₦1.3 Trillion CBEX Crypto Scam: EFCC Declares Four Suspects Wanted, Court Orders Arrest of Others

CBEX fraud scandal explodes as EFCC declares four wanted and launches investigation into the multi-trillion naira crypto scam. Read full story.

All Facts Newspaper | 25/4/2025

The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted in connection with the massive fraud allegedly orchestrated through the now-defunct Crypto Bridge Exchange (CBEX), a digital trading platform that has left investors reeling from an estimated ₦1.3 trillion loss.

Those declared wanted are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Their photos and profiles were released by the EFCC across its official social media platforms on Friday, urging members of the public to assist in tracking down the suspects.

The anti-graft agency revealed that the suspects are being sought for their alleged roles in the CBEX scam, which defrauded thousands of unsuspecting Nigerians in what has now been described as one of the most devastating cryptocurrency frauds in the country’s history.

According to the EFCC, the action is part of a wider investigation into the collapse of CBEX, a digital asset trading platform that abruptly shut down in April 2025, wiping out the savings and investments of countless Nigerians who were lured by promises of high returns.

In a related development, the Federal High Court in Abuja, presided over by Justice Emeka Nwite, granted an order authorizing the EFCC to arrest and detain six CBEX promoters. The decision followed an ex parte application by EFCC counsel, Fadila Yusuf, seeking the court’s permission to hold the suspects pending the conclusion of investigations and the possibility of prosecution.

The collapse of CBEX has reignited heated public debate over the unchecked proliferation of fraudulent online investment platforms in Nigeria and the need for tighter regulatory oversight of digital asset markets. Financial analysts and victims alike have criticized the government’s apparent delay in reacting to red flags that emerged months before the crash.

While the EFCC continues its manhunt for the remaining suspects, Nigerians are demanding swift justice and the recovery of lost funds. As tension rises, many are questioning how such a large-scale scam was able to flourish without detection, and whether regulatory authorities failed in their duty to protect citizens.