The Economic and Financial Crimes Commission (EFCC) has launched a manhunt for two individuals, Folashade Odelana and Bamidele Ayodele Abiodun, for their alleged involvement in a large-scale cryptocurrency fraud connected to the Crypto Bridge Exchange (CBEX), a digital trading platform.
In an official announcement made on Wednesday, June 4, via the Commission’s X handle (formerly Twitter), the EFCC accused the suspects of masterminding deceptive investment operations through the CBEX platform, which led to significant financial losses for numerous investors.
The anti-graft agency has called on members of the public who may have useful information regarding the whereabouts of the suspects to assist with the investigation.
READ ALSO: CBEX funds traced to four countries, full recovery impossible – EFCC
The Commission pledged that any information received will be treated with strict confidentiality.This latest development follows earlier revelations by the EFCC in May, when the agency confirmed that it had recovered part of the illicit funds siphoned through CBEX. The agency’s chairman, Mr. Ola Olukoyede, shared this during a televised interview with TVC.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he said.
According to Olukoyede, a portion of the defrauded funds had been converted into cryptocurrency, and through forensic efforts, the EFCC managed to trace and reclaim some of the assets.
He also admitted that converting the crypto assets back into traditional currency proved challenging due to the nature of the transactions involved.
He added: “Even though in the crypto wallet, the same way the money was taken from them. There is no way you will get them in dollars. There is no way you get the dollars in cash without necessarily going through the same process.”
The EFCC chief further disclosed that some arrests had been made, and others were being pursued.
“We have gone far. We have made a reasonable arrest.
“We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” he said.
Olukoyede emphasized the difficulties the agency encountered in the investigation, particularly due to the suspects’ use of non-custodial wallets, which lack the know-your-customer (KYC) protocols that could help link digital assets to individual identities.“
“We are still investigating a lot of wallets and the wallets they created are called noncustodian wallets; in other words, no KYC. So, you can’t trace it to anybody.
“So, from the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed.
“That is to the extent that we have gone. I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,” he added.
Earlier reports by SaharaReporters had detailed the sudden collapse of the CBEX platform, which resulted in devastating losses for many Nigerian investors, especially young people who had poured their savings into what they believed was a legitimate financial opportunity.
One of the suspected masterminds of the scheme, Adefowora Abiodun, turned himself in to the EFCC in April, following mounting pressure and legal moves by the Commission. His surrender came after Justice Emeka Nwite of the Federal High Court in Abuja granted a request by the EFCC to issue a warrant for the arrest and detention of six CBEX promoters, including Adefowora.
The wanted list released by the EFCC included Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, all of whom are accused of participating in a fraudulent investment scheme reportedly worth more than $1 billion.
Following the warrant, Abiodun, accompanied by his legal team, appeared at the EFCC headquarters in Abuja and indicated his readiness to assist with the investigation.
His counsel, Babatunde Busari, stated that Abiodun voluntarily presented himself to the authorities to clear his name and challenge the public narrative surrounding his alleged role in the scam.
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