By John Umeh
The Economic and Financial Crimes Commission (EFCC) has uncovered a complex web of financial transactions linked to CBEX, a company currently under investigation for alleged financial misconduct. According to sources within the commission, funds associated with CBEX were traced to four different countries, indicating a possible case of international money laundering.
In a statement released by the EFCC on Wednesday, the anti-graft agency confirmed that the ongoing investigation had revealed multiple offshore accounts and cross-border transactions involving large sums of money. These financial flows, the EFCC noted, were inconsistent with the declared operations of CBEX and raised red flags regarding the origin and purpose of the funds.
“Our forensic financial analysis and intelligence sharing with international partners have led us to identify key financial movements tied to CBEX across four foreign jurisdictions,” an EFCC spokesperson said. “This is a significant step forward in our efforts to unravel the full scope of the alleged economic crimes.”
Although the names of the countries involved have not been officially disclosed, EFCC officials indicated that collaboration with foreign financial intelligence units and law enforcement agencies is ongoing. The goal, they said, is to recover illicit assets and bring those responsible to justice.
CBEX, which operates in the commodities and exchange sector, has faced mounting scrutiny over its financial practices in recent months. The EFCC has reportedly invited several executives for questioning and may soon file formal charges depending on the outcome of its investigation.
Analysts say the case underscores the need for stricter oversight of cross-border financial operations and improved transparency in corporate governance. The EFCC has reaffirmed its commitment to pursuing the case without fear or favor, and to ensuring that public and private institutions comply with Nigeria’s anti-corruption laws.
The investigation continues.
