The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted for their alleged involvement in a fraudulent scheme executed through an online trading platform known as Crypto Bridge Exchange (CBEX).
The announcement was made in a public notice posted on the Commission’s official X account.
“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 notice stated.
Suspects and their last known addresses
- Among those declared wanted are Seyi Oloyede and Emmanuel Uko, both of whom were last traced to No. 166, Idimu Egbeda Road, Lagos State.
- Also wanted are Adefora Oluwanisola, 37, and Adefora Abiodun Olaonipekun, 44. The two were last known to reside at 13, Jimoh Odutola, Ogunpa, Ibadan, Oyo State, according to the Commission.
While the EFCC did not disclose the specific roles each suspect played in the CBEX fraud, their identification and locations suggest coordinated activity across state lines.
The agency has called on members of the public with useful information about the suspects’ whereabouts to contact the nearest EFCC office or other security agencies.
“Anybody with useful information as to their whereabouts should please contact the Commission in its Ibadan, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices, or through these numbers 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5, its e-mail address: [email address removed] or the nearest Police Station and other security agencies.”
What you should know
Crypto Bridge Exchange (CBEX) has recently drawn widespread public scrutiny. Users of CBEX raised a series of complaints that they were unable to withdraw their funds, raising suspicions that the platform may have collapsed.
While some still maintain that CBEX is operational, others have called it a Ponzi scheme. The platform claims to offer users a 100% return on investment within a month and rewards referrals, with all transactions conducted in USD.
Nairametrics reported that CBEX is not registered with the Securities and Exchange Commission (SEC), which has declared that any digital trading platform not registered with the Commission is operating illegally.
Investigations revealed that the promoters allegedly used ST Technologies International Limited to lure Nigerians to invest in CBEX, promising unrealistic returns. The EFCC disclosed that victims were made to convert their funds into USDT and transfer them into wallets controlled by the suspects.
The Federal High Court in Abuja issued a warrant for the arrest and remand of six promoters linked to CBEX, including two of the four newly declared wanted individuals. Justice Emeka Nwite granted the order after EFCC counsel Fadila Yusuf informed the court that over $1 billion in investors’ funds had vanished and that the syndicate involved international collaborators.