Two More Suspects Wanted Over N1bn CBEX Fraud – EFCC Declares

The Economic and Financial Crimes Commission (EFCC) has issued a wanted notice for two individuals in relation to the purported N1 billion cryptocurrency scam associated with Crypto Bridge Exchange (CBEX).

In a statement released through its official X account yesterday, the commission named the individuals as Folashade Odelana and Bamidele Ayodele Abiodun.

The notice indicated that the last known residence of the suspects is located at 17, Oremeta Street, Allen Avenue, Ikeja, Lagos.

The anti-corruption agency has called upon the public to provide any relevant information regarding their location by reaching out to any of its offices across the nation.

This recent announcement increases the total number of individuals sought in connection with the CBEX fraud to ten.

It could be recalled that in April 2025, users of CBEX raised concerns after they were unable to access or withdraw their investments.

The situation, which impacted numerous Nigerians, incited public anger as many individuals reported substantial financial losses due to the failed cryptocurrency platform.

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Previously, the EFCC had declared eight individuals wanted in relation to this case. These individuals include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro.

The commission has also obtained arrest warrants for six of the suspects, specifically Olanipekun, Oluwanisola, Uko, Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

Ola Olukoyede, the chairman of the EFCC, has reassured victims of the financial scam that the commission is making headway in both the investigation and recovery efforts.

He said “a reasonable amount” of funds has already been recovered and some arrests have been made.

The EFCC chairman said the commission committed to bringing all those involved in the alleged scam to justice and recover as much of the stolen funds as possible.