EFCC Uncovers N1.3 Trillion CBEX Crypto Fraud, Makes Arrests

 

The Economic and Financial Crimes Commission (EFCC) has announced a major breakthrough in its ongoing investigation into a massive ₦1.3 trillion cryptocurrency fraud linked to the now-defunct Crypto Bridge Exchange (CBEX). According to EFCC Chairman Ola Olukoyede, the scam, one of the largest in Nigeria’s financial history, affected over 600,000 Nigerians who had invested in the platform before it collapsed in April 2025.

Three suspects are currently in custody and cooperating with investigators, while eight individuals have been declared wanted in connection with the fraudulent scheme. The wanted persons include Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and others, many of whom are suspected to have operated from outside Nigeria.

Chairman Olukoyede disclosed that the EFCC has successfully traced funds linked to the fraud across four different countries. “This was a sophisticated international scam, with most of the transactions conducted through cryptocurrencies and hidden in foreign digital wallets,” he stated. The cross-border nature of the crime, he said, presents significant challenges to fund recovery, and total restitution may be difficult.

A Federal High Court in Abuja has granted the EFCC the authority to arrest individuals involved in promoting the CBEX platform. The ruling followed legal submissions from EFCC prosecutors, who emphasized the need to curtail the spread of Ponzi-like investment schemes.

Olukoyede urged Nigerians to remain vigilant and avoid investing in unregulated platforms. “We have consistently warned the public against Ponzi schemes disguised as crypto investments,” he added.

The EFCC has reiterated its commitment to bringing all perpetrators to justice and is working with international partners to recover assets and funds wherever they are hidden.

For updates and the list of wanted persons, the public is advised to visit the EFCC’s official website.

For more detailed information, you can visit the EFCC's official website: https://www.efcc.gov.ng.