The Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted in connection with a multi-million naira fraud that allegedly took place within the Crypto Bridge Exchange (CBEX), a digital trading platform.
The scam, which has left many Nigerians devastated, is said to have caused significant financial losses, with investors losing over N1.3 trillion following the collapse of the platform.
The EFCC published a notice on its official social media platforms on Friday, naming the following individuals as wanted for their involvement in the alleged fraudulent activities:
- Adefowora Olanipekun
- Adefowora Oluwanisola
- Emmanuel Uko
- Johnson Okiroh Otieno
- Israel Mbaluka
- Joseph Michiro Kabera
- Serag Michiro
- Seyi Oloyede
These suspects are accused of orchestrating fraudulent activities on CBEX, which led to massive financial losses for unsuspecting investors. According to the EFCC, the platform’s collapse has wreaked havoc on Nigerian investors, wiping out substantial amounts of money in what is now considered one of the most devastating financial scams involving digital assets in recent times.
In the notice, the EFCC appealed to the public, urging anyone with information about the whereabouts of the suspects to come forward and assist with the investigation. The agency expressed its commitment to bringing the perpetrators of such cyber-related financial crimes to justice, especially as digital asset platforms continue to proliferate.
“The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the notice stated.
The Crypto Bridge Exchange (CBEX), a once-popular digital asset trading platform, collapsed in April 2025, causing widespread panic among its investors. Many Nigerians had invested heavily in the platform, lured by promises of high returns. However, when the platform suddenly shut down, over N1.3 trillion was lost, leaving countless victims without recourse.
The EFCC has been actively investigating the collapse of CBEX, and the declaration of these individuals as wanted is a critical step in holding those responsible accountable.
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