In a recent development that has rattled Nigeria’s crypto space, the Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted over their alleged involvement in a fraudulent investment scheme tied to an online trading platform, Crypto Bridge Exchange (CBEX).
The EFCC made the announcement on Friday, naming four Nigerians — Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olaonipekun — as key suspects in the unfolding saga. Also declared wanted are four foreign nationals believed to be their accomplices: Johnson Otieno, Israel Mbaluka, Joseph Kabera, and Serah Michiro.
According to the commission, these individuals are being sought for allegedly orchestrating a fraudulent scheme that lured unsuspecting investors with promises of unrealistic returns — as high as 100% — through the CBEX platform.
This move by the EFCC follows a court order granted by Justice Emeka Nwite of the Federal High Court in Abuja. Acting on an ex parte motion filed on April 23, the court authorized the EFCC to arrest and detain six suspected promoters of CBEX. The individuals named in the motion include:
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- Adefowora Olanipekun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Avwerosuo Otorudo
- Chukwuebuka Ehirim
The EFCC’s counsel, Fadila Yusuf, argued that the arrests were necessary to allow investigators to complete their work and prepare for possible prosecution.
CBEX, which operated as a crypto trading and investment platform, attracted a large number of Nigerian users with promises of high returns. However, in recent weeks, panic spread among investors as many discovered they could no longer access or withdraw their funds from the platform.
Outrage followed swiftly. Furious investors reportedly stormed CBEX offices in Oyo State and other locations, demanding refunds and answers. The shutdown of withdrawals has fueled suspicions that the platform may have been a sophisticated Ponzi scheme masked by crypto jargon and flashy marketing.
The CBEX scandal underscores the growing concerns about the lack of regulation in Nigeria’s crypto trading landscape. With digital investment platforms springing up by the day — many operating in legal grey areas — the CBEX case is a stark reminder of the risks involved when promises seem too good to be true.
As investigations continue, the EFCC has urged members of the public with useful information about the whereabouts of the wanted individuals to come forward.
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