The Economic and Financial Crimes Commission (EFCC) has provided an update on efforts to recover funds lost in the collapsed CBEX scheme, revealing that it is still awaiting cooperation from foreign authorities.
According to a senior official within the commission, a significant portion of the money traced to the fraudulent operation was moved خارج Nigeria, making recovery dependent on international collaboration. The official explained that requests had already been sent to relevant foreign agencies, but responses have yet to be received more than a year later.
CBEX, which operated as a digital investment platform, promised investors a 100 percent return within 30 days. The scheme attracted massive participation before it eventually crashed in April 2025. Reports indicate that over 600,000 Nigerians invested an estimated ₦1.3 trillion before the platform failed.
The crisis began when users were suddenly unable to withdraw their funds. Shortly afterward, account balances reportedly disappeared, and investors were asked to deposit additional money to regain access—an action that further raised suspicions of fraud.
Providing insight into the ongoing investigation, EFCC sources disclosed that while several suspects have been arrested and charged to court, the international nature of the case has slowed progress. The probe involves multiple jurisdictions, requiring coordination across immigration systems, legal frameworks, and law enforcement agencies in different countries.
Although some funds have been recovered locally from individuals already in custody, officials confirmed that the majority of the money remains outside the country.
The commission had earlier declared multiple individuals wanted in connection with the scheme, which investigators believe was run through a network of local promoters working with foreign partners. As a result, the success of the recovery effort largely depends on the level of cooperation from international authorities.
The EFCC maintained that investigations are still ongoing and efforts to trace and recover the stolen funds have not been abandoned.
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