EFCC INVESTIGATES CBEX FRAUD.

The Economic and Financial Crimes Commission has reached out to victims of the CBEX fraud.

This platform, launched in July 2024, attracted thousands of Nigerians with promises of high returns on cryptocurrency investments. However, many users soon faced financial losses as the scheme unraveled.

On Friday, EFCC announced that victims should report to its Zonal Directorates in Ibadan and Lagos. The commission aims to gather information to aid its ongoing investigation. Dele Oyewale, the Head of Media and Publicity, emphasized the importance of victim participation in the probe.

READ: EFCC DECLARES ATIKU SON-IN-LAW WANTED.

Currently, EFCC is prosecuting three suspects: Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka. These individuals allegedly played significant roles in the fraudulent activities associated with CBEX. The commission explained that the platform lured unsuspecting investors with unrealistic promises, leading to serious financial repercussions.

By April 2025, many users reported failed withdrawal attempts and lost funds. This situation ignited outrage on social media, prompting the EFCC to declare eight individuals wanted in connection with the scheme. Investigations revealed that investors deposited USDT, a stablecoin, into wallets controlled by the suspects.

THE SENTENCE:

In late April, a judge granted the EFCC permission to arrest six alleged operators of the Ponzi scheme. These individuals include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Awerosuo Otorudo, and Chukwuebuka Ehirim in connection with the CBEX fraud. They remain in custody pending the investigation’s conclusion.

Otorudo and Ehirim faced arraignment on July 7 before Judge Mohammed Umar in Abuja. Reports indicate they received bail set at ₦10 million each, with two sureties. Olanipekun, along with his company, ST Technologies International Limited, faced charges on July 18 in the same court.

The commission alleges that from January 2024 to May 2025, the defendants invited the public to deposit funds through CBEX. They promised returns as high as 88 percent without proper registration or consent from the Securities and Exchange Commission. This action violates the Investment and Securities Act of 2025. SEC later declared CBEX illegal and unregistered.

The commission urges all victims who invested through the identified CBEX offices to come forward. Their cooperation will greatly assist the commission in its efforts to bring those responsible to justice.