The Economic and Financial Crimes Commission (EFCC) has called on Nigerians who lost funds to the CryptoBridge Exchange (CBEX), a Ponzi scheme that defrauded hundreds of thousands of investors, to visit its Lagos office to assist ongoing investigations.

The call comes after FIJ exposed four Nigerian promoters of the CBEX scheme in April: Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Following the report, the EFCC obtained a court warrant to arrest the leaders along with Avwerosuo Otorudo and Chukwuebuka Ehirim, who were also involved in the fraudulent enterprise.

On Friday, the EFCC confirmed that Olanipekun, Otorudo, and Ehirim are being prosecuted for their alleged roles in the online cryptocurrency scam. “The Economic and Financial Crimes Commission, EFCC, is currently prosecuting three suspects, ADEFOWOARA ABIODUN OLANIPEKUN, OTORUDO AVWEROSUO AND EHIRIM JUSTICE CHUKWUEBUKA, regarding their alleged involvement in the fraudulent online cryptocurrency trading platform called Crypto Bridge Exchange (CBEX),” EFCC spokesperson Dele Oyewale said in a public invitation to victims.

The CBEX scheme, which promised unrealistic returns on investments, operated in multiple regions of Nigeria before collapsing. The coordinators now in EFCC custody supervised operations in Lagos and Oyo states.

“In view of the foregoing and the need to assist the Commission in its ongoing investigation, the EFCC is inviting victims who invested their funds through individuals linked to the CBEX offices in Ibadan and Idimu, Lagos, to report to its Ibadan Zonal Directorate and Lagos Zonal Directorate 2,” Oyewale added.

FIJ also reported that the EFCC had mistakenly placed Lebanese businessman Elie Bitar on its wanted persons list, wrongly assuming he was a promoter of CBEX. After FIJ’s exclusive reporting clarified his innocence, the EFCC removed Bitar’s name but has yet to issue a public apology.

What You Should Know:

  • EFCC is actively prosecuting three CBEX promoters linked to massive financial losses.

  • Victims of the scheme in Lagos and Ibadan are urged to assist the investigation.

  • Previous missteps, such as wrongly targeting Elie Bitar, highlight challenges in managing large-scale cyber fraud cases.

Why This Matters:
The EFCC’s actions demonstrate efforts to hold perpetrators accountable and recover stolen funds, emphasizing the importance of vigilance in Nigeria’s growing cryptocurrency sector.