The Nigeria Economic and Financial Crimes Commission (EFCC Nigeria) has issued a wanted notice for eight individuals accused of participating in a fraudulent operation conducted via an online trading platform called Crypto Bridge Exchange (CBEX).
The Commission shared the announcement through a public notice below:
“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 Exhange (CBEX).”
Based on their names, the list of individuals wanted by the EFCC includes both Nigerians and Kenyans. The Commission has provided their last known locations, which are as follows:
Seyi Oloyede and Emmanuel Uko – Last traced to No. 166, Idimu Egbeda Road, Lagos State
Adefora Oluwanisola (37) and Adefora Abiodun Olaonipekun (44) – Last known residence: 13, Jimoh Odutola Street, Ogunpa, Ibadan, Oyo State
Johnson Okiroh Otieno – Last known address: No. 166, Idimu Egbeda Road, Lagos State
Israel Mbaluka – Last known address: No. 166, Idimu Egbeda Road, Lagos State
Joseph Michiro Kabera – Last known address: No. 166, Idimu Egbeda Road, Lagos State
Serah Michiro – Last known address: No. 166, Idimu Egbeda Road, Lagos State
Crypto Bridge Exchange (CBEX) has recently come under intense public scrutiny. Users of the platform have raised concerns after being unable to withdraw their funds, sparking suspicions that the platform may have collapsed.
While some users continue to assert that CBEX is still operational, others have labeled it a Ponzi scheme. The platform claims to offer users a 100% return on investment within a month and provides rewards for referrals, with all transactions conducted in USD.
The platform has attracted users from various countries, including Kenya and Egypt. In Kenya, local reports have surfaced with individuals complaining of losing their funds on the platform as well.
SCAM ALERT | Kenyans Count Losses on CBEX Crypto and Forex Trading Platform
“Today morning, I woke up with like $6,000 (KES 777,680) in my crypto wallet. But at around 7 PM, it had been cleared to zero.”https://t.co/h1ZWFjfKZa @KeTreasury @CMAKenya @CBKKenya @DCI_Kenya pic.twitter.com/0h7jq8cRXg
— BitKE (@BitcoinKE) April 16, 2025
The Nigeria Securities and Exchange Commission (SEC Nigeria) issued a notice on April 17 2025 stating that CBEX is not registered with the Commission.
The commission also reiterated that any digital trading platform that is not registered with the Commission is operating illegally.
REGULATION | Nigerian Regulator, @SECNigeria, Once Again Warns Public Against Unauthorized Digital Asset Platforms
The SEC urged prospective investors confirm the registration status of financial institutions via its official database below:https://t.co/p4pX1x7c76 pic.twitter.com/ZNVqhDmGyJ
— BitKE (@BitcoinKE) April 26, 2025
According to investigations, the promoters reportedly used ST Technologies International Limited (CBEX’s corporate identity) to entice Nigerians into investing in CBEX, promising unrealistic returns. The EFCC revealed that victims were instructed to convert their funds into $USDT and transfer them to wallets controlled by the suspects.
Earlier, the Federal High Court in Abuja issued a warrant for the arrest and remand of six promoters linked to CBEX, including two of the four newly declared wanted individuals. This came as EFCC revealed in court that over $1 billion in investors’ funds had disappeared, with the syndicate involving international collaborators.
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