EFCC Invites CBEX Scam Victims to Assist Investigation.

The Economic and Financial Crimes Commission (EFCC) has urged Nigerians defrauded by the cryptocurrency platform, Crypto Bridge Exchange (CBEX), to visit its Ibadan and Lagos zonal offices to support ongoing investigations.

In a statement released on Friday by its Head of Media and Publicity, Dele Oyewale, the commission confirmed it is prosecuting three suspects — Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka linked to the scheme.

According to the EFCC, CBEX enticed investors with promises of unrealistic returns, leading to huge financial losses for many. The agency appealed to affected victims, particularly those who transacted through CBEX-linked offices in Ibadan and Idimu, Lagos, to come forward and assist in the probe.

EFCC ready to tackle virtual asset, crypto-related crimes — Olukoyede.

Warns Public Against Investment Scams, Blames Politicians for Crypto Misuse

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has reaffirmed the Commission’s readiness to combat crimes related to virtual assets and cryptocurrencies, amid a growing wave of online investment fraud and digital scams across Nigeria.

Speaking at the 2025 African Union Anti-Corruption Day Lecture held at the EFCC headquarters in Abuja, Olukoyede urged Nigerians to exercise caution, warning that many investment scams succeed due to investors’ negligence and failure to conduct basic due diligence.

No investment fraud can succeed without the negligence of investors,” he stated. “Nigerians must stop rushing into get-rich-quick schemes without asking the right questions.”

He cited the infamous CBEX scam as a prime example of how fraudulent schemes exploit public ignorance, and stressed the need for greater financial literacy.

Olukoyede also raised alarm over the increasing misuse of cryptocurrencies by corrupt politicians to hide illicit funds and evade investigations.

“Politicians are now stashing looted funds in crypto wallets to escape detection. But the EFCC is not backing down—we are ahead of the game,” he said.

He emphasized that while virtual assets are not inherently illegal, they are being exploited for criminal activities, and the EFCC is committed to regulating and prosecuting offenders.

CBN, SEC Raise Concern Over Rising Digital Fraud

Representing the Governor of the Central Bank of Nigeria, Deputy Governor Muhammad Sani Abdullahi disclosed that Nigeria recorded over $56 billion in crypto transactions between July 2022 and June 2023, making it the highest in Africa.

Podcast: Senate Probes Surge in Ponzi Schemes After CBEX Collapse Defrauds Nigerians of Over ₦1.3 Trillion.

Senate Probes Surge in Ponzi Schemes After CBEX Collapse Defrauds Nigerians of Over ₦1.3 Trillion.

The Nigerian Senate has launched an investigation into the growing number of Ponzi schemes across the country, triggered by the recent collapse of the Crypto Bullion Exchange (CBEX), which allegedly scammed investors out of more than ₦1.3 trillion.

This move follows a motion raised by Senator Adetokunbo Abiru (Lagos East), who expressed serious concern over the widespread and unregulated operation of fraudulent investment platforms. He cited notorious examples including MMM Nigeria (2016), MBA Forex (2020), and now CBEX, which lured unsuspecting Nigerians with promises of quick and high returns on digital assets.

During the debate, lawmakers warned that the collapse of CBEX had caused not just financial ruin but also deep psychological trauma, pushing some victims into depression, family breakdowns, and even suicide.

The Senate expressed alarm over the failure of relevant regulatory agencies—including the Securities and Exchange Commission (SEC), Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), and the Economic and Financial Crimes Commission (EFCC)—to detect and act on the fraudulent scheme before it spiraled out of control.

As a result, the Senate has directed a joint committee to investigate the proliferation of Ponzi schemes. The committee is expected to conduct a public hearing and present its report within one month.

EFCC Response and Legal Actions
The EFCC, in its defense, claimed it had already raised red flags. Speaking on Channels Television’s The Morning Brief, Dele Oyewale, spokesperson for the Commission, said efforts had been made to warn the public.

“On March 11, our Chairman, Mr. Ola Olukoyede, directed us to alert Nigerians about 58 known Ponzi scheme operators. We published a list—that’s evidence of our proactive stance,” he said.

In further action, on April 25, Justice Emeka Nwite of the Federal High Court in Abuja granted the EFCC’s request to arrest and detain six CBEX promoters over alleged fraud exceeding $1 billion.

The EFCC, through its counsel Fadila Yusuf, had filed an ex parte motion seeking:

Warrants for the arrest of the accused.

Court approval to remand them in EFCC custody pending the conclusion of investigations.

The Commission emphasized that the action was in line with its statutory duty to prevent, detect, and prosecute financial crimes in Nigeria.

CBEX: EFCC Arraigns Two Over Alleged $1 Billion Crypto Investment Sc@m.

The Economic and Financial Crimes Commission (EFCC) on Monday arraigned two operators of the embattled Crypto Bridge Exchange (CBEX), Awerosuo Otorudo and Chukwuebuka Ehirim, before Justice Mohammed Umar of the Federal High Court in Abuja.

The defendants were brought before the court on a three-count amended charge (FHC/ABJ/CR/216/2025) bordering on unlicensed investment operations and illeg@l financial dealings.

They were accused of luring the public to invest funds with promises of up to 88% returns—without regulatory approval from the Securities and Exchange Commission (SEC). EFCC counsel, Fadila Yusuf, moved for the substitution of the original charges with the amended version filed on July 7. The application was unopposed, and the charges were read in court. The accused pleaded not guilty. Yusuf then applied for the defendants to be remanded in a correctional facility.

The defence, represented by Justice Otorudo, argued that the defendants voluntarily submitted to the EFCC on April 25, cooperated fully with investigators, and posed no flight risk. He emphasized that the charges are bailable and that the EFCC’s claims of $1 billion fr@ud were not reflected in the actual charge sheet.

Following arguments from both sides, Justice Umar ordered the remand of the defendants at the Kuje Correctional Centre and adjourned ruling on the bail application until July 18. According to the EFCC, an investigation began after intelligence was received in April 2025 about a suspected crypto investment fr@ud linked to the defendants and their firm, ST Technologies International Ltd.

The scheme, the agency claims, used CBEX to lure investors with promises of unrealistic returns, up to 100%. The commission further alleged that victims were persuaded to convert their digital assets into USDT (a stablecoin) and deposit them into CBEX wallets. Initially, investors had access to monitor their funds, but later, the platform became inaccessible, and withdrawals were blocked. EFCC’s preliminary findings suggest over $1 billion worth of digital assets may have been deposited before the platform collapsed.

CBEX: INVESTORS JUBILATES AS TRADE VOLUME RETURNS FROM THE INITIAL ZERO BALANCE

Investors on the Crypto Bridge Exchange (CBEX) platform are celebrating as trade volumes have been returned from a previous zero balance, sparking renewed confidence in the digital exchange’s operations.

Traders are now able to access their accounts and resume trading with renewed assurance, following weeks of tension and uncertainty.

CBEX first gained attention in 2024 with promises of a 100% return on investment within 30 days, reportedly driven by AI algorithmic trading.

Sporting Shanghai-inspired branding and high-profile ‘offices’ in Lagos and Ibadan, CBEX attracted numerous Nigerians through multi-level referral incentives.

However, Tribune Online reported on April 14, 2025, that CBEX emptied the accounts of hundreds of investors without prior notice.

This led to withdrawals stalling and users being locked out of their accounts, which subsequently prompted distressed investors to protest at physical branches.

Subsequently, the Economic and Financial Crimes Commission (EFCC) began probe into the collapse of the platform and declared some suspects wanted before eventually making some arrests.

Tribune Online also reports that the EFCC Chairman, recently announced that the anti-graft agency has been able to recover some funds from the platform.

CBEX fraud: EFCC declares two more wanted