The Economic and Financial Crimes Commission (EFCC) has declared eight suspects, including four foreign nationals, wanted over alleged involvement in the Ponzi scheme platform Crypto Bridge Exchange (CBEX).
The agency issued the public notice via its X handle in two batches of four suspects each on Friday.
The first batch comprised four Nigerians – Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede – declared wanted by the EFCC.
Two hours later, EFCC shared the post declaring the second batch of four suspects described as “foreign accomplices” wanted.
Although their nationalities were not disclosed, the public identified them as Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro.
“The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” each of the two public notices read.
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The EFCC declared the suspects wanted barely 24 hours after the commission obtained an order of the Federal High Court in Abuja for the arrest of some of the suspects.
The EFCC alleged in its application for their arrest order the that the group operated through a front company, ST Technologies International Limited, to promote CBEX and lure Nigerians into investing in cryptocurrencies and other digital assets with promises of up to 100 per cent returns within 30 days.
The anti-graft agency told the court that the preliminary investigation revealed that the suspects “using their company, ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform”.
The EFCC further revealed that the defendants promised an unrealistic return on investment of up to 100 percent.
At Thursday’s court session, EFCC lawyer Fadila Yusuf told the judge that the scam involved foreign collaborators and required urgent action to track and apprehend the suspects.
The lawyer then urged the court to issue a warrant of arrest for the defendants.
She also sought another order remanding the defendants in the custody of the complainant/applicant (EFCC) pending the conclusion of the investigation into the alleged offences and possible prosecution.
Granting the EFCC’s request, Mr Nwite ordered that the suspects be remanded in EFCC custody once arrested, pending the conclusion of the investigation and possible prosecution.
According to the EFCC, ST Technologies, the promoter of CBEX, was registered with Nigeria’s Corporate Affairs Commission (CAC) but never obtained a licence from the Securities and Exchange Commission (SEC) to operate as an investment firm.
The commission further noted that a Special Control Unit against Money Laundering (SCUML) certificate which ST Technologies possessed does not constitute regulatory approval to handle investments.
EFCC, through its spokesperson, Dele Oyewale, earlier assured Nigerians that it was working with international agencies, including Interpol, to recover the stolen funds.
CBEX reportedly restricted withdrawals on 9 April, prompting concerns among users. Shortly before going dark, the platform issued a suspicious notice asking users to deposit additional funds — $100 for accounts with balances below $1,000, and $200 for those above — under the guise of account verification. Many users complied, unaware the platform was about to shut down.
