The Economic and Financial Crimes Commission (EFCC) on Friday urged victims of the cryptocurrency platform, Crypto Bridge Exchange (CBEX), to report to its Ibadan and Lagos Zonal Directorates to aid ongoing investigations.
In a statement issued in Ibadan, Oyo State, the Head of Media and Publicity, Dele Oyewale, confirmed that the EFCC is prosecuting three suspects—Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka—for their alleged involvement in the scam.
According to the Commission, CBEX lured Nigerians into investing with promises of unrealistic returns, leading to significant financial losses. It invited victims who invested funds through individuals linked to CBEX offices in Ibadan and Idimu, Lagos, to assist investigators.
Launched in July 2024, CBEX attracted thousands with offers of high cryptocurrency returns. By April 2025, complaints of failed withdrawals and lost funds flooded social media.
In April, the EFCC declared eight persons wanted—four Nigerians and four foreign nationals—linked to the scheme. Its cybercrime section discovered that investors were instructed to deposit USDT, a stablecoin, into wallets controlled by the suspects.
Later that month, Judge Emeka Nwite authorised the arrest and detention of six alleged operators: Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Awerosuo Otorudo, and Chukwuebuka Ehirim.
On July 7, Messrs Otorudo and Ehirim appeared before Judge Mohammed Umar of the Federal High Court, Abuja, and secured bail of ₦10 million each, with two sureties. On July 18, Olanipekun and his company, ST Technologies International Limited, were also arraigned.
The EFCC alleged that between January 2024 and May 2025, the defendants solicited public deposits through CBEX, promising up to 88 per cent returns without approval from the Securities and Exchange Commission (SEC). They face charges under Section 1 of the Investment and Securities Act, 2025, punishable under Section 96(5). All defendants pleaded not guilty.
The SEC has since declared CBEX illegal and unregistered.