The Economic and Financial Crimes Commission (EFCC) has called on individuals who lost money to the fraudulent crypto platform, Crypto Bridge Exchange (CBEX), to provide statements at its Ibadan and Lagos offices.
This initiative is part of an ongoing investigation into the scam.
According to a statement from the EFCC’s Head of Media, Dele Oyewale, the agency is currently prosecuting three individuals, Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka for their alleged involvement in the scheme.
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CBEX defrauded countless Nigerians by promising unrealistic returns on cryptocurrency investments, leading to significant financial losses for its users.
The EFCC is particularly urging victims who invested through agents linked to CBEX offices in Ibadan and Idimu, Lagos, to report to its Zonal Directorates in those cities to help with the case.
Launched in July 2024, CBEX promised high returns to thousands of Nigerians.
However, by April 2025, users were unable to withdraw their funds, leading to widespread complaints on social media.
The EFCC responded by declaring eight suspects, four Nigerians and four foreign nationals, wanted in connection with the scam.
An investigation by the EFCC’s cybercrime division revealed that investors were instructed to deposit USDT, a digital currency, into wallets controlled by the suspects.
In late April, a court order granted the EFCC permission to detain six suspects pending further investigation: Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Awerosuo Otorudo, and Chukwuebuka Ehirim.
Two of the suspects, Otorudo and Ehirim, were charged in court on July 7, and later granted bail of ₦10 million each with two sureties.
Olanipekun and his company, ST Technologies International Limited, were also arraigned on July 18.
They are accused of operating an investment scheme without the necessary approval from the Securities and Exchange Commission (SEC), a violation of the Investment and Securities Act, 2025.
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The SEC has since confirmed that CBEX was never a registered or legal platform. The accused have all pleaded not guilty.
The EFCC has stressed the importance of victims coming forward to help with the ongoing investigation.
