The Economic and Financial Crimes Commission (EFCC) has declared two additional individuals wanted in connection with the alleged ₦1.3 trillion Crypto Bridge Exchange (CBEX) fraud, raising the total number of wanted suspects to eight.
In a notice posted on its official X (formerly Twitter) account on Wednesday, June 4, the EFCC accused the latest suspects of masterminding fraudulent schemes that defrauded thousands of Nigerians through the CBEX platform.
The commission urged anyone with credible information about the suspects’ whereabouts to come forward, assuring that all tips would be handled confidentially.
In May, EFCC Chairman Ola Olukoyede announced the recovery of a portion of the stolen funds and confirmed that several suspects had already been arrested in connection with the massive crypto-based fraud.
“We have made significant progress in our investigation of CBEX,” Olukoyede told TVC. “Some suspects have been arrested, and we’ve recovered a reasonable amount of money, although the process has been challenging.”
Olukoyede explained that most of the stolen funds were in cryptocurrency, which complicated the recovery and conversion process.
“These criminals used non-custodial wallets, which don’t require Know-Your-Customer (KYC) details, making it difficult to trace identities,” he said. “From those wallets, they transferred funds to Europe and Eastern Europe, including Cambodia, and then dispersed the money.”
He added that the EFCC has managed to block some wallets where the funds had not yet been moved, and the investigation is ongoing.
“We are still tracking multiple wallets and have made further arrests. However, we’re limiting public disclosures to avoid disrupting the process,” the EFCC boss said.
Despite the ongoing crackdown, the agency warned that Nigerians continue to fall victim to similar fraudulent platforms.
The CBEX platform collapsed earlier this year, erasing the life savings of thousands of investors — particularly young Nigerians — who believed they were participating in a legitimate digital investment scheme.
https://x.com/officialEFCC/status/1930218654508945564?
One of the suspected masterminds, Adefowora Abiodun, turned himself in to the EFCC in April, accompanied by his legal team. His surrender followed a Federal High Court order by Justice Emeka Nwite, which approved the arrest and detention of six CBEX promoters.
Those initially declared wanted include:
- Adefowora Abiodun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Avwerosuo Otorudo
- Chukwuebuka Ehirim
Abiodun’s lawyer, Babatunde Busari, stated that his client voluntarily submitted himself to “clear his name and correct misleading media narratives.”
The EFCC reiterated its commitment to holding all those involved accountable and warned the public to be cautious of unregulated digital investment schemes.
