The Economic and Financial Crimes Commission (EFCC) has delisted Elie Bitar from its wanted list, acknowledging a mistake in its probe of the collapsed Crypto Bridge Exchange (CBEX) platform.
In a statement issued on Wednesday, EFCC spokesperson Dele Oyewale confirmed Bitar’s removal from the wanted list, citing updated evidence.
New information clears Bitar’s name
“Ellie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information that does not support his inclusion in the wanted person’s list,” Oyewale stated.
The Commission maintained that its investigation into the CBEX fraud is progressing, with international law enforcement agencies collaborating to track down the remaining suspects.
Eight Nigerians and four Kenyans have been implicated in the scheme, which allegedly defrauded over 600,000 Nigerian investors of an estimated ₦1.3 trillion (approximately $940 million).
The eight Nigerians declared wanted by the EFCC include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro.
CBEX scam exposes regulatory gaps in Africa’s crypto market
The CBEX fraud has reignited discussions about the urgent need for stricter cryptocurrency regulations across Africa. The scheme mimicked the name of the legitimate China Beijing Equity Exchange to appear credible, luring investors with promises of high returns before abruptly collapsing.
This is not the first time Nigerians have fallen victim to such schemes. Since 2016, Ponzi operations like Mavrodi Mundial Movement (MMM), Ultimate Cycler, and Chinmark Group have collectively defrauded over ₦5 trillion from unsuspecting investors.
An anti-fraud expert, Prof. Godwin Oyedokun, noted the recurring warning signs ignored by investors: “Warning signs like high returns with little or no risk, pressure to invest, no tangible product, absence of legal protection, and unregistered professionals have always accompanied most Ponzi schemes, yet, they thrive.”
The Nigerian Securities and Exchange Commission (SEC) has repeatedly cautioned against unregistered trading platforms, emphasizing the newly enacted Investments and Securities Act 2025, which criminalizes unauthorized forex and crypto trading operations.
The CBEX scandal has served as a wake-up call for African governments to tighten oversight of digital assets.
Countries like Kenya are moving toward implementing mandatory licensing and registration for Virtual Asset Service Providers (VASPs) such as exchanges, custodians, and wallet providers to operate legally. South Africa has also implemented the Travel Rule, which began on April 30, 2025
EFCC reiterates its commitment to upholding justice.
Central banks across Africa are increasingly exploring the potential of central bank digital currencies (CBDCs) to harness the benefits of digital technology while maintaining control over monetary policy.
Both Kenya and Nigeria have considered launching their own CBDCs as safer alternatives to private cryptocurrencies.
Lastly, the EFCC reaffirmed its commitment to pursuing all suspects involved in the CBEX fraud, stating: “The Commission is making good progress in its investigations. Law enforcement agencies across the world are collaborating with it in tracking and arresting all the wanted persons. The EFCC will not relent in bringing every actor involved in the fraudulent dealings to book.”