The Economic and Financial Crimes Commission (EFCC) has called on victims of the Crypto Bridge Exchange (CBEX) fraud scheme to come forward and assist with its ongoing investigation. The agency specifically requested that individuals who invested via connections to CBEX offices in Ibadan and Idimu, Lagos, report to its zonal directorates in those cities to provide information that could aid prosecution efforts.
Background: The CBEX Scam Unraveled
-
Rapid Rise and Collapse
Launched in July 2024, CBEX portrayed itself as a high-yield, AI-powered cryptocurrency trading platform, enticing investors with unrealistic promises—some as high as 88% monthly returns.Premium Times NigeriaThe Guardian Nigeria
By April 2025, withdrawals were blocked, and investors watched helplessly as their account balances vanished.The Guardian NigeriaVanguard News -
Scale of Losses and Modus Operandi
Reports estimate total investments reached well over $800 million (approximately ₦1.3 trillion).Vanguard NewsThe Guardian Nigeria
Investigators reveal that victims were often asked to deposit USDT stablecoins into wallets controlled by individuals linked to CBEX’s local operations.Premium Times NigeriaThe Guardian Nigeria -
Regulatory Red Flags Ignored
CBEX operated without SEC registration, violating the Investment and Securities Act, 2025, rendering its operations illegal.Vanguard NewsThe Guardian Nigeria
Moreover, the platform changed domain names frequently between January 2024 and February 2025—a tactic seen as a deliberate attempt to evade law enforcement.Vanguard NewsMy CV Creator -
Public Unrest and Legal Action
In Ibadan, enraged investors stormed and vandalized CBEX’s offices; similar protests erupted in other affected areas.Vanguard NewsThe Guardian Nigeria
The EFCC secured a court order to arrest six promoters linked to CBEX—including Adefowora Abiodun Olanipekun, Avwerosuo Otorudo, Chukwuebuka Ehirim, and others—on allegations of orchestrating the fraud.Premium Times Nigeriaefcc.gov.ngThe Nation Newspaper
Charges have been filed against at least two promoters, and bail applications for three involved defendants were denied, with strong evidence cited by the presiding court.TheCableefcc.gov.ng
Furthermore, the EFCC declared multiple others—including local partners and foreign accomplices—wanted, expanding the list over time.NairametricsTheCableefcc.gov.ng -
Recovery Efforts Underway
EFCC Chair Ola Olukoyede confirmed that some funds have been recovered—though challenges remain, especially due to the use of non-custodial (anonymous) crypto wallets and transfers to accounts in Eastern Europe and Cambodia.Punch Newspapers
The commission emphasized ongoing cooperation with international agencies like INTERPOL to apprehend all involved actors and to bring them to justice.Vanguard NewsThe Guardian Nigeriaefcc.gov.ng
What the EFCC Is Asking of Victims
Victims who invested through contacts linked to the CBEX offices at:
-
16A Reverend Oyebode Crescent, Iyaganku, Ibadan, and
-
7A Okotie-Eboh Street, Ikoyi, Lagos
are urged to visit those zonal directorates to file statements and share pertinent information that could facilitate tracing funds and strengthening prosecution cases.Premium Times NigeriaPulse Nigeria
The EFCC reaffirmed its commitment to holding perpetrators accountable and securing justice, even as the full extent of recoveries remains uncertain.
