EFCC keeps track of CBEX funds beyond Nigeria, speaks of recovery

The commission for economic and financial crimes (EFCC) has declared that it had traced funds linked to the cryptocurrency exchange system (CBEX) failed in at least four countries.

He also observed that the recovery of stolen funds could be impossible.

Speaking of a canal television program on Wednesday evening, the president of the FCC, Ola Olukoyede, said that although efforts are underway to recover the stolen funds, full return to the victims could be impossible.

Olukoyede said that several accounts have been blocked and frozen funds, although the amounts cannot yet be disclosed.

He said that most of the transactions were conducted in cryptocurrency and unrelated through wallets beyond the jurisdiction of Nigeria.

“We have been able to block some accounts. We have been able to freeze some funds, for which I will not be able to give you a figure, but we have been able to freeze a reasonable amount of funds.

“I will not sit and tell you that we will return every victim. It will become practically impossible because a number of money has been dissipated and not within our system.

“We have traced to three, four countries now. In fact, the main parts behind the entire scheme, most of them are foreigners, are not in our jurisdiction and you know what it entails.

“In fact, we wanted our competence to be able to freeze some resources that we have now. So, yes, we have undertaken that journey. Whatever we can go back, we will resume it and let the Nigerians know. But we will not be able to confirm that we will rest every victim. It could be practically impossible.” The president of the FCC added that the agency arrested three suspicions that are currently in custody and have made “very useful statements” to investigators.

“We did arrests. At this moment, we have about three people in our case who made very useful statements,” said Olukoyede.