Abuja, Nigeria – June 4, 2025
The Economic and Financial Crimes Commission (EFCC) has declared two individuals—Folashade Odelana and Bamidele Ayodele Abiodun—wanted over their alleged involvement in a staggering cryptocurrency scam connected to the controversial Crypto Bridge Exchange (CBEX) platform.
In a public notice posted via its verified X (formerly Twitter) handle, the anti-graft agency accused the duo of masterminding a sophisticated multi-million-naira fraud that defrauded thousands of unsuspecting Nigerians through fake digital investments on CBEX.
The EFCC called on members of the public with reliable information about the whereabouts of the suspects to come forward, assuring that all tips will be treated with strict confidentiality.
This development follows the EFCC’s earlier announcement in May regarding the recovery of a significant portion of funds linked to CBEX. EFCC Chairman Mr. Ola Olukoyede, during an interview with TVC, confirmed that operatives had successfully arrested some individuals involved in the fraud and recovered part of the stolen cryptocurrency.
“We have gone far with CBEX. We’ve recovered a reasonable amount of money,” Olukoyede said. He explained that converting the recovered digital assets into actual cash posed a technical challenge. “You can’t just get dollars in cash from a crypto wallet without going through similar processes the scammers used,” he added.
Olukoyede further revealed that the perpetrators used non-custodial crypto wallets—wallets without identity verification—making it difficult to trace or link them to real individuals. “From those wallets, funds were moved to destinations in Europe, especially Eastern Europe and Cambodia. We’ve managed to block some of these wallets before the funds were dispersed,” he disclosed.
Despite arrests, the EFCC confirmed that several key suspects are still on the run, prompting the declaration of more individuals as wanted.
In April, Adefowora Abiodun, one of the major promoters of the scheme, voluntarily surrendered to the EFCC in Abuja. His surrender came shortly after Justice Emeka Nwite of the Federal High Court, Abuja, approved the EFCC’s request to arrest and detain six CBEX operators—including Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
All six were earlier declared wanted in connection with an alleged fraudulent investment scheme reportedly worth over $1 billion, which collapsed and wiped out the life savings of thousands of Nigerians, especially young investors.
Adefowora Abiodun, through his legal counsel Babatunde Busari, expressed readiness to cooperate fully with the agency to clear his name and debunk widespread media allegations.
Meanwhile, the EFCC is urging the public to remain vigilant and avoid falling victim to fraudulent online investment schemes masquerading as crypto opportunities.
