The Economic and Financial Crimes Commission (EFCC) has declared two individuals wanted for their alleged roles in a multi-million naira cryptocurrency fraud linked to Crypto Bridge Exchange (CBEX), a digital asset trading platform that recently collapsed under controversial circumstances.
The individuals identified as Folashade Odelana and Bamidele Ayodele Abiodun.
In a public notice posted via its official X (formerly Twitter) handle on Wednesday, June 4, the EFCC accused the duo of orchestrating elaborate scams that defrauded unsuspecting investors through CBEX.
The anti-graft agency appealed to members of the public with credible information regarding the whereabouts of the suspects to come forward, assuring that such tips would be treated with the highest confidentiality.
The EFCC had previously launched a sweeping investigation into CBEX, which is suspected of running a large-scale Ponzi scheme disguised as a digital asset investment platform. The scheme is believed to have defrauded thousands of Nigerians—mainly young investors—of over $1 billion (approximately ₦1.6 trillion), wiping out life savings and plunging victims into financial distress.
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In May, EFCC Chairman Ola Olukoyede confirmed during a televised interview on TVC that the agency had made significant progress in the case, including the recovery of part of the stolen funds and the arrest of several suspects.
“We have gone far with CBEX. We’ve recovered a reasonable amount of money,” Olukoyede stated, noting that the funds were traced through cryptocurrency wallets. He added that recovering the money in liquid form had posed challenges due to the complexities of converting digital assets back to cash.
Olukoyede revealed that the fraudsters employed non-custodial wallets—crypto wallets that do not require identity verification—making it more difficult to trace their identities. He disclosed that the stolen funds were moved through digital wallets in Europe and Eastern Asia, particularly Cambodia, before being dispersed.
“We are still investigating a lot of wallets. Some we have been able to block before the money was moved,” he said.
The EFCC has warned the public to be cautious, especially as some victims continue to fall for similar schemes.
The latest declaration follows earlier actions taken by the EFCC, including a court-approved warrant to arrest six suspected CBEX promoters. These include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In April, Adefowora Abiodun voluntarily surrendered to the EFCC headquarters in Abuja, accompanied by his legal team. His counsel, Babatunde Busari, stated that Abiodun was willing to cooperate with investigators to clear his name and correct misinformation circulating in the media.
