The Economic and Financial Crimes Commission (EFCC) has called on Nigerians who were defrauded by the collapsed cryptocurrency platform, Crypto Bridge Exchange (CBEX), to assist with its ongoing investigation by reporting to its offices in Lagos and Ibadan.
According to a statement issued on Friday by the Commission’s Head of Media and Publicity, Dele Oyewale, the anti-graft agency is prosecuting three suspects alleged to have masterminded the multi-million-naira fraud.
How CBEX defrauded Nigerians
Crypto Bridge Exchange, popularly known as CBEX, operated through physical offices in Ibadan, Oyo State, and Idimu, Lagos, where unsuspecting Nigerians were lured into making investments.
The company enticed victims with mouth-watering promises of quick and guaranteed returns on cryptocurrency trading.
However, as with many Ponzi-style schemes, the platform eventually collapsed, leaving its investors stranded and unable to recover their funds.
The EFCC disclosed that the scam caused severe financial losses to dozens of Nigerians, some of whom invested their life savings in hopes of multiplying their income.
Investigations revealed that CBEX offered unrealistic returns to bait investors, a classic red flag in fraudulent investment ventures.
Three individuals identified as Adefowoara Abiodun Olanipekun, Otorudo Avwerosuo, and Ehirim Justice Chukwuebuka are facing prosecution for their alleged roles in managing and promoting the scheme.
The EFCC emphasised that victims’ testimonies and cooperation are crucial in building a solid case against the scammers and recovering any possible funds.
Victims have been directed to report to the Ibadan Zonal Directorate and Lagos Zonal Directorate 2 to provide details of their dealings with the platform.
“This is necessary to assist the Commission in its ongoing investigation,” the statement read, underscoring that the evidence gathered will strengthen the prosecution and help deliver justice.
The EFCC reiterated its commitment to clamping down on fraudulent schemes targeting Nigerians, especially in the growing digital asset space.
As cryptocurrency adoption continues to rise in Nigeria, the Commission has warned citizens to exercise due diligence before investing in online platforms that promise guaranteed profits.
Protecting Nigerians from crypto fraud
The CBEX case is the latest in a string of cyber fraud investigations handled by the EFCC. With the victims now invited to aid the probe, the agency hopes to unravel the full extent of the scam and secure convictions against those behind it.
Financial experts continue to urge Nigerians to be wary of crypto-related offers that seem “too good to be true,” stressing that legitimate investments involve risks and do not guarantee overnight wealth.
The EFCC’s latest call is a step toward justice for CBEX victims and a broader warning about the dangers of unchecked crypto investment schemes in the country.