EFCC Confirms Fund Recovery, Arrests in ₦1.3 Trillion CBEX Crypto Fraud

Summary

• EFCC Chairman Ola Olukoyede confirms recovery of part of the stolen cryptocurrency funds linked to CBEX.
• Several arrests have been made, including suspected promoters; more suspects are still at large.
• Investigation faces hurdles due to use of non-custodial wallets and international fund transfers.
• Nigerians urged to remain cautious as CBEX reportedly resumes operations despite previous collapse.

Abuja, Nigeria — The Economic and Financial Crimes Commission (EFCC) has confirmed the recovery of funds and multiple arrests connected to the collapse of Crypto Bridge Exchange (CBEX), a digital investment platform accused of defrauding Nigerians of over ₦1.3 trillion.

EFCC Chairman Ola Olukoyede disclosed during a recent interview with TVC that a “reasonable amount” of the stolen funds has been retrieved. He declined to specify exact figures due to the sensitivity of the ongoing investigation. The funds, mostly held in cryptocurrency, are difficult to convert back to naira due to the anonymity of the blockchain and international fund movement.

According to Olukoyede, several suspects have been apprehended, including Adefowora Abiodun, who surrendered to the EFCC in April. A federal high court has also authorized the arrest and detention of six other CBEX promoters, including Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, among others.

The EFCC identified major hurdles in the probe, citing the use of non-custodial wallets lacking Know Your Customer (KYC) protocols. Funds were traced to wallets in Europe and Cambodia, with some blocked to prevent further transactions. Despite the crackdown, CBEX has resumed operations, sparking concerns of further exploitation.

CBEX, operated by ST Technologies International Ltd., folded in April 2025, after failing to fulfill promised 100% returns within 30 days. Its collapse triggered outrage among investors who were unable to withdraw funds or access their balances.

Olukoyede reiterated warnings against unregulated digital investments and confirmed continued collaboration with international agencies, including Interpol. He admitted that a full recovery of funds may be “practically impossible” but assured the public that efforts to bring more suspects to justice are ongoing.