The Economic and Financial Crimes Commission (EFCC) has called on victims of the alleged fraudulent cryptocurrency platform Crypto Bridge Exchange (CBEX) to report to its Ibadan and Lagos Zonal Directorate 2 offices to aid ongoing investigations into a suspected multi-million-naira scam.
The invitation, announced on Friday, August 22, 2025, by EFCC spokesperson Dele Oyewale via the agency’s X handle @officialEFCC targets investors who lost funds through CBEX offices in Ibadan and Idimu, Lagos, as reported by TheGuildNG, Tribune Online, and Premium Times.
The EFCC is prosecuting three suspects: Adefowoara Abiodun Olanipekun, Otorudo Avwerosuo, and Ehirim Justice Chukwuebuka, for allegedly operating CBEX without Securities and Exchange Commission (SEC) authorization, luring investors with promises of up to 88% returns, leading to losses estimated at N1.2 trillion ($1 billion) when the platform collapsed in April 2025.
CBEX, launched in July 2024, enticed thousands of Nigerians with unrealistic investment returns, but by April 2025, users reported failed withdrawals, sparking outrage. The EFCC, collaborating with Interpol and the FBI, has traced the scam to four countries and previously declared eight individuals, including four Nigerians and four foreigners, wanted.
Victims are urged to visit the Ibadan Zonal Directorate at 16A Reverend Oyebode Crescent, Iyaganku, Ibadan, or Lagos Zonal Directorate 2 at 7A Okotie-Eboh Street, Ikoyi, to provide evidence. Oyewale emphasized, “The commission is determined to bring perpetrators to justice,” noting that victim testimonies are crucial for prosecution.
