In a significant development in the ongoing investigation into the Crypto Bridge Exchange (CBEX) fraud, the Economic and Financial Crimes Commission (EFCC) has declared two additional individuals wanted. The suspects, identified as Folashade Odelana (31) and Bamidele Ayodele Abiodun (32), are accused of orchestrating fraudulent activities that led to substantial financial losses for investors on the CBEX platform.
The CBEX Scheme: A Brief Overview
CBEX, a digital trading platform, promised investors a 100% return on investment within 30 days. However, the platform collapsed in April 2025, leaving over 600,000 Nigerians defrauded of approximately ₦1.3 trillion. The EFCC has since intensified efforts to apprehend individuals connected to this massive scam.
EFCC’s Appeal to the Public
The EFCC urges anyone with information regarding the whereabouts of Odelana and Abiodun to contact its offices in Ibadan, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja. The commission can also be reached via the following numbers: 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5; or through email at info@efcc.gov.ng.
Progress in the Investigation
EFCC Chairman, Mr. Ola Olukoyede, has confirmed that the commission has made significant progress in the investigation, including the recovery of a reasonable amount of funds and the arrest of some suspects. The EFCC remains committed to bringing all perpetrators of the CBEX fraud to justice and recovering as much of the stolen funds as possible.
