The Economic and Financial Crimes Commission (EFCC) has declared two additional individuals wanted in connection with a multi-billion naira cryptocurrency fraud linked to the now-defunct digital trading platform, Crypto Bridge Exchange (CBEX).
In a notice issued on Wednesday through its official social media platforms, the EFCC identified the suspects as Folashade Odelana (31) and Bamidele Ayodele Abiodun (32). The agency alleged that the duo played significant roles in the fraudulent activities conducted through CBEX, which resulted in massive financial losses for thousands of unsuspecting Nigerian investors.
Their last known address, according to the EFCC, is No. 17, Oremeta Street, Allen, Ikeja, Lagos State.
“The public is hereby notified that the persons whose photographs appear below 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 notice read.
The Commission has urged the public to assist with credible information on the whereabouts of the suspects. Reports can be made to EFCC offices in Ibadan, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja. The public can also reach out via EFCC’s official email at info@efccnigeria.org, or report to the nearest police station or security agency.
This announcement raises the number of individuals declared wanted in the CBEX case to twelve.
Background
The CBEX scandal came to national attention in April 2025, when users of the platform were suddenly unable to access or withdraw their funds. The abrupt collapse of the platform reportedly affected over 600,000 Nigerians, with estimated losses surpassing ₦1.3 trillion.
The scale of the collapse ignited nationwide outrage, prompting calls for justice and the recovery of lost investments.
Earlier, the EFCC declared eight individuals wanted in relation to the case. They include:
- Adefowora Abiodun Olanipekun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Johnson Okiroh Otieno
- Israel Mbaluka
- Joseph Michiro Kabera
- Serah Michiro
Additionally, arrest warrants have been secured for six suspects: Olanipekun, Oluwanisola, Uko, Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
EFCC Chairman, Ola Olukoyede, has assured Nigerians that the commission is making tangible progress in its investigations and in recovering stolen funds.
