The Economic and Financial Crimes Commission has described its ongoing investigation into the controversial CBEX virtual currency scheme as complex and multinational in scope.
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 to mark Olukoyede’s second anniversary in office.
CBEX, an online trading and investment platform, had lured thousands of investors with promises of high returns through cryptocurrency transactions, including guaranteed profits and referral incentives.
However, in April 2025, the platform abruptly went offline, preventing investors from accessing their funds and sparking widespread outrage. The EFCC subsequently launched an investigation into its operations.
Chukkol explained that the case involved several layers of transactions and actors across multiple countries, describing it as one of the most intricate financial investigations the anti-graft agency had ever undertaken.
“As you are aware, the investigation is quite complex. 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,” he said.
According to him, funds obtained from Nigerians through the CBEX platform were laundered through multiple channels, with most of the custodians of the proceeds located outside the country.
He noted that the total amount involved ran into millions of dollars, adding that suspects from other countries were also under investigation.
“Those monies were obtained from Nigerians, then moved through different layers of money laundering. The custodians of the funds we are tracing are not within Nigeria; they are in other jurisdictions.
“However, we are working with law enforcement agencies across the world. Some of the monies have been frozen. But when funds are frozen, you don’t just ask for them and get them immediately — there are processes to follow before repatriation.
“Talking about the amount, I would say it’s in millions of dollars. Nigerians are not the only ones involved; suspects from other countries are also being investigated. So, this investigation is being handled not only by the EFCC but also by our partners in other jurisdictions,” he added.
On domestic prosecution, Chukkol disclosed that major Nigerian players in the scheme had been arrested and were facing trial.
“In Nigeria, the major players have been arrested and are being prosecuted. We have charged three persons to court — one separately and two jointly.
“This process is also a necessary step before we can make any claim to the frozen funds. We must first demonstrate that a crime was committed here and that money moved from Nigeria to other countries,” he explained.
Speaking further, the Director of Proceeds of Crime at the EFCC, Gbolahan Latona, addressed recent misconceptions regarding the agency’s handling of forfeited assets and statutory deductions.
According to a Daily Trust report, the Senate had on Tuesday resolved to investigate alleged unauthorised two per cent deductions by the EFCC from recovered funds.
Reacting, Latona dismissed the claim, insisting that the EFCC had not engaged in any illegal deductions.
“The EFCC has not been making any statutory deductions contrary to what is being alleged. The appropriate authorities know what to do and where to seek approval.
“Once confiscations are made, funds are remitted to the confiscated and forfeiture account. The EFCC does not engage in unlawful or illegal appropriation,” he said.
On the issue of duplexes linked to a former Central Bank of Nigeria Governor, Godwin Emefiele, Latona confirmed that the EFCC had complied with the Federal Government’s directive by handing over the properties to the Ministry of Housing.
“A joint committee comprising EFCC and Housing Ministry officials was set up. The structures are currently about 40 to 50 per cent completed.
“We have visited the sites, and evaluations have been done. Work is ongoing in line with the government’s directive. Upon completion, the houses will be slated for public auction as directed by the President,” he added.
