EFCC Declares Two Nigerians Wanted Over N1.3 Trillion CBEX Crypto Scam

The Economic and Financial Crimes Commission (EFCC) has declared two Nigerians, Folashade Odelana and Bamidele Ayodele Abiodun, wanted for their alleged involvement in a N1.3 trillion cryptocurrency fraud linked to the Crypto Bridge Exchange (CBEX), a digital asset trading platform. The announcement was made in a public notice shared on the commission’s official X (formerly Twitter) account on Wednesday, June 4. According to the EFCC, the duo masterminded elaborate investment scams that defrauded unsuspecting investors through the CBEX platform.

The commission is calling on members of the public with credible information on the whereabouts of the suspects to come forward, assuring that such tips will be treated with strict confidentiality. The EFCC had previously revealed in May that it had recovered a portion of the stolen funds from CBEX. Chairman of the EFCC, Ola Olukoyede, shared this during an interview with TVC, stating that some suspects had already been arrested in connection with the fraud.

Olukoyede explained that the funds were taken in cryptocurrency and traced through complex digital transactions. He noted the challenges the commission faced in converting the digital assets back into physical currency. He emphasized that although the money was recovered in crypto wallets, the conversion process made full recovery difficult.

The EFCC chairman also disclosed that the perpetrators used non-custodial wallets—wallets with no identity verification (KYC)—making it difficult to trace them. He said the fraudsters moved the funds from these anonymous wallets to others in Europe and Southeast Asia, particularly Cambodia. While some wallets have been successfully frozen, others had already dispersed the funds.

He warned that despite the ongoing investigation, some of the scammers remain active and continue to target Nigerians. He urged the public to be vigilant and learn from the unfolding events surrounding CBEX.

Earlier this year, the EFCC declared six individuals wanted in connection with the CBEX scam, including Adefowora Abiodun, who later turned himself in at the EFCC headquarters in Abuja. Abiodun was accompanied by his legal team and expressed willingness to cooperate with investigators. His lawyer, Babatunde Busari, said the move was to clear his name and correct misconceptions fueled by media coverage.

The Federal High Court in Abuja, presided over by Justice Emeka Nwite, had previously granted the EFCC permission to arrest and detain the six promoters of CBEX, which included Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. These individuals were accused of orchestrating a fraudulent investment scheme estimated at over \$1 billion, resulting in the loss of life savings for thousands of Nigerians—many of them young people—who believed they were investing in a legitimate digital platform.