Nigeria is seeking help from victims of CBEX fraud in cases of ongoing

The Nigerian Economic and Financial Crimes Commission (EFCC) is calling on all victims of Crypto Bridge Exchange (CBEX) investment fraud to support ongoing investigations. The agency said any victims who want to help them with the ongoing investigation of some suspects should report it to its Ibadan and Lagos 2 Zone Bureau.

As previously reported by Cryptopolitan, the EFCC received approval from the Federal High Court in Abuja in April to arrest and maintain six promoters associated with the CBEX investment platform. Six people, including Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim, were all liable for more than $1 billion in investment fraud, according to the application.

EFCC asks CBEX victims to help investigate

In a statement, the EFCC said it prefers opinions from individuals who directly dealt with some of the promoters detained at the CBEX office in Ibadan. The victims were asked to visit the EFCC.

The agency made the call in a statement shared on the official X-Handle on Friday. The EFCC alleged that CBEX had caused serious financial losses for Nigerians who invested in saving lives under the promise of unrealistic returns on investment. The agency said that detained individuals used the company to promote fraud by creating advertisements and misleading the public.

According to the EFCC, the defendants have pledged unrealistic benefits to the victims for up to 100% of the investments they made in some advertising. Court documents showed that victims first access to investment pages on the platform to focus on investments and potential rewards. But things started to get worse from bad times after realising that they were no longer able to access the CBEX website or regain funds from the investments they made on the platform.

The suspect pleaded not guilty to court

The EFCC said that of the first six suspects in custody, three are currently indicting charges, Judges Adefowora abiodun olanipekun, Otorudo avwerosuo and Judges Ehirim Chukwuebuka.

Court documents showed that Otrud and Ehirim were arrested by the EFCC on July 7 before Judge Mohamed Umar of the Federal High Court in Abuja. According to some reports, the pair was eventually released to bail to Naira 10 million, with two guarantees,

The documents also showed that Olaonipekun was charged in the same court on July 18th, alongside his company St Technologies International Limited. In one of the accusations read in court, the EFCC alleged that between January 2024 and May 2025, defendants urged them to deposit through periodic or payment-making calls through CBEX or payment-making calls. They have pledged a return on investment of up to 88% without written consent from the Securities and Exchange Commission (SEC).

According to the EFCC, the group is said to have violated Section 1 of the Investment Securities Act of 2025 and will be punished under Section 96(5) of the same Act. The suspect pleaded not guilty to the crime. However, the EFCC wants victims who directly invested funds in the plan to support the committee in their investigation. This would likely serve as a witness to prove that the suspect invited the public to invest in CBEX via advertising.