The Economic and Financial Crimes Commission (EFCC) is still awaiting responses from foreign authorities regarding funds linked to the collapsed CBEX investment scheme.
An EFCC official familiar with the investigation told our correspondent on Saturday that a significant portion of the money remains outside Nigeria.
CBEX, an online trading platform that promised 100% returns within 30 days, collapsed in early April 2025 after reportedly attracting around 600,000 Nigerians who invested about N1.3 trillion. The platform froze withdrawals on April 9, 2025, leaving investors unable to access their funds. Account balances were wiped out, and the platform allegedly demanded a fresh deposit of at least $100 to restore access, raising suspicions of fraud.
Among the notable Nigerians affected was Fuji musician Taye Adebisi, popularly known as Taye Currency.
The EFCC official, who requested anonymity, confirmed that the commission had formally written to foreign authorities seeking cooperation in tracing and recovering funds transferred abroad. However, no responses have been received for over a year.
“Many of the operators have been arrested and some arraigned. You know this thing has foreign linkage. We have written to these foreign jurisdictions concerning the funds that were moved to their territories. We are still waiting for responses. This is not something we control,” the official said.
Another EFCC source highlighted the complexity of the investigation, noting that it involves immigration, legal, and law enforcement procedures across multiple countries, which can prolong responses.
“Many issues are involved—immigration, legal, and law enforcement matters. Payments were made in dollars, which involve other jurisdictions, but we are working on it. Our investigation has not stopped,” the official added.
While some funds have been recovered locally from arrested suspects, the majority of the money traced in the scheme is believed to have been moved outside Nigeria.
“Some funds within the country have been recovered, but a larger percentage is abroad,” the official confirmed.
EFCC spokesman Dele Oyewale was unavailable for comment. The commission had previously declared 14 individuals wanted in connection with CBEX, while several suspects are already in custody and facing trial. Investigators suspect the syndicate operated via a network of local promoters and foreign collaborators, making recovery efforts heavily reliant on international cooperation.
