Saturday, August 2, 2025

The Truth Banishes Fear!

CBEX Update: Why Full Recovery Of Every Victim’s Funds May Be Impossible –EFCC

The New Diplomat
Writer

Ad

Lagos, Delta, Rivers, Kano Top FAAC List as States Share N4.1 trillion in Q1

By Abiola Olawale In the first half of 2025, Nigeria’s 36 states collectively received N4.1 trillion from the Federation Account Allocation Committee (FAAC), with Lagos, Delta, Rivers, and Kano emerging as key beneficiaries within their geopolitical zones. Checks on official documents from the Federation Account Allocation Committee (FAAC), by The New Diplomat revealed that the…

Kemi Badenoch Again, ” Why I Don’t Identify Myself As a Nigerian”

By Abiola Olawale Kemi Badenoch, the leader of the United Kingdom Conservative Party, has stirred the honest nest again as she publicly declared that she no longer identifies as Nigerian, emphasizing her British identity. Speaking with the press, Badenoch, who was born in London to Nigerian parents and raised in Lagos, stated: “I’m Nigerian through…

Ukraine vs Russia: Tension Escalates as Trump Deploys Nuclear Submarines

By Abiola Olawale In an escalation of tensions, United States President Donald Trump announced that he has ordered two nuclear submarines to be repositioned in strategic regions following what he described as “highly provocative statements” from Dmitry Medvedev, former Russian president and current deputy chairman of Russia’s Security Council. In a post on Truth Social…

Ad

By Kolawole Ojebisi

The Economic and Financial Crimes Commission has given update on its effort to get back money lost by many Nigerians to crypto bridge exchange scheme, stressing most of the transactions were conducted in cryptocurrency and routed through wallets beyond Nigeria’s jurisdiction”.

The anti-graft agency added that it has traced funds linked to the failed scheme to at least four countries.

The EFCC Chairman, Ola Olukoyede, spoke on Channels Television on Thursday.

Olukeyede maintained that although efforts are underway to recover the stolen funds, full restitution to victims may be impossible.

He said several accounts have been blocked and funds frozen, although the amounts cannot be disclosed yet.

“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” the EFCC boss said.

“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system.

“We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners, they are not within our jurisdiction, and you know what that entails.

“In fact, it took our impunity, our proficiency, to be able to even freeze some assets that we have done now. So, yes, we’ve embarked on that journey. Whatever we can get back, we will get it back and let Nigerians know. But we will not be able to confirm that we will restitute every victim. That may be practically impossible.”

He added that the agency has arrested three suspects who are currently in custody and have made “very useful statements” to investigators.

“We have made arrests. Right now, we have about three people in our custody who have made very useful statements,” Olukoyede said.

“We have been so committed to this investigation because we have promised Nigerians. We have gone deep, we have gone far. We have established contact with our foreign counterparts, and we have been able to make some inroads.”

Recall that in April, reports emerged that CBEX users could no longer withdraw their funds.

Many Nigerians who had invested in the platform reportedly lost their funds.

The Securities and Exchange Commission had said that the CBEX digital trading platform is not registered with the agency.

Recently, a federal high court in Abuja granted permission to the EFCC to arrest and detain six CBEX promoters over a $1 billion investment fraud allegation.

Emeka Nwite, the presiding judge, gave the order following an ex parte application made by Fadila Yusuf, counsel to the EFCC.

Also, the EFCC, on April 30, declared Elie Bitar, a foreign national, wanted over the alleged fraud perpetrated on the trading platform.

Bitar joins the list of the eight Nigerians who were previously declared by the EFCC for allegedly promoting the CBEX scheme.

Ad

X whatsapp