CBEX Update: EFCC Intensifies Efforts To Recover Investors’ Funds

The Economic and Financial Crimes Commission is still awaiting feedback from foreign authorities over funds linked to the failed CBEX investment scheme, as efforts to trace and recover investors’ money continue.

According to Ireporter Online, a senior official of the commission, who is familiar with the ongoing investigation, revealed that a significant portion of the funds connected to the fraudulent operation was transferred خارج Nigeria and remains beyond the agency’s immediate reach.

CBEX, a digital investment platform that lured investors with promises of 100 per cent returns within 30 days through online trading, collapsed in early April 2025 after reportedly attracting no fewer than 600,000 Nigerians who collectively invested about ₦1.3 trillion. The crisis began on April 9, 2025, when users were suddenly unable to withdraw their funds, followed by reports that account balances were wiped and investors were asked to deposit a minimum of $100 to regain access—developments that heightened suspicions of fraud.

Among those said to have invested in the scheme is Fuji artiste Taye Adebisi, popularly known as Taye Currency.

Providing further insight, the EFCC official, who spoke on condition of anonymity, disclosed that the agency had contacted relevant international authorities to assist in tracing funds moved across borders. However, responses from these jurisdictions are yet to be received more than a year after initial requests were made.

The official explained that the investigation involves complex cross-border processes, including immigration, legal, and law enforcement procedures in multiple countries, which have contributed to delays. Despite these challenges, he emphasized that the probe remains active and ongoing.

He added that while some funds have been recovered locally from arrested suspects, the majority of the money linked to the scheme is believed to be held abroad.

The EFCC had earlier declared 14 individuals wanted in connection with the alleged fraud, with several suspects already apprehended and currently facing trial. Investigators suspect that the operation was executed through a coordinated network of local promoters and international collaborators, making the recovery of funds largely dependent on cooperation from foreign partners.