Breaking: EFCC reveals identities of CBEX scammers

Anti-graft agency, Economic and Financial Crimes Commission (EFCC), has declared four individuals wanted for alleged fraud on an online trading platform called Crypto Bridge Exchange (CBEX).

Diaspora Digital Media had earlier reported that EFCC and Interpol had declared a manhunt for the masterminds of the scheme.

Taking to its verified facebook page, the commission listed one Seyi Oloyede: an EFCC official with an unspecified last known address; Adefowora Oluwanisola: 37 years old, last known address at 13, Jimoh Odutola, Ogunpa, Ibadan, Oyo State; Emmanuel Uko: Last known address at No 166, Idimu Egbeda Road, Lagos; Abiodun Olaonipekun: 44 years old, last known address at 13, Jimoh Odutola, Ogunpa, Ibadan, Oyo State; as masterminds of the scam.

The EFCC is seeking information on the whereabouts of these individuals and has provided contact details for the public to report any useful information:

The commission’s contact numbers are: 0909044751-3, 08093322644, 08183322644, 070264507213, 0706350724-5.

Its email address is info@efccnigeria.org

A tale of woes

Thousands of Nigerians were thrown into tears  following the realization that the funds they invested in CBEX,  reportedly amounting to N1.3 trillion, was nowhere to be found.

The digital trading platform which boasted of giving investors 100% Return on Investment in 30 days crashed on Monday, after the money in their investors’ wallets vanished.

Many Nigerians cried uncontrollably, lamenting their losses. “I have lost my house rent,” said Oni Tolulope, a victim. “I heard it’s been operating for two years…my friend introduced me to it last year, but I was unwilling. Fast forward to this February, I thought about the many things I had to do with little or no money and since CBEX was still active and running, I felt I should invest my little savings and watch it grow to cover my expenses.”

Another victim, a young man who just got wedded, said he almost invested his wedding funds in the platform in December. “It started like this; last year December was my wedding but approaching December, at some point, I was broke and money wasn’t coming. So I decided to invest what I had saved up for the wedding in CBEX.”

The crash has sparked a wave of protests and looting across several states. In Ibadan, Oyo State, the CBEX office was looted by angry investors and residents on Monday night. Witnesses reported that a large crowd broke into the building, destroyed equipment and carted away office property.

The Hong Kong Securities and Futures Commission had issued a warning against CBEX Group and Bitget Pro, for suspected virtual asset-related fraudulent activities. The SFC reported that investors faced difficulties with withdrawals and unauthorised transactions.

The Securities and Exchange Commission has empowered by the newly enacted Investments and Securities Act, 2025 to register and regulate digital asset exchanges. The law makes it illegal to operate digital asset exchanges without formal registration with the Commission.

Experts say many Nigerians have developed a liking for investing in informal Ponzi schemes due to the distrust of the formal financial system. “Nigeria must strengthen its formal financial and investment systems to make them functional and more rewarding,” said Professor Ndubisi Nwokoma, a Professor of Economics.

Financial expert Ayokunle Olubunmi said the development shows there is still a lot to do pertaining to financial education. “What we need to do as Nigerians is to sensitise ourselves. Any scheme or investment platforms that you see, always ask questions.”

About CBEX

The CBEX fraud scam in Nigeria was a massive Ponzi scheme that defrauded investors of approximately ₦1.3 trillion.

CBEX marketed itself as a digital asset trading platform, promising 100% returns on investment within 30 days. It used fake documents, forged licenses, and misleading branding to appear legitimate.

The scam primarily targeted low-income individuals, youth facing economic hardship, and those seeking financial relief. Many victims were lured by the promise of quick profits and invested their life savings. Despite warnings from regulatory bodies, many investors ignored these signs.

The scheme collapsed when CBEX locked users out of their accounts, stopped withdrawals, and demanded deposits to verify accounts.

For Diaspora Digital Media Updates click on Whatsapp, or Telegram. For eyewitness accounts/ reports/ articles, write to: citizenreports@diasporadigitalmedia.com. Follow us on X (Fomerly Twitter) or Facebook