The Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted for their alleged involvement in a fraudulent scheme operated through an online trading platform known as Crypto Bridge Exchange (CBEX).
The announcement was made via a public notice posted on the commission’s official X account on Friday, April 25, 2025.
“The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the notice read.
Among those declared wanted are Seyi Oloyede and Emmanuel Uko, both last traced to No. 166, Idimu Egbeda Road, Lagos State. Also on the wanted list are Adefora Oluwanisola, 37, and Adefora Abiodun Olaonipekun, 44, whose last known address is 13 Jimoh Odutola, Ogunpa, Ibadan, Oyo State.
Other individuals declared wanted include Johnson Okiroh Otieno—last known address: No. 166, Idimu Egbeda Road, Lagos State; Israel Mbaluka—last known address: No. 166, Idimu Egbeda Road, Lagos State; Joseph Michiro Kabera—last known address: No. 166, Idimu Egbeda Road, Lagos State; and Serah Michiro—last known address: No. 166, Idimu Egbeda Road, Lagos State.
Crypto Bridge Exchange (CBEX) has recently attracted widespread public scrutiny following numerous complaints from users who were reportedly unable to withdraw their funds, fuelling suspicions that the platform might have collapsed.
While some users still claim that CBEX is operational, others have labelled it a Ponzi scheme. The platform reportedly promised users a 100% return on investment within a month, alongside referral rewards, with all transactions conducted in US dollars.
According to a report, CBEX is not registered with Nigeria’s Securities and Exchange Commission (SEC), which has confirmed that any digital trading platform not registered with the commission is operating illegally.
Investigations have revealed that the promoters allegedly used ST Technologies International Limited to entice Nigerians into investing in CBEX, offering unrealistic returns. The EFCC disclosed that victims were made to convert their funds into USDT (a stablecoin) and transfer them into digital wallets controlled by the suspects.
The Federal High Court in Abuja has issued a warrant for the arrest and remand of six promoters linked to CBEX, including two of the individuals newly declared wanted.
Justice Emeka Nwite granted the order following submissions by EFCC counsel, Fadila Yusuf, who informed the court that over $1 billion in investors’ funds had disappeared and that the syndicate had ties to international collaborators.
