The Economic and Financial Crimes Commission (EFCC) has called on Nigerians who lost money to the Crypto Bridge Exchange (CBEX) Ponzi scheme to come forward and support its investigation. The agency specifically wants victims who transacted through CBEX offices in Ibadan and Idimu, Lagos to report to its Ibadan and Lagos Zonal Directorates.
In April, investigations exposed several promoters behind the scheme, including Adefowora Abiodun Olanipekun, Avwerosuo Otorudo, and Ehirim Justice Chukwuebuka, who are currently facing prosecution. The EFCC noted that CBEX drew in thousands of unsuspecting investors with false promises of high returns, resulting in serious financial losses.
Victims’ cooperation is vital, says EFCC spokesperson Dele Oyewale, who emphasized that those who dealt with the CBEX-linked outlets should report to either EFCC office to provide evidence and help strengthen the ongoing legal action.
This call follows prior efforts in May 2025, when the EFCC began recovering portions of the misappropriated funds—some out of losses estimated at ₦1.3 trillion—and initiated forfeiture proceedings to reclaim investors’ assets.
Photo credit: Unsplash
0 Comments