The Economic and Financial Crimes Commission (EFCC) is intensifying efforts to recover funds lost in the collapse of the Crypto Bridge Exchange (CBEX), a Ponzi scheme that defrauded over 600,000 Nigerians of approximately N1.3 trillion.
EFCC Chairman Ola Olukoyede confirmed that significant progress has been made in recovering a substantial portion of the defrauded funds, though the exact amount recovered has not been disclosed as investigations continue.
The fraudulent scheme promised investors 100% returns within 30 days but began restricting withdrawals in April 2025. Many investors were asked to deposit additional funds to regain access to their accounts, which triggered widespread panic and financial losses.
Several arrests have been made in connection with the scheme. The EFCC is collaborating with international law enforcement agencies to apprehend both local and foreign suspects involved in running the fraudulent platform. Investigations are also ongoing into other similar schemes operating in the country.
The EFCC has reiterated its commitment to recovering stolen funds and bringing all perpetrators to justice. It continues to warn Nigerians to stay vigilant and avoid falling prey to fraudulent investment schemes.
