Kunle Babajide
The Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted over their alleged involvement in the massive Crypto Bridge Exchange (CBEX) investment scam. This alarming fraud has reportedly resulted in financial losses of over ₦1.3 trillion for thousands of unsuspecting Nigerians, marking it as one of the largest crypto-related scams in the nation’s history.
Among those declared wanted are four Nigerians: Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. In addition, four foreign nationals were also listed: Johnson Oteno, Israel Mbaluka, Joseph Michiro, and Serah Michiro. These individuals are accused of orchestrating a sophisticated scheme under the cover of a company named ST Technologies International Limited.
According to the EFCC, ST Technologies aggressively promoted CBEX across various online platforms, encouraging the public to invest in cryptocurrencies with promises of unrealistically high returns — in some cases, promising investors up to 100 percent profit within just 30 days. However, investigations revealed that the company, while officially registered with Nigeria’s Corporate Affairs Commission (CAC), did not possess a license from the Securities and Exchange Commission (SEC) to operate legally as an investment firm. This regulatory violation was an early warning sign that many investors either missed or ignored.
The crackdown began after the EFCC obtained a warrant of arrest for six of the suspects from the Federal High Court sitting in Abuja. Justice Emeka Nwite granted the warrant following an ex parte application filed by EFCC’s counsel, Fadila Yusuf. This legal move has empowered the commission to officially commence a manhunt for the suspects and bring them to justice.
Trouble for investors began when CBEX suddenly restricted user withdrawals on April 9, 2025. In a deceptive final act, the platform issued a notice requiring users to deposit additional funds under the guise of “account verification.” Many desperate investors, hoping to unlock their frozen accounts, complied without suspecting foul play. However, shortly after collecting additional deposits, CBEX disappeared from the web entirely, leaving users stranded with no way to recover their investments.
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This fraudulent scheme is particularly painful because many Nigerians invested their life savings into CBEX, believing the platform’s flashy marketing and promises of life-changing returns. With the Nigerian economy still recovering from global financial pressures, many citizens had turned to digital investments like crypto in search of better opportunities — only to fall victim to fraud.
The EFCC has since assured the public that it is collaborating with international agencies, including Interpol, to track down the wanted suspects and recover stolen funds. The commission has urged anyone with credible information about the suspects’ whereabouts to come forward and contact any of their offices in Ibadan, Enugu, Kano, Lagos, Gombe, or Port Harcourt.
Beyond arresting the suspects, this case has sparked a fresh debate around cryptocurrency regulations in Nigeria. Experts are calling for stronger oversight and licensing requirements for crypto platforms operating within the country. They argue that a properly regulated crypto space could protect investors from falling prey to similar scams in the future.
Meanwhile, the EFCC has reiterated its warning to Nigerians to be cautious and conduct due diligence before investing in any scheme that promises “too good to be true” returns. They emphasize that legitimate investments always carry risk, and any platform offering guaranteed massive profits should be seen as suspicious.
As investigations continue and legal proceedings begin, Nigerians will be watching closely to see if justice will be served and whether any portion of the stolen funds can be recovered. For many victims, this is not just about money, but about restoring trust in the financial and regulatory systems meant to protect them.
The CBEX scandal is a stark reminder that while the cryptocurrency space holds great promise, it also comes with serious risks, especially in an environment with limited regulation. It highlights the urgent need for vigilance, both from investors and authorities alike, to prevent future tragedies of this magnitude.
