The Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted in connection with an alleged multi-million-naira fraud involving a cryptocurrency investment platform, Crypto Bridge Exchange (CBEX).
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In a statement released via its official X (formerly Twitter) handle on Friday, the anti-graft agency disclosed that the suspects were wanted for allegedly luring unsuspecting Nigerians into investing in digital assets with the promise of unrealistic returns of up to 100% within 30 days.
The first batch of suspects includes Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. The second batch features Johnson Oteno, Israel Mbaluka, Joseph Michiro, and Serah Michiro.
The EFCC declared them wanted barely 24 hours after securing an arrest warrant from the Federal High Court in Abuja. At the court session on Thursday, EFCC counsel, Fadila Yusuf, informed Justice Emeka Nwite that the scheme had foreign collaborators and required immediate action to apprehend the suspects.
Yusuf urged the court to grant an order remanding the suspects in EFCC custody once apprehended, pending the conclusion of investigations and potential prosecution. Justice Nwite granted the request accordingly.
According to the EFCC, the suspects operated through a front company, ST Technologies International Limited, which they used to promote CBEX and lure investors through aggressive online advertisements. Although the company is registered with the Corporate Affairs Commission (CAC), it lacks a licence from the Securities and Exchange Commission (SEC) to operate as an investment firm.
The EFCC also clarified that ST Technologies’ possession of a Special Control Unit against Money Laundering (SCUML) certificate does not constitute regulatory approval to manage or solicit investments.
The alleged fraud began to unravel after CBEX abruptly restricted withdrawals on April 9. Just before going offline, the platform issued a dubious notice asking users to deposit additional funds — $100 for accounts with balances under $1,000 and $200 for those above — under the guise of account verification. Many users complied, unaware that the platform was on the verge of shutting down.
EFCC spokesperson Dele Oyewale assured the public that the commission is collaborating with international law enforcement agencies, including Interpol, to trace the suspects and recover stolen funds.
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