The Economic and Financial Crimes Commission (EFCC) has announced a significant breakthrough in its investigation of the Central Bank External Exchange (CBEX) funds misappropriation scandal, revealing that stolen funds have been traced to four countries across three continents. However, the agency has also admitted that full recovery of the looted assets is "practically impossible" due to complex international legal and financial barriers.
During a press briefing on Wednesday in Abuja, EFCC Chairman Ola Olukoyede disclosed that preliminary forensic tracing efforts have uncovered illicit fund flows to bank accounts and investments in the United Arab Emirates, the United Kingdom, Singapore, and the Cayman Islands. The funds, linked to a network of shell companies and anonymous trusts, were siphoned from CBEX transactions between 2021 and 2023 through falsified remittance records and unauthorized forex transfers.
“We are navigating a deeply layered web of financial deception,” Olukoyede said. “While we have identified the movement of significant sums, the jurisdictions involved have strict confidentiality laws and complicated legal pathways for repatriation. Full recovery, given these realities, is practically impossible — but we remain committed to pursuing every legal option.”
According to EFCC sources, more than $320 million was misappropriated in what has been described as one of the most sophisticated financial crimes in Nigeria’s banking history. The CBEX platform was originally designed to facilitate transparent foreign exchange dealings, but investigations revealed internal collusion that allowed for inflated forex allocations and unrecorded transfers.
In cooperation with INTERPOL and foreign financial intelligence units, the EFCC has begun filing asset freezing requests and mutual legal assistance applications to seize properties, high-value accounts, and offshore investments linked to the suspects.
Olukoyede called for stronger international cooperation and reforms in global financial regulations to curb illicit financial flows. “This case reinforces the urgent need for cross-border collaboration and transparent financial systems. Nigeria cannot fight this alone.”