Posted by Samuel on Sat 23rd Aug, 2025 - tori.ng
The EFCC said CBEX lured unsuspecting Nigerians with promises of mouth-watering returns on cryptocurrency investments but eventually collapsed, leaving many victims stranded and devastated.
The Economic and Financial Crimes Commission (EFCC) has urged Nigerians who lost funds to the fraudulent online trading platform Crypto Bridge Exchange (CBEX) to visit its Ibadan and Lagos offices to assist with investigations into the alleged multi-million-naira scam.
In a statement issued on Friday by its Head of Media and Publicity, Dele Oyewale, the anti-graft agency disclosed that three suspects — Adefowoara Abiodun Olanipekun, Otorudo Avwerosuo, and Ehirim Justice Chukwuebuka — are already facing prosecution over their alleged roles in the scheme.
The EFCC said CBEX lured unsuspecting Nigerians with promises of mouth-watering returns on cryptocurrency investments but eventually collapsed, leaving many victims stranded and devastated.
According to the Commission, the fraudsters operated through offices in Ibadan, Oyo State, and Idimu, Lagos, where several victims invested funds they could no longer retrieve.
“The scheme led to serious financial losses for Nigerians who invested their funds with the promise of unrealistic returns on investment.
“In view of the foregoing, and the need 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 partly reads.