The Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted in connection with a fraudulent scheme operated through an online trading platform known as Crypto Bridge Exchange (CBEX).
The agency made the announcement on Friday via its official X (formerly Twitter) account, releasing the suspects’ information in two separate posts, each featuring four individuals.
In the first batch, four Nigerians — Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede — were named. Two hours later, the EFCC published a second batch, listing four additional suspects described as “foreign accomplices”: Johnson Oteno, Israel Mbaluka, Joseph Michiro, and Serah Michiro. Although the EFCC did not disclose their nationalities, members of the public have since identified them.
“The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the notices read.
This move came less than 24 hours after the EFCC secured an order from the Federal High Court in Abuja to arrest some of the suspects.
According to the EFCC, the suspects operated under a front company, ST Technologies International Limited, to promote CBEX. They allegedly lured Nigerians into investing in cryptocurrencies and digital assets, promising unrealistic returns of up to 100 percent within 30 days.
Preliminary investigations revealed that ST Technologies, although registered with the Corporate Affairs Commission (CAC), lacked approval from the Securities and Exchange Commission (SEC) to operate as an investment firm. The commission also clarified that while the company held a Special Control Unit Against Money Laundering (SCUML) certificate, this document does not authorize handling investments.
At a court session on Thursday, EFCC counsel Fadila Yusuf emphasized the urgent need to apprehend the suspects, citing the involvement of foreign collaborators. The court subsequently granted the EFCC’s request for a warrant of arrest and directed that any arrested suspects be remanded in EFCC custody pending further investigation and possible prosecution.
EFCC spokesperson Dele Oyewale assured the public that efforts are ongoing, in collaboration with international partners including Interpol, to recover the stolen funds.
The CBEX platform reportedly restricted user withdrawals on April 9, raising red flags. Before going offline, it issued a suspicious notice demanding additional deposits — $100 for accounts with balances under $1,000, and $200 for those above — under the guise of “account verification.” Many users, unaware of the impending scam shutdown, complied.
List of Suspects and Last Known Addresses:
- Seyi Oloyede — No. 166, Last Idimu Egbeda Road, Lagos State
- Emmanuel Uko — Same address as Seyi Oloyede
- Adefowora Oluwanisola, 37 — 13, Jimoh Odutola, Ogunpa, Ibadan, Oyo State
- Adefowora Abiodun Olanipekun, 44 — Same address as Adefowora Oluwanisola
- Johnson Oteno — No. 166, Last Idimu Egbeda Road, Lagos State
- Israel Mbaluka — Same address as Johnson Oteno
- Joseph Michiro — Same address as Johnson Oteno
- Serah Michiro — Same address as Johnson Oteno
