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Tag: CBEX

  • SEC to seize CBEX’s N1.3tr cash over ponzi scheme

    SEC to seize CBEX’s N1.3tr cash over ponzi scheme

    The Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal (IST) to order the freezing of bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants alleged to have operated an unlawful digital asset investment scheme that defrauded Nigerians of an estimated N1.3 trillion.

    The request was made during the first sitting of the sixth Tribunal in the case IST/OA/02/2025: Securities and Exchange Commission & Anor v Crypto Bridge Exchange (CBEX) and 25 Others, presided over by the Tribunal Chairman, Hon. Aminu Jinaidu.

    SEC urged the Tribunal to compel commercial banks and other financial institutions in Nigeria to immediately freeze all accounts linked to the defendants.

    The Commission also sought orders for the seizure of houses and other assets allegedly acquired with funds sourced from unsuspecting members of the public who invested through CBEX.

    According to SEC, CBEX operated illegally by posing as a digital assets platform and capital market operator despite failing to register with the Commission.

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    The regulator said the platform lured investors with unrealistic offers. “CBEX is an unregistered platform promising its users 100 percent return on investments within 30 days, which is unlawful and contrary to Section 3(b) of the Investments and Securities Act 2025,” SEC submitted.

    The Commission further told the Tribunal that international regulators had previously flagged the platform. It disclosed that the Securities and Futures Commission of Hong Kong issued an advisory on April 23, 2024, warning that CBEX was a suspicious virtual asset entity.

    According to the advisory, the platform used a name resembling that of a genuine property rights trading organisation in China, despite having no affiliation with it.

    The Tribunal noted that CBEX and the other defendants failed to appear and were not represented in court. As a result, Hon. Jinaidu ordered that hearing notices be served on the defendants through national newspapers.

    CBEX entered the Nigerian market around July 2024, operating through a website and mobile application. The company claimed to use advanced Artificial Intelligence to generate unusually high profits from cryptocurrency trading. Investors were promised returns of up to 100 per cent within a 40- to 45-day lock-in period.

    The scheme collapsed months later, triggering widespread losses. Investigations and testimonies from affected investors revealed that CBEX functioned as a Ponzi scheme that siphoned over N1.3 trillion (approximately $800 million) from the public before disappearing.

    The matter was adjourned to January 27, 2026.

  • Turning trillions lost to scams into MSME growth

    Turning trillions lost to scams into MSME growth

    SIR: Not long ago, a cryptocurrency investment platform known as CBEX swept across Nigeria, attracting over 600,000 participants, raking in an astonishing N1.3 trillion within nine months. If it had lasted longer, the figure could have tripled, with nearly two million Nigerians involved. Such schemes grow geometrically, not arithmetically, and once they take root, they spread like wildfire.

    But why did so many invest? Not because Nigerians lack opportunities for productivity. Many were already employed. The real magnet was the promise of unearned wealth. Greed and the lure of quick fortune pulled them in.

    Sadly, unless something changes, another set of Nigerians will fall for the next big scam in a few years. Fraudsters exist in every society, but where regulation is weak, their reach expands unchecked. Without intervention, CBEX will not be the last.

    In advanced economies, individuals seeking extra income usually turn to regulated outlets, such as stock markets, mutual funds, and bonds. The returns are modest but real. If CBEX participants had been introduced to such platforms, only a fraction might have been satisfied, but it would have been a healthier path.

    Read Also: Fed Govt disburses ₦250,000 grants to MSMEs in Ondo

    Nigeria’s Securities and Exchange Commission (SEC) should step into this gap. Today’s youth live digitally—they trade cryptocurrencies on apps and socialise online. Why shouldn’t they also trade equities and bonds in that space? SEC should create “micro-stockbrokers,” just as we have microfinance banks and micro-pensions. With digital trading apps, young Nigerians could build wealth legitimately, under regulation.

    Access to finance is a major hurdle for entrepreneurs. Many funding models that worked abroad, such as People’s Bank, Community Bank, and Cooperative Bank, failed here. The notable exception has been microfinance; perhaps because it is adapted to Nigeria’s realities. However, microfinance serves existing businesses, not start-ups, which require longer-term funding.

    The Development Bank of Nigeria and the proposed MSME Development Bank by the African Development Bank are positive steps. But financing alone is not enough. What matters equally is pairing finance with technical support. A loan without mentorship is like giving a tool to someone with no training.

    The importance of MSMEs as the bedrock of growth cannot be overstated. They account for 96 per cent of Nigeria’s workforce, compared with 70 per cent globally. They create jobs, spur innovation, and drive exports. Around the world, MSMEs are recognised as the bedrock of growth.

    To unlock their potential, Nigeria must build cottage industrial parks, business clusters, incubation hubs, and agro-processing centres. These infrastructures are not luxuries—they are essential.

    With a population of 220 million people and a growth rate of 2.5 per cent, Nigeria must generate 4.4 million jobs annually to stay competitive. Approximately 119,000 jobs per state, or 5,700 per local government, is what that amounts to each year. Meeting this target is only possible if MSMEs are prioritised as job creators.

    Two things are needed. First, development loans with single-digit interest rates and repayment terms of at least five years, and second, technical support from licensed Business Development Service Providers (BDSPs).

    At the root of Nigeria’s MSME challenge lies an attitudinal problem. Too often, self-interest overshadows shared interest. Immediate gain is prized over sustainable growth. Until this mind-set shifts, no amount of funding or infrastructure will suffice.

    Nation-building requires shared values—transparency, diligence, accountability, and collective success. MSME development is not only an economic strategy; it is a cultural shift toward resilience and shared responsibility.

    Nigeria now stands at a crossroads. We can either continue chasing illusions of quick wealth, falling prey to scams every few years, or we can build a sustainable ecosystem where MSMEs thrive, youths invest through regulated platforms, and entrepreneurs receive the mentorship they need.

    If Nigeria is serious about growth, the answer must be clear.

    • Akintunde Maberu, Ajuwon, Lagos State.
  • Court admits two CBEX promoters to N10m bail each, as EFCC arraigns another

    Court admits two CBEX promoters to N10m bail each, as EFCC arraigns another

    The Federal High Court in Abuja has granted a bail to two of the detained Crypto Bridge Exchange (CBEX)’s promoters in the sum of N10 million each with two sureties each in like sum.

    Those admitted to bail by Justice Mohammed Umar are Awerosuo Otorudo and Chukwuebuka Ehirim.

    Justice Umar, in a ruling, ordered that the sureties must have property worth the bail sum within the jurisdiction of the court.

    He directed that the residence of the sureties must be verified by the registrar of the court.

    The judge subsequently adjourned the matter until Oct. 13 for commencement of trial.

    The News Agency of Nigeria (NAN) reports that Justice Umar had, on July 7, adjourned for ruling on their bail application, after it was argued by the defendants’ lawyer, Justice Otorudo, and opposed by EFCC’s counsel, Fadila Yusuf.

    The development followed their arraignment by the anti-graft agency on three-count charge over allegations bordering on illegal financial operations and unlicensed investment activities.

    They were arraigned on amended three-count charge marked:

    In the charge marked: FHC/ABJ/CR/216/2025, the defendants were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.

    In a related development, Justice Umar has also fixed July 25 for ruling on the bail application filed by Adefowora Abiodun, Managing Director of ST Technologies International Limited, allegedly using another company, CBEX, to perpetrate investment scam.

    Justice Umar fixed the date after his bail application was argued, following Abiodun and his company’s arraignment on amended eight-count charge marked: FHC/ABJ/CR/215/2025.

    While Abiodun is the 1st defendant, ST Technologies International Limited is named as 2nd defendant in the amended charge dated July 9.

    ‎The allegations, in the earlier charge, bordered on alleged case of obtaining by false pretense, money laundering and carrying on the activities of other financial institutions without having the required license from the Central Bank of Nigeria (CBN) and Security and Exchange Commission (SEC).

    They, however, pleaded not guilty to the amended counts.

    The defendants’ lawyer, Babatunde Busari, informed the court of a bail application dated and filed on Abiodun ‘s behalf on June 30.

    Busari urged the judge to admit his client to bail on liberal terms.

    He said the charge showed that the alleged offences against his client were bailable.

    Besides, he said two critical exhibits attached to their application showed that Abiodun voluntarily submitted himself to the commission for investigation.

    “He (Abiodun) came to us as counsel and we took him to the commission.

    “He also has a medical report that shows that the 1st defendant requires urgent eye surgery and that has not been possible for him for the past 80 days that he has been in detention.

    “We, therefore, urge the court to admit the defendant on bail as the total of the monetary claim Is about N20 million naira,” he said.

    Busari prayed the court to release Abiodun to him for the purpose of bail.

    But EFCC’s lawyer, Fatsuma Mohammed, vehemently opposed the bail plea, saying a counter affidavit dated July 7 was filed in respect of the motion.

    The lawyer urged the court to refuse bail and order for expeditious trial of the case, adding that investigation had been concluded “and we are ready for trial.”

    “Is it a bailable offence?” the judge asked.

    Responding, Mohammed said: “The section consequent to which the defendant is being charged, upon conviction, is seven years and it is enough number of years which is enough for him to try to run.”

    Justice Umar,who adjourned the matter until July 25 for ruling, ordered Abiodun to be remanded in the EFCC’s custody pending ruling on bail application.

    NAN reports that CBEX was one of several digital platforms that collapsed after allegedly collecting billions of naira from unsuspecting investors.

    NAN reports that Justice Emeka Nwite of a sister court had, on April 24, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.

    The judge, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

    The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
    Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

    In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.

    She said the EFCC had a statutory duty of prevention and detection of financial crimes through investigation.

    Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

    NAN reports that Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant) and Chukwuebuka Ehirim (6th defendant) had been in the EFCC custody on investigation.

    Justice Nwite had, also on June 30, declined to grant the bail application filed by the three detained alleged promoters of CBEX.

    The judge, in a ruling, held it was obvious that from the totality of the affidavit evidence of both parties, it was glaring that the character of evidence against the defendants was strong.

    He also held that due to the nature of the case, the EFCC obtained an order of remand of the defendants by court of competent jurisdiction.

    The EFCC, in the affidavit in support of the motion ex-parte filed before Justice Nwite, said sometimes in April 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.

    It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX), perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

    Read Also: CBEX $1bn fraud: Court fixes ruling for June 30 in operators’ bail request

    The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.

    “That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.

    “That the victims were initially given full access to the platform to monitor their investment.

    “That following deposits valued at over one Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.

    “That the victims later discovered that the said scheme is a scam.

    “That during the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), it was not registered with the security and Exchange Commission (SEC) for investment purposes.

    “That it was also discovered during investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”

    The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.

    According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam.

    It said it would be in the interest of justice to grant the application.

    (NAN)

  • CBEX remains banned in Nigeria – SEC 

    CBEX remains banned in Nigeria – SEC 

    The Securities and Exchange Commission (SEC) says the Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd., remains banned in Nigeria.

    SEC, in a public notice issued on Wednesday, said that CBEX, also known as Smart Treasure/Super Technolog, had not been registered by the commission.

    The commission, however, advised the public to refrain from patronising or transacting any investment related business with the CBEX.

    The notice read, “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.

    “According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000 and $100 from those with less than $1,000 balances before withdrawals can be processed.

    “Unequivocally, neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with the commission or authorised to offer investment related services to the Nigerian public.

    “As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorised investment activities.

    “The commission is collaborating with relevant Law Enforcement Agencies to properly investigate CBEX/ST Technologies International Ltd. and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.

    Read Also: Alleged $1bn fraud: Court fixes June 30 for ruling in CBEX operators’ bail request

    “The Nigerian public is accordingly advised to REFRAIN from patronising or transacting with CBEX /ST Technologies International Ltd. (Smart Treasure or Super Technology) as they risk losing their funds.”

    The SEC advised the public to verify the registration status of investment platforms through the commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting.

    It added that SEC remains committed to protecting investors and maintaining market integrity. (NAN)

  • Alleged $1bn fraud: Court fixes June 30 for ruling in CBEX operators’ bail request

    Alleged $1bn fraud: Court fixes June 30 for ruling in CBEX operators’ bail request

    A Federal High Court in Abuja has scheduled ruling for June 30 in a bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX), standing trial for $1billion fraud.

    The three are Adefowora Olanipekun, Avwerosuo Otorudo and Chukwuebuka Ehirim.

    Justice Emeka Nwite chose the date on Wednesday after lawyers to the prosecution and defence adopted their processes and made final submissions in relation to the bail application.

    Justice Nwite had in an ex-parte ruling on April 24 issued an order for the Economic and Financial Crimes Commission (EFCC) to arrest and detain six operators of CBEX over their alleged involvement in the fraud.

    The EFCC had identified the suspects to include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.

    In compliance with the court’s order, the EFCC arrested Olanipekun, Otorudo and Ehirim and kept them in its custody on investigation, prompting the detainees to apply to the court for bail.

    EFCC’s lawyer, Fadila Yusuf, while opposing the bail application on Wednesday, said all the defendants are being charged for the offence of allegedly obtaining over $1b, more than some states’ budgets in the country.

    Yusuf said the EFCC was still receiving petitions from victims of the alleged fraud.

    The lawyer said though granting bail is at the discretion of the court, this should be done judiciously and judicially.

    The EFCC, in an affidavit, said it received an Intel bothering on an alleged investment scheme fraud against the suspects.

    It alleged that the six suspects and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

    The agency said a preliminary investigation into the Intel revealed the following:

    “That Messrs.Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, 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 cryptocurrencies on the CBEX investment platform.”

    The EFCC states that the defendants promised an unrealistic return on investment of up to 100%.

    It added that “the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspect’s crypto wallet.

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    “The victims were initially given full access to the platform to monitor their investment.

    “Following deposits valued at over one billion dollars by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.

    “The victims later discovered that the said scheme is a scam.

    “During the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

    “It was also discovered, during investigation, that the defendants had moved out of their last known address in Lagos and Ogun states.”

  • Lawyer seeks release of CBEX promoter from EFCC custody

    Lawyer seeks release of CBEX promoter from EFCC custody

    Lawyer to Adefowora Abiodun, Babatunde Busari, alleged promoter of the CBEX investment scheme, has urged the Economic and Financial Crimes Commission (EFCC) to grant him administrative bail.

    He made the plea in a statement made available to journalists in Abuja yesterday.

    Abiodun voluntarily surrendered to the EFCC in April following a ruling by Justice Emeka Nwite of the Federal High Court, Abuja.

    Abiodun, alongside five other individuals, were declared wanted by the EFCC for their involvement in the alleged fraudulent investment scheme valued at over $1 billion.

    Abiodun has been in EFCC custody for three months since his arrest. Given his voluntary surrender and absence of prior arrest, his lawyer urged the agency to release him unconditionally.

    The statement said: “The EFCC’s legal counsel, Fadila Yusuf, had submitted evidence that led to their public declaration as wanted individuals.

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    “After the announcement, Abiodun, who was shocked by the declaration, alongside his legal team, presented himself to the EFCC headquarters in Abuja, expressing his willingness to cooperate with the investigation.

    “Abiodun’s decision to submit voluntarily was made in order to clear his name and address the media narratives circulating about the case.

    “Despite the return of investor funds and CBEX’s assurance that withdrawals would be allowed by June 25, Abiodun has been in detention for over a month, triggering speculation about EFCC’s high-handedness and rights abuse.

    “His legal team is now advocating for his release on administrative bail, emphasizing that the ongoing detention is unwarranted under the circumstances, since he submitted himself for investigation.”

  • We have traced CBEX funds to four countries – EFCC

    We have traced CBEX funds to four countries – EFCC

    The Economic and Financial Crimes Commission (EFCC) has revealed that it has traced funds connected to the failed CBEX cryptocurrency bridge exchange scheme to at least four different countries.

    EFCC Chairman Ola Olukoyede disclosed this on Wednesday during an appearance on Politics Today, a Channels Television programme.

    Olukoyede explained that while efforts are ongoing to recover the stolen assets, victims of the scheme may not receive full restitution due to the complex international nature of the fraud.

    “We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” he said.

    He noted that many of the transactions were carried out in cryptocurrency and routed through digital wallets outside Nigeria’s legal reach.

    “I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system,” Olukoyede said.

    Read Also: CBEX tragedy

    The EFCC boss confirmed that funds linked to the scheme have been traced to “three, four countries,” adding that the key actors behind CBEX are mostly foreigners operating beyond Nigeria’s jurisdiction.

    “In fact, the principal parties behind the entire scheme… most of them are foreigners, they are not within our jurisdiction, and you know what that entails,” he said.

    He also disclosed that three suspects have so far been arrested in connection with the scam and are currently in custody.

    “They have made very useful statements,” he noted, expressing hope that these leads would aid the ongoing investigation.

  • CBEX tragedy

    CBEX tragedy

    • Regulatory agencies to blame for the huge loss

    It branded itself as a sophisticated, modern, forward-looking, AI-driven and tech-savvy trading and wealth building platform with the requisite expertise to help investors achieve prosperity by magically multiplying their initial investments within incredibly short periods. With its aggressive marketing model, deploying teams of canvassers to bars, hotels, malls, restaurants, church halls, higher institutions, markets and work places, among others, to sell the attraction of its product, Crypto Business Exchange, popularly known as CBEX, attracted no less than 600,000 investors in Nigeria, particularly in Lagos and adjoining areas of the Southwest, within nine months. Its selling point was the promise to double investor’s funds within 30 days.

    CBEX promised its patrons a daily Return-On-Interest (ROI) of 3.5% compared to an annual interest rate of about five per cent that obtained in the market. It was an offer too tempting to resist in a tough economic environment characterised by high inflationary spirals and pervasive poverty. It claimed to utilise a “compound interest” model which involved trading a minuscule one percent of an investor’s balance daily portrayed as risk-secure and efficient.

    Lured by marketers motivated by high commissions paid on each new customer brought in, hundreds of people invested their life savings, diverted capital from their businesses, sold valuable property or borrowed money from assorted sources into what turned out to be no more than another expansive financial fraud scam.

    On the night of April 15, 2025, the bubble burst. CBEX collapsed. Its sponsors vanished into thin air – its telegram channels were blocked, its WhatsApp groups restricted and websites obliterated. Hundreds of thousands of investors were left wailing and gnashing their teeth, with an estimated total loss of over $935 million (about N1.5 trillion) which had been either trapped or had vanished. The loss was colossal, compounding the economic misery that the investors were misled to believe they were being freed from. Businesses have been lost, lives ruined and hopes devastated.

    Read Also: Court okays arrest warrant for six CBEX scam suspects

    For an outfit that, as initial investigations indicate, was not registered with the Securities and Exchange Commission (SEC), CBEX operated with amazing audacity and impunity. That such an illegal and criminal outfit could function normally and openly without suspicion or detection for nearly a year is an inexcusable failure, both of national security and institutional, regulatory efficacy. Notably, the China Beijing Equity Exchange, which CBEX claimed ties with obviously to gain legitimacy, has denied being involved in digital assets training or any other operations in Nigeria.

    It is unfortunate that public figures, influencers and celebrities allowed themselves to be used to promote such an unregistered investment scheme without undertaking the requisite due diligence to ascertain its legality and professionalism. This is certainly a serious infraction and the agencies regulating such commercial transactions must ensure appropriate sanctions are applied. It was inappropriate for such supposedly credible personalities to help build public trust in a scheme that was no more than a criminal enterprise.

    There is no excuse for this to have been allowed to happen again since there had been several cases of Ponzi schemes in the past which collapsed catastrophically, resulting in the loss of humongous amounts of money and many devastated investors even committing suicide. These included the Mavrodi Mundial Money box MMM, which crashed in 2016, the NNN Nigeria, MMM Cooperation, GCCH, RevoMoney (2017), Racksterli, Eagle Cooperative, 86FB, which collapsed between 2020 and 2021, FIN AFRICA, Royal Q ( Nigeria), and Oviaoza, other criminal entities which collapsed in 2022, among others.

    This latest incident portrays an unacceptable laxity and complacency by financial regulatory as well as anti-corruption agencies. It also indicates a high level of financial illiteracy, necessitating intensive and sustained public enlightenment to educate the public adequately on the pertinent issues.

    Above all, it illustrates once more the question of greed and compulsive quest for wealth accumulation without exertion, which is definitive of our value system. The Central Bank of Nigeria (CBN) has a responsibility to help ensure that as many investors as possible who have suffered loss get a reasonable share of their money back.

  • Alleged N1.3tr CBEX fraud: EFCC declares eight suspects wanted

    Alleged N1.3tr CBEX fraud: EFCC declares eight suspects wanted

    • Two suspects still in custody

    The Economic and Financial Crimes Commission (EFCC) has declared eight suspects wanted in connection with the alleged loss of approximately N1.3trillion to Crypto Bridge Exchange (CBEX).

    Apart from two of the suspects based in Ibadan, the rest six were said to be from Idimu-Egbeda Road in Lagos.

    But the EFCC has held on to two suspects it earlier arrested.

    According to a notice by the EFCC’s Head of Media and Publicity, Mr. Dele Oyewale, all the suspects are wanted for “fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).”

    The first set of suspects, who are Nigerians, include, Oloyede, Emmanuel Uko, Adefowora Oluwanishola and Adefowora Abiodun Olaonipekun.

    The foreigners are Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera and Serah Michiro.

    The Adefoworas and Michiros are suspected to be couples.

    The statement described the second set of suspects as “foreign accomplices wanted by the EFCC. “

    The statement added: “The public is hereby notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX)

    “Anybody with useful information as to their whereabouts should please contact the Commission in its Ibadan, Uyo, Sokoto, Maiduguri, Benin, Makurdi, Kaduna, llorin, Enugu, Kano, Lagos, Gombe, Port Harcourt or Abuja offices or through 08093322644; its e-mail address: info@efcc.gov.ng or the nearest Police Station and other security agencies.”

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    Asked about those two earlier arrested, a source in EFCC said: “They are still in custody. “

    The Director-General of the Security and Exchange Commission (SEC), Dr Emomotimi Agama has said CBEX is unregistered with it.

    He said the commission cannot be of help to the victims.

    He said: “There is nothing the commission can do”.

    “We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection.”

    SEC said preliminary investigations revealed that  CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, had held itself out as a digital asset-trading platform, offering high returns to investors in Nigeria.

    It said: “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.”

  • Court okays arrest warrant for six CBEX scam suspects

    Court okays arrest warrant for six CBEX scam suspects

    • ‘The have case to answer’

    The Federal High Court in Abuja yesterday ordered the Economic and Financial Crimes Commission (EFCC) to arrest, detain and prosecute six individuals alleged to be behind the Crypto Bridge Exchange (CBEX) fraud.

    The suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.

    Justice Emeka Nwite issued the order after EFCC counsel, Fadila Yusuf, moved an ex-parte motion to that effect.

    Justice Nwite, in a ruling, said: “I have listened to the submission of the learned counsel for the applicant.

    “I have also reviewed the affidavit evidence along with the exhibits and the written address.

    “I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed.”

    The judge ordered the EFCC to arrest and remand the six in custody until the conclusion of its investigation and the prosecution is initiated.

    In a supporting affidavit, the EFCC accused the six of committing investment fraud exceeding $1 billion.

    It alleged that they promised extraordinarily high returns, with some guarantees reaching up to 100 per cent.

    The commission claimed that it received intelligence about the suspects’ involvement in multiple criminal activities.

    It added: “The defendants are at large, and a warrant of arrest is required to apprehend them for proper investigation and prosecution of this case.”

    The EFCC stated that in April, it received intelligence regarding an alleged investment fraud scheme connected to the suspects.

    Read Also: Why court okayed EFCC’s request to arrest, detain six over alleged CBEX fraud

    It added that the suspects, along with ST Technologies International Limited and CBEX engaged in fraudulent activities.

    The EFCC said the case was currently being investigated by its cybercrimes section.

    The anti-graft agency claimed that its preliminary findings revealed significant details, including that the six suspects, allegedly acting through ST Technologies, promoted CBEX by advertising and persuading unsuspecting members of the public to invest in cryptocurrencies on the platform.

    It further claimed: “Victims were instructed to convert their digital assets into USDT (a stablecoin) for deposit into the suspects’ crypto wallet.

    “Initially, the victims were given full access to the platform to monitor their investments.

    “However, after deposits exceeding $1billion, the platform became inaccessible, and victims were unable to withdraw their funds.

    “The victims later discovered that the entire scheme was a scam.”

    The EFCC claimed that further investigation revealed that while ST Technologies was registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

    It claimed to have further found that the suspects had relocated from their last known addresses in Lagos and Ogun states.

    Stating that its investigation has established a prima facie case of investment fraud against the six, the anti-graft agency argued that a warrant was necessary to enable it to place them on the watchlist, allowing relevant agencies to track and apprehend them.