The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has responded to the ongoing outcry over the failed investment platform, Crypto Bridge Exchange (CBEX), calling it a complex international fraud involving foreign suspects.

During a recent interview on Channels Television, Olukoyede shared updates on the EFCC’s investigation into the scam that has left many Nigerians in financial pain. He made it clear that while the commission is doing all it can, victims should not expect full refunds.

“When people were getting 100% returns, nobody reported to the EFCC,” he said. “But now that the scheme has collapsed, everyone wants the EFCC to fix it.”

Olukoyede explained that the EFCC works based on intelligence and official complaints. At the time CBEX was active, it was not among the 58 companies the agency had flagged for suspicious activities. He emphasized that it’s often after these schemes collapse that people come forward with complaints.

The EFCC boss noted that CBEX is an unusual case because most of the key players behind the scheme are foreign nationals, making the investigation more difficult. However, progress has been made. So far, three suspects are in EFCC custody and have provided useful information. Several accounts linked to the scam have been frozen, and the EFCC is working with international partners to trace and recover more assets.

But he warned that despite all efforts, full recovery for all victims may not be possible.

“We will do everything we can,” Olukoyede said, “but I will not sit here and promise that every victim will get their money back.”

He also advised Nigerians to be cautious of any investment scheme that promises unrealistic returns. As investigations continue, the EFCC is urging the public to report suspicious financial activities early, rather than waiting until the damage is done.