EFCC declares eight individuals wanted over CBEX fraud scheme

In a public notice issued yesterday, the EFCC identified the suspects as Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olaonipekun.

“The public is hereby notified that the individuals whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in fraud perpetrated through an online trading platform known as Crypto Bridge Exchange (CBEX),” the statement read.

Also declared wanted are their foreign collaborators: Johnson Otieno, Israel Mbaluka, Joseph Kabera, and Serah Michiro.

This development follows the Federal High Court in Abuja granting the EFCC’s request to arrest and detain individuals linked to the CBEX scheme.

Justice Emeka Nwite issued the order after reviewing submissions by EFCC counsel, Fadila Yusuf.

The six promoters listed in an ex parte motion filed on April 23 are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

In the motion, the EFCC sought the court’s permission to detain the suspects pending the completion of investigations and possible prosecution.

The agency accused the defendants of luring investors by promising unrealistic returns of up to 100%.

Recently, CBEX users reported being unable to access or withdraw their funds from the platform, where many Nigerians had invested heavily.

Frustrated investors have since stormed CBEX offices in Oyo and other locations, demanding the return of their money.