The Economic and Financial Crimes Commission (EFCC) has called on Nigerians who lost money to the collapsed Crypto Bridge Exchange (CBEX) scheme to report at its offices in Lagos and Ibadan to aid ongoing investigations.
The anti-graft agency said the move was necessary to gather more evidence against suspects currently being prosecuted for their alleged involvement in the scheme that defrauded thousands of investors with promises of unrealistic returns of up to 88 per cent.
In a statement issued on Friday by its Head of Media and Publicity, Dele Oyewale, the EFCC urged affected victims to visit its Ibadan Zonal Command at 16A Reverend Oyebode Crescent, Iyaganku, Ibadan, Oyo State, or its Lagos office at 7A Okotie-Eboh Street, Ikoyi.
The commission disclosed that it is prosecuting three individuals — Adefowora Abiodun Olanipekun, Otorudo Avwerosuo, and Justice Ehirim Chukwuebuka — for their alleged roles in the fraudulent platform.
Messrs Avwerosuo and Ehirim were first arraigned on July 7 before Justice Mohammed Umar of the Federal High Court, Abuja, where they were granted bail in the sum of ₦10 million each.
Similarly, Mr Olanipekun and his company, ST Technologies International Limited, were arraigned on July 18 before the same court.
The EFCC accused the defendants of illegally inviting members of the public to invest in CBEX between January 2024 and May 2025 without authorisation from the Securities and Exchange Commission (SEC), thereby violating provisions of the Investment and Securities Act, 2025. They have all pleaded not guilty.
Launched in July 2024, CBEX rode on the cryptocurrency boom to attract unsuspecting Nigerians with mouthwatering offers of quick returns. By April 2025, however, reports of failed withdrawals flooded social media, triggering panic among investors.
The SEC later declared the platform illegal and unregistered, while EFCC investigations revealed that investors had been directed to deposit funds in USDT wallets controlled by the operators.
Preliminary findings showed that deposits on the platform exceeded $1 billion before it collapsed. In April, the commission declared eight individuals wanted, including four Nigerians and four foreign nationals, over their alleged involvement in the scheme.
The EFCC maintained that testimonies and evidence from victims remain crucial to the successful prosecution of the suspects.
“The commission is determined to bring the perpetrators of this massive fraud to justice. We therefore urge all victims, particularly those who transacted with the Ibadan and Lagos offices of CBEX, to step forward and assist the investigation,” the statement read.
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