EFCC Struggles to Recover Funds from CBEX Scheme

The Economic and Financial Crimes Commission (EFCC) is encountering difficulties in recovering funds associated with the collapsed CBEX investment scheme, which promised a 100% return within 30 days. The scheme reportedly attracted investments of approximately N1.3 trillion from around 600,000 Nigerians before restricting withdrawals on April 9, 2025.

A significant portion of the funds remains outside Nigeria, complicating recovery efforts. EFCC officials, who spoke anonymously, indicated that they have formally requested cooperation from foreign authorities to trace and recover the funds, but have yet to receive any responses.

The investigation has led to the arrest and arraignment of several suspects, with 14 individuals identified as connected to the fraudulent scheme. The EFCC believes that a syndicate involving local promoters and foreign collaborators is responsible for the scheme, and the success of recovery efforts is contingent upon international cooperation.