The Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on the collapsed Crypto Bridge Exchange (CBEX) scheme by declaring eight individuals wanted for their roles in the fraudulent operation.
The digital trading platform, which promised high returns to investors, collapsed in April 2025, leaving investors with losses exceeding ₦1.3 trillion. The EFCC’s move follows an Abuja Federal High Court ruling by Justice Emeka Nwite, which granted the agency authority to arrest and detain individuals promoting the scheme, now classified as a Ponzi operation.
The wanted individuals include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, and four others, whose details have been widely circulated on the EFCC’s official channels. The court’s injunction empowers the EFCC to hold suspects pending the completion of investigations and potential prosecution.
The collapse of CBEX has triggered widespread outrage, with thousands of Nigerians, including retirees and small-scale investors, losing their life savings. The EFCC has vowed to pursue all culpable parties, emphasizing the need to protect Nigerians from predatory financial schemes. The agency is also investigating the operational structure of CBEX to uncover how funds were misappropriated.
Public calls for stricter regulation of digital trading platforms have grown louder, with stakeholders urging the Central Bank of Nigeria and the Securities and Exchange Commission to implement robust oversight mechanisms to prevent similar collapses in the future.