CBEX: EFCC Hunts Six in CBEX Fraud Investigation

April 25, 2025 EMMANUEL ADEBAYO AJIBOLA

Justice Emeka Nwite of the Federal High Court in Abuja has ordered the arrest of six individuals linked to the cryptocurrency investment platform CryptoBank Exchange (CBEX), over allegations of defrauding Nigerians of over $1 billion.

The suspects, including Adefowora Abiodun Olanipekun and Emmanuel Oku, allegedly operated through a company identified as ST Technologies, which served as a front for the fraudulent scheme. The Economic and Financial Crimes Commission (EFCC) said the suspects lured thousands of unsuspecting investors with promises of high returns through a bogus crypto investment opportunity.

The arrest warrant was granted following an ex parte motion filed by the EFCC, which detailed how the accused misled the public under the guise of operating a legitimate digital currency exchange.

In a statement released on Wednesday, the EFCC said:

“The individuals behind CBEX presented themselves as reputable fintech professionals, using sophisticated marketing and fabricated projections to gain investors’ trust,” said Dele Oyewale, EFCC spokesperson.
“Unfortunately, it was nothing more than a well-orchestrated Ponzi-style fraud designed to syphon funds from innocent Nigerians.”

According to the EFCC, over ₦1.3 trillion was funnelled through the platform before victims began raising alarms over delays in withdrawals and unfulfilled promises.

“We want Nigerians to know that we are fully committed to unravelling this web of deceit. We are also working with Interpol and other global partners to trace and recover assets linked to the scam,” the EFCC added.

Investigations are ongoing, and the commission has reassured the public that every effort will be made to bring the perpetrators to justice and restore confidence in Nigeria’s financial system.

CBEX’s collapse has reignited calls for stronger regulation of cryptocurrency and fintech platforms operating within Nigeria’s borders. Authorities have warned citizens to exercise caution and conduct thorough research before engaging in online investment schemes.