Nigeria seeks help from CBEX scam victims in ongoing case

The Economic and Financial Crimes Commission (EFCC) of Nigeria has called on all victims of the Crypto Bridge Exchange (CBEX) investment fraud to assist them with the ongoing investigations. The agency mentioned that victims who would love to help them in the ongoing investigations of some suspects should report to its Ibadan and Lagos 2 Zonal Directorates.

As previously reported by Cryptopolitan, the EFCC got the approval from the federal high court in Abuja to arrest and retain six promoters associated with the CBEX investment platform in April. According to the application, six people, including Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, were all being held responsible for over $1 billion worth of investment fraud.

EFCC urges CBEX victims to assist with investigations

In its statement, the EFCC says it prefers input from individuals who dealt directly with some of the detained promoters at the CBEX offices in Ibadan. The victims were asked to visit the EFCC.

The agency made the call in a statement that it shared on its official X handle on Friday, with the detailed statement signed by the EFCC Head, Media and Publicity, Dele Oyewale. The EFCC claimed that CBEX led to serious financial losses for Nigerians who invested their life savings under the promises of unrealistic returns on investments. The agency had previously mentioned that the individuals detained had used their company to promote the scam by creating ads and misleading the general public.

According to the EFCC, the defendants promised the victims unrealistic returns on up to 100% of their investments in several advertisements they made. Court documents showed that victims initially had access to their investment page on the platforms to keep an eye on their investments and potential rewards. However, things started to go from bad to worse after they realized they could no longer access the CBEX website or get back their funds from the investments they made on the platform.

Suspects plead not guilty in court

EFCC mentioned that out of the initial six suspects it detained, it is currently prosecuting three, Adefowora Abiodun Olanipekun, Otorudo Avwerosuo, and Justice Ehirim Chukwuebuka, for their “alleged involvement in the fraudulent online cryptocurrency trading platform called CBEX.”

Court documents showed that Otorudo and Ehirim were arraigned by the EFCC before Judge Mohammed Umar of the Federal High Court in Abuja on July 7. Several reports showed that the pair were eventually granted bail for 10 million naira each, with two sureties in like sum.

Documents also showed that Olaonipekun, alongside his company ST Technologies International Limited, was also arraigned in the same court on July 18. In one of the charges read before the court, the EFCC alleged that between January 2024 and May 2025, the defendants urged members of the public to deposit money for a fixed term or payable on call through CBEX. They promised up to 88% return on investment without obtaining written consent from the Securities and Exchange Commission (SEC).

According to the EFCC, the group allegedly violated Section 1 of the Investment and Securities Act, 2025, and is punishable under Section 96(5) of the same Act. The suspects pleaded not guilty to the offenses. However, the EFCC wants victims who invested funds directly in the scheme to come forward to assist the commission in its investigations, which will likely see them serve as witnesses to prove that the suspects invited the general public to invest in CBEX via their ads.

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