Speaking on Channels Television programme on Wednesday, Olukoyede revealed that investigators had traced CBEX-related funds to at least four countries.

The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said that full restitution to victims of the failed Crypto Bridge Exchange (CBEX) scheme may be “practically impossible” despite ongoing efforts to recover stolen funds.

Speaking on Channels Television programme on Wednesday, Olukoyede revealed that investigators had traced CBEX-related funds to at least four countries.

“We have been able to block some accounts.

We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” he said.

According to him, most of the illicit transactions were conducted in cryptocurrency and routed through wallets outside Nigeria’s jurisdiction.

“We have traced to three, four countries now.

In fact, the principal parties behind the entire scheme, most of them are foreigners, they are not within our jurisdiction, and you know what that entails,” he stated.

He emphasised the difficulty in recovering all the money lost: “I will not sit down and tell you that we are going to rehabilitate every victim.

It will become practically impossible because quite a certain amount of money has been dissipated and not within our system.”

Olukoyede noted that three suspects are currently in EFCC custody. “We have made arrests. Right now, we have about three people in our custody who have made very useful statements,” he said.

He added, “We have been so committed to this investigation because we have promised Nigerians. We have gone deep, we have gone far.

We have established contact with our foreign counterparts and we have been able to make some inroads.”

In April, many Nigerians reported losing their investments after CBEX users were unable to withdraw funds. The Securities and Exchange Commission (SEC) confirmed the digital platform was not registered with the agency.

Subsequently, the Federal High Court in Abuja granted EFCC’s request to arrest six CBEX promoters over a $1 billion investment fraud allegation.

Justice Emeka Nwite granted the order following an ex parte application by EFCC counsel, Fadila Yusuf.

SaharaReporters had reported on Wednesday that the EFCC declared Elie Bitar, a foreign national, wanted over his alleged role in the fraud.

Bitar joins eight other Nigerians previously declared wanted by the agency for promoting the scheme.