The Economic and Financial Crimes Commission (EFCC) has called on victims of the cryptocurrency trading platform, Crypto Bridge Exchange (CBEX), to report to its Ibadan and Lagos Zonal Directorates as part of its ongoing investigation.
In a statement released on Friday by its Head of Media and Publicity, Dele Oyewale, the EFCC confirmed that three suspects Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka, are already facing prosecution for their alleged involvement in the scheme.
According to the Commission, CBEX lured unsuspecting Nigerians with promises of unrealistic returns on cryptocurrency investments, leaving thousands of investors with massive financial losses.
“To assist the Commission in its ongoing investigation, the EFCC is inviting victims who invested their funds through individuals linked to the CBEX offices in Ibadan and Idimu, Lagos, to report to its Ibadan Zonal Directorate and Lagos Zonal Directorate 2,” the statement read.
Launched in July 2024, CBEX attracted thousands of Nigerians with offers of high returns. However, by April 2025, investors began reporting failed withdrawals and loss of funds, sparking widespread outrage across social media.
Earlier this year, the EFCC declared eight individuals, including four Nigerians and four foreign nationals, wanted in connection with the scam. Investigations revealed that investors were instructed to deposit USDT (a stablecoin) into wallets controlled by the suspects.
By late April, Judge Emeka Nwite approved the EFCC’s request to arrest and detain six operators of the Ponzi scheme, including Olanipekun, Abiodun Adefowora, Oluwanisola Adefowora, Emmanuel Uko, Seyi Oloyede, Otorudo Avwerosuo, and Chukwuebuka Ehirim.
Otorudo and Ehirim were arraigned on 7 July before Justice Mohammed Umar at the Federal High Court in Abuja, where they were granted bail of ₦10 million each with two sureties. On 18 July, Olanipekun, along with his company, ST Technologies International Limited, also appeared in court.
The EFCC charged that between January 2024 and May 2025, the suspects invited members of the public to invest in CBEX with promises of up to 88% return on investment without obtaining approval from the Securities and Exchange Commission (SEC). This act contravenes Section 1 of the Investment and Securities Act, 2025, punishable under Section 96(5). All suspects have pleaded not guilty.
The SEC has since declared CBEX illegal and unregistered, further affirming its fraudulent operations.
What you should know
Crypto Bridge Exchange (CBEX), launched in July 2024, turned out to be a large-scale Ponzi scheme that defrauded thousands of Nigerians.
Promising up to 88% returns on cryptocurrency investments, the platform collapsed by April 2025, leaving many victims unable to withdraw funds.
The EFCC is now prosecuting several suspects linked to the scam while urging victims to assist in the ongoing investigation.
