EFCC Declares Two Wanted In Connection With CBEX Multi-Million Naira Fraud.
In a significant development in the fight against financial crime, the Economic and Financial Crimes Commission (EFCC) has declared two individuals wanted in connection with an alleged multi-million naira fraud involving the Crypto Bridge Exchange (CBEX), a digital trading platform. The suspects, identified as Folashade Odelana and Bamidele Ayodele Abiodun, are accused of orchestrating fraudulent activities that have left numerous Nigerian investors reeling from substantial financial losses.
The EFCC announced the move on Wednesday, 4 June 2025, through a public notice shared across its official social media platforms. “The public is hereby notified that Folashade Odelana and Bamidele Ayodele Abiodun are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the statement read. The anti-graft agency urged anyone with information on the whereabouts of the suspects to come forward, emphasising its resolve to tackle cyber-related financial crimes in Nigeria’s burgeoning digital asset sector.
The CBEX saga first came to light in April 2025, when the platform reportedly collapsed, wiping out an estimated ₦1.3 trillion from investors’ wallets. The digital trading outfit had lured thousands of Nigerians with promises of a staggering 100% return on investment within 30 days, alongside referral rewards, all transacted in US dollars. However, suspicions of a Ponzi scheme mounted when users found themselves unable to withdraw funds, prompting widespread outrage and protests. Frustrated investors reportedly stormed CBEX offices in Oyo State and other locations, demanding refunds and accountability.
Investigations by the EFCC revealed that the suspects, allegedly operating through a front company, ST Technologies International Limited, promoted CBEX with enticing adverts to draw in unsuspecting members of the public. The Securities and Exchange Commission (SEC) has since clarified that CBEX was not registered with the regulatory body, rendering its operations illegal under Nigerian law. The EFCC further noted that while ST Technologies was registered with the Corporate Affairs Commission (CAC), it lacked the necessary licence from the SEC to function as an investment firm.
A Federal High Court in Abuja previously granted the EFCC permission to arrest and detain six CBEX promoters pending further investigation and potential prosecution, following an ex parte motion filed by EFCC counsel Fadila Yusuf. The latest declaration of Odelana and Abiodun as wanted underscores the agency’s intensifying efforts to bring all perpetrators to justice. The EFCC has also hinted at collaboration with Interpol and other international law enforcement agencies to trace stolen assets and apprehend fugitives.
The commission reiterated its call for public assistance, urging anyone with useful information to contact its offices in Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, Ilorin, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja. Tips can also be submitted via phone at 08093322644 or by email at info@efcc.gov.ng, with the EFCC assuring confidentiality for all informants.
This development follows earlier progress in the case, with the EFCC reporting in May 2025 that it had recovered a portion of the lost funds and made arrests, though some suspects remain at large. The collapse of CBEX has reignited concerns about the risks of unregistered digital trading platforms, echoing past Ponzi schemes like the infamous Mavrodi Mundial Moneybox (MMM) that devastated Nigerians in 2016. Analysts and regulators are now calling for heightened public awareness, stricter oversight, and swift enforcement to curb such fraudulent schemes.
As the EFCC presses on with its investigation, Nigerians await justice and the potential recovery of their hard-earned money, hoping for a crackdown on those exploiting the promise of cryptocurrency riches.
