The Economic and Financial Crimes Commission, on Friday, invited victims of cryptocurrency trading platform, Crypto Bridge Exchange (CBEX), to report to its Ibadan and Lagos Zonal Directorates for further investigations.
A statement released by its Head of Media and Publicity, Dele Oyewale, in Ibadan, Oyo State said, “The EFCC is currently prosecuting three suspects namely Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka over their alleged involvement in the scam.”
The commission explained that CBEX lured unsuspecting Nigerians into investing their funds with the promise of unrealistic returns, resulting in serious financial losses for many.
“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,” the statement added.
CBEX, which launched in July 2024, lured thousands of Nigerians with promises of high returns on cryptocurrency investments. By April 2025, users began reporting failed withdrawals and lost funds, sparking outrage across social media.
The EFCC, in April, declared eight persons wanted in connection with the scheme, including four Nigerians and four foreign nationals.
Investigations led by the EFCC’s cybercrime section revealed that investors were instructed to deposit USDT, a stablecoin, into wallets controlled by the suspects.
In late April, Judge Emeka Nwite granted the EFCC’s application to arrest and detain six suspected operators of the Ponzi scheme: Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Awerosuo Otorudo and Chukwuebuka Ehirim, pending the conclusion of investigations.
Messrs Otorudo and Ehirim were arraigned by the EFCC on 7 July before Judge Mohammed Umar of the Federal High Court in Abuja. An online report showed they were later granted bail in the sum of ₦10 million each, with two sureties in like sum.
Olanipekun, alongside his company, ST Technologies International Limited, was also arraigned on 18 July before the same court.
In one of the charges, the EFCC alleged that between January 2024 and May 2025, the defendants invited members of the public to deposit money for a fixed term or payable on call through CBEX, promising up to 88 per cent return on investment without obtaining written consent from the Securities and Exchange Commission.
They allegedly violate Section 1 of the Investment and Securities Act, 2025, and are punishable under Section 96(5) of the same Act. The suspects have pleaded not guilty to the offences.
The EFCC, in its statement, urged victims who invested funds through individuals linked to the CBEX offices mentioned in this report to come forward to assist the Commission in the investigation.
The Securities and Exchange Commission (SEC) later declared the platform illegal and unregistered.
