Economic and Financial Crimes Commission (EFCC) says it has traced proceeds from the failed CBEX crypto bridge exchange scheme to at least four countries, noting that full restitution to victims may be impossible.

EFCC Chairman, Ola Olukoyede, disclosed this during an appearance on Channels Television’s Politics Today on Wednesday.

He revealed that the agency had frozen a number of accounts linked to the fraudulent scheme and had made significant progress in ongoing investigations.

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

He explained that a majority of the transactions were conducted in cryptocurrency and routed through wallets outside Nigeria’s jurisdiction, complicating recovery efforts.

“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system,” he said.

“We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners.”

Olukoyede added that three suspects are currently in custody and have provided “very useful statements.” He also confirmed collaboration with foreign counterparts to recover stolen funds and apprehend suspects.

In April, users of CBEX reported they could no longer access their funds, prompting widespread complaints. The Securities and Exchange Commission later revealed that the digital trading platform was unregistered.

On April 30, the EFCC declared Elie Bitar, a foreign national, wanted in connection with the $1 billion investment scam. A federal high court in Abuja also granted the commission permission to arrest and detain six CBEX promoters.

So far, at least eight Nigerians have also been declared wanted in relation to the scheme.

FXTM Academy recently hosted the Pedal for Progress charity cycling event, bringing together 200 participants from cities across Nigeria, including Port Harcourt, Ilorin, Ibadan, Abeokuta, and Lagos.

Held on Saturday, April 19, the competition featured six race categories—Professional Male, Professional Female, Junior Male, Junior Female, Veteran Male, and Veteran Female—allowing cyclists of all skill levels to compete.

The race began at 8:00 a.m., with Juniors completing 10 laps, Veterans tackling 14 laps, and Professionals racing 20 laps, each lap spanning 2.8 kilometers.

Participants competed for significant cash prizes, with winners in the Professional categories receiving ₦800,000, ₦500,000, ₦300,000, and ₦200,000, while those finishing 5th to 15th place earned ₦50,000 each. Junior and Veteran winners also received substantial rewards.

Spectators and participants praised FXTM Academy for fostering unity, sportsmanship, and talent development, with many eagerly anticipating future events.

The academy emphasized its commitment to empowering communities and promoting values such as perseverance, discipline, endurance, and continuous improvement.

FXTM Academy’s Country Representative, Kelechi Ehibudu, highlighted the academy’s dedication to blending sport, charity, and empowerment, setting a new benchmark for community-focused initiatives in Nigeria.

To celebrate the release of his fifth studio album, 5IVE Davido hosted a select group of superfans and media at Ona Restaurant in Lagos for an exclusive meet-and-greet, presented by Spotify.

The event offered a rare, behind-the-scenes look at the Afrobeats superstar, with 50 lucky fans and 5 media partners given the chance to connect with the artist in an intimate setting.

Rather than handing out invitations, Spotify put fans to the test, requiring them to pass a five-question quiz on Davido’s music to earn a spot at the roundtable. Once inside, attendees were treated to an afternoon of music, conversation, and surprises. The event was hosted by Ireculture, who set the tone with her infectious energy, while SmallztheDJ kept the vibe going with smooth, Afrobeats-driven selections.

In true Davido fashion, a playful twist took centre stage: after teasing his absence, the artist made a dramatic, surprise entrance, sending fans into a frenzy. The moment was a perfect reflection of Davido’s personality – engaging, unpredictable, and larger-than-life.

Victor Okapala, Spotify’s Artist and Label Partnerships lead for West Africa, noted, “This event is a testament to the power of music to bring fans and artists closer together. Working with Davido on the release of 5IVE highlights the energy surrounding Afrobeats globally, and the deep connection we see between the artist and his fans.”

The event’s highlight was a close-knit roundtable conversation, where fans shared their love for 5IVE, with “10 Kilo” emerging as an early favourite. Each guest left with a gift box featuring five fashion items from Nigerian streetwear brand Severe Nature, who also designed the official 5IVE merch.

Reflecting on his journey, Davido shared, “When you see artists like Beyoncé, Drake, Kendrick Lamar, and Rihanna, you realise the work it takes to get there. This time, I wanted to go all out, and I’m seeing the results.”

Spotify data underscores Davido’s growing global influence. In the past 12 months, his music has been added to over 12 million playlists worldwide.

The artist’s reach spans key markets including Nigeria, the U.S., U.K., South Africa, and France, with 34% of his listeners aged 18-24 and 41% aged 25-34.

As 5IVE continues to captivate listeners, this intimate event further solidified Davido’s position as one of Afrobeats’ leading voices, fostering a deeper connection between him and his dedicated fanbase.