Economic and Financial Crimes Commission (EFCC) has confirmed that recovery efforts are still underway following the collapse of the Crypto Bridge Exchange (CBEX) Investment scheme, which defrauded over 600,000 Nigerians of approximately ₦1.3 trillion.
CBEX, which promised investors returns as high as 88%, crashed in April 2025, leaving thousands stranded. In response, the EFCC arrested and arraigned several of the scheme’s promoters, including Awerosuo Otorudo and Chukwuebuka Ehirim, who appeared before Justice Mohammed Umar on July 7.
They face charges of illegal financial operations and unlicensed investment activities.
EFCC spokesperson Dele Oyewale stated that while recovery operations are active, it is premature to disclose specific figures.
“Our recovery operations are active, but it’s too early to quantify what has been recovered at this point,” he said. “When we have comprehensive figures to share, we will make them public”.
