EFCC Hunts 2 Suspects in Shocking ₦1.3tr CBEX Crypto Scam

EFCC Hunts 2 Suspects in Shocking ₦1.3tr CBEX Crypto Scam

The EFCC has launched a nationwide manhunt for two people believed to be part of a crypto fraud ring that vanished with over ₦1.3 trillion of investors’ money.

The anti-graft agency recently declared Folashade Odelana and Bamidele Ayodele Abiodun wanted in connection with the failed online investment platform known as Crypto Bridge Exchange (CBEX).

According to a statement posted on the EFCC’s official social media handles, both suspects are wanted for allegedly playing key roles in the now-defunct trading scheme. Their photographs were shared to help the public identify and report them.

The CBEX platform, which disguised itself as a trustworthy crypto trading hub, promised Nigerians double returns in just 40 days. Many unsuspecting citizens, hoping for quick profits, poured their savings into the scheme.

But their dreams were shattered when the platform crashed earlier this year. The collapse swept over ₦1.3 trillion from investors’ wallets and left thousands in deep financial pain.

EFCC Chairman, Ola Olukoyede, shared updates on the case during a recent television interview. He confirmed that some stolen funds have already been recovered and arrests have been made.

He also explained why the investigation has been difficult. According to Olukoyede, the scammers used non-custodial wallets, a kind of crypto account that hides users’ identities. This made it tough to track them down.

Despite the challenges, Olukoyede promised that the EFCC is determined to get justice for the victims. He said, “We will not stop until everyone involved is brought to book.”

A Federal High Court in Abuja had earlier granted the EFCC the power to arrest and detain some of the CBEX promoters. The judge, Justice Emeka Nwite, approved the order after hearing from the EFCC’s legal team.

This move gives the commission more legal backing to go after those behind the massive scam. As the investigation deepens, the spotlight has turned toward finding every person connected to the platform.

The CBEX scandal shook the nation and reminded many Nigerians of the dangers of fast-money schemes.

CBEX had introduced itself as a digital asset platform from Singapore, claiming it was founded in 2015. It used flashy ads and sweet promises to lure investors. Most of them had no idea they were walking into a trap.

When the platform went under, frustrated investors stormed CBEX offices in anger. Some reports said that one of its branches was even looted by enraged victims.

Beyond CBEX, the Nigerian public has also been warned about other shady platforms. The Securities and Exchange Commission (SEC) recently raised alarm over another company named Silverkuun Investment Cooperative Society and Silverkuun Limited.

In a public notice, the SEC described the two firms as illegal operators pretending to be licensed investment advisers. They were not registered to offer any services in Nigeria’s capital market.

This wave of fake investment platforms has led many Nigerians to question how such schemes keep fooling the public. Analysts say the lack of financial education, economic hardship, and the rising cost of living make people more vulnerable.

Sadly, these platforms often take advantage of that desperation. They use buzzwords like “crypto” and “digital assets” to gain trust, then vanish with billions.

The EFCC, however, says it is not backing down. Its team continues to work around the clock to recover more stolen funds and catch more suspects involved in the CBEX disaster.

“We are following every trace and every clue. It’s a tough job, but we owe it to the victims,” an EFCC official said under condition of anonymity.

For now, the agency is calling on the public to help by reporting any sighting or clue that may lead to the arrest of the wanted persons. Anonymous tips can be submitted through the commission’s official contact channels.

Meanwhile, those who lost money in the scam continue to hope that justice will come, and some of their savings will be returned.

One affected investor, who asked not to be named, said he had invested money meant for his child’s school fees.

“I saw the adverts online, and it looked real. They promised to double my money in 40 days. I didn’t know it was all a lie,” he said in tears.

He is one of thousands of Nigerians who have now learned a painful lesson.

As EFCC intensifies its work and courts begin to hear cases tied to the scam, Nigerians will be watching to see if this time, the law will catch up with the fraudsters.

The CBEX case may be one of the biggest digital frauds in Nigerian history, but the victims say their pain will not be in vain if justice is done.