The Economic and Financial Crimes Commission (EFCC) has called on Nigerians who lost money to the CryptoBridge Exchange (CBEX) scam to assist its investigation.
EFCC Seeks Victims’ Cooperation
In a statement issued in Ibadan, EFCC spokesperson Dele Oyewale said the agency is inviting victims to visit its zonal offices in Ibadan, Oyo State, and Idimu, Lagos.
According to Oyewale, three suspects, Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka — are already facing prosecution for their alleged roles in the fraud.
How the Ponzi Scheme Operated
The commission revealed that CBEX lured investors with promises of unrealistic returns. Victims deposited funds in offices located in Ibadan and Lagos, but were unable to recover their money.
The EFCC explained that the scheme caused serious financial losses to hundreds of Nigerians, many of whom invested their savings in hopes of quick profits.
Call for Victims to Report
The EFCC urged all affected Nigerians to step forward.
“Victims who invested through individuals linked to CBEX offices in Ibadan and Idimu should report to the EFCC’s Ibadan Zonal Directorate or Lagos Zonal Directorate 2,” the statement read.
The anti-graft agency stressed that the victims’ cooperation will help strengthen the ongoing investigation and ensure justice is served.
Background
Crypto scams have increasingly targeted Nigerians, with Ponzi-style schemes promising fast profits but leaving investors with heavy losses. The EFCC has warned citizens to remain vigilant and avoid platforms offering “too good to be true” returns.
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