The Economic and Financial Crimes Commission (EFCC) revealed major developments in its Crypto Bridge Exchange fraud probe through a May 15 Twitter statement.
Investigators have now narrowed their search to eight key suspects after reviewing fresh evidence.
Authorities identified the wanted individuals as Seyi Oloyede, Emmanuel Uko, and Adefowora Oluwanisola alongside five others. These suspects allegedly orchestrated a sophisticated financial scheme that defrauded numerous investors across multiple countries.
Meanwhile, the EFCC cleared Ellie Bitar of CBEX Solutions Ltd. after new findings disproved initial suspicions. The commission continues verifying documents while tracking the remaining suspects through international networks.
Currently, operatives are collaborating with global law enforcement to locate the fugitives. The agency confirmed recovering substantial evidence showing how the suspects manipulated cryptocurrency transactions.
Furthermore, the EFCC vowed to pursue justice relentlessly until all perpetrators face prosecution. “We’re closing in on these fraudsters through coordinated intelligence sharing,” stated an investigator familiar with the case.
Victims of the alleged scam have welcomed the development after months of uncertainty. Many described losing life savings when CBEX suddenly collapsed last year without explanation.
As the investigation progresses, the anti-graft agency promised regular updates about asset recovery efforts. Forensic accountants are tracing illicit funds through blockchain analysis and bank records.
The commission also warned the public against obstructing justice by harboring suspects. Citizens should report any sightings through dedicated hotlines while avoiding vigilante actions.
This case represents Nigeria’s latest crackdown on crypto-related crimes following earlier high-profile prosecutions. Experts suggest such scams thrive through complex digital footprints that challenge traditional policing methods.
International partners have pledged support, recognizing cryptocurrency fraud as a growing transnational threat. The EFCC anticipates extradition requests may follow once suspects’ locations are confirmed abroad.
For now, investigators remain focused on building watertight cases against each defendant. They emphasize that thoroughness matters more than speed in ensuring successful convictions.
The commission’s spokesman assured Nigerians that no stone would be left unturned. “Financial crimes erode public trust – we’re determined to restore confidence through this prosecution,” he affirmed.
Authorities encourage affected investors to submit formal statements at any EFCC zonal office. Proper documentation will strengthen both the criminal case and potential restitution processes later.
This development comes as Nigeria tightens cryptocurrency regulations to prevent future scams. The government recently mandated stricter licensing for digital asset platforms operating nationwide.
Observers note the CBEX case could set important precedents for prosecuting complex financial crimes. Its outcome may influence how regulators balance innovation with consumer protection in Africa’s largest digital economy.