EFCC Declares Four Suspects Wanted Over ₦1.3 Trillion Crypto Bridge Exchange Collapse

The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted in connection with the massive fraud scandal involving Crypto Bridge Exchange (CBEX), a digital asset trading platform that collapsed earlier this month, wiping out more than ₦1.3 trillion from Nigerian investors’ wallets.

The individuals named in the EFCC's wanted list are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Their photographs and details were circulated widely across the Commission’s social media channels on Friday, as authorities intensified efforts to apprehend those behind the catastrophic scheme.

“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 Exchange (CBEX),” the official statement read.

This move follows a landmark decision by the Federal High Court in Abuja, where Justice Emeka Nwite granted the EFCC permission to arrest and detain six promoters linked to CBEX. The court's order, issued after EFCC counsel Fadila Yusuf filed an ex parte motion, enables the agency to hold the suspects pending the conclusion of investigations and potential prosecution.

The CBEX crash in early April, which unfolded on a Monday, has been described as one of the most devastating financial scams in Nigeria’s digital history, affecting tens of thousands of investors nationwide. The platform’s abrupt collapse left countless Nigerians financially ruined and sparked widespread outrage, fueling renewed debates over the country’s vulnerability to fraudulent investment schemes.

The EFCC’s aggressive pursuit of justice in the CBEX case reflects a broader crackdown on cyber-enabled financial crimes, as regulators work to restore public confidence in the nation’s digital economy.