured, “but full restitution may not be practically achievable.”
The CBEX scam has affected thousands of Nigerians, many of whom are still reeling from the financial and emotional toll of their losses. The EFCC’s ongoing investigation marks a step forward, but for many victims, the road to recovery remains uncertain.
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