EFCC Declares Four CBEX Staff Wanted Over Fraud

The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted in connection with an alleged online trading scam involving the Crypto Bridge Exchange (CBEX). The anti-graft agency made this public via an official wanted notice, calling on Nigerians to assist with useful information that could lead to the arrest of the suspects.

According to the EFCC, the four suspects — Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olaonipekun — are believed to be involved in fraudulent activities orchestrated through the CBEX trading platform.

Details of the Wanted Individuals

1. Seyi Oloyede
   
   • Last known address: No. 166, Idimu Egbeda Road, Lagos State.
     
   • Allegedly involved in coordinating or facilitating fraudulent financial activities on CBEX.
     
2. Emmanuel Uko
   
   • Last known address: No. 166, Idimu Egbeda Road, Lagos State.
     
   • Listed alongside Oloyede, suggesting a close working relationship in the alleged fraud scheme.
     
3. Adefowora Oluwanisola
   
   • Age: 37 years
     
   • Last known address: 13, Jimoh Odutola, Ogunsua, Ibadan, Oyo State.
     
   • Believed to have played a key role in the operations of the CBEX platform.
     
4. Adefowora Abiodun Olaonipekun
   
   • Age: 44 years
     
   • Last known address: 13, Jimoh Odutola, Ogunsua, Ibadan, Oyo State.
     
   • Possibly connected to Oluwanisola either by family or professional ties.
     

The EFCC had on Thursday obtained a court order to arrest, detain, and possibly prosecute the individuals behind the collapsed CBEX platform.

Justice Emeka Nwite, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex parte motion to the effect, said the detention would be pending the conclusion of the investigation of the alleged offences and possible prosecution.

In the motion ex parte dated and filed April 23 by Yusuf, the anti-graft agency sought two prayers.

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The commission sought an order of the honourable court for the issuance of a warrant of arrest for the defendants.

It also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution”.

Giving four grounds, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

She said there was intel to the office of the commission’s chairman against the defendant, bordering on various criminal offences.

According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.

Yusuf said that “the defendants are at large, and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

In the affidavit in support of the motion, the EFCC said sometime in April 2025, it received intel concerning an alleged investment scheme fraud against the defendants.

It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX), perpetrated the alleged fraud, and the case was received and assigned to its Cybercrimes Section for investigation.

The agency said the preliminary investigation into the intel revealed the following:

“That Messrs Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company, Crypto Bridge Exchange (CBEX), by making adverts and lured unsuspecting members of the public to invest in cryptocurrencies on the CBEX investment platform.”

The EFCC averred that the defendants promised an unrealistic return on investment of up to 100%.

“That the victims were made to convert their digital assets into a stablecoin, USDT, for onward deposit into the suspect’s crypto wallet.

“That the victims were initially given full access to the platform to monitor their investment.

“Following deposits valued at over 1 billion dollars by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.

“That the victims later discovered that the said scheme is a scam.

“That during the course of the investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

“That it was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”

The anti-graft agency said that a warrant of arrest was required to place the defendants on the red watch list so that they could be traced and arrested to answer to the case against them.

According to the commission, an investigation into the allegation against the defendants revealed a prima facie case of investment scam.

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It said it would be in the interest of justice to grant the application. 

Public Caution and Due Diligence

As the popularity of cryptocurrency trading platforms grows in Nigeria, this case highlights the increasing risk of fraudulent schemes disguised as legitimate investment opportunities. CBEX, the platform in question, is alleged to have lured unsuspecting investors with promises of high returns before disappearing with funds.

The EFCC advises the public to exercise extreme caution and conduct thorough due diligence before engaging with any online investment or trading platform. Individuals should also report suspicious financial activities promptly to the appropriate authorities.

The Commission also released the names of four additional members of the collapsed Ponzi, CBEX.

The names of the individuals are:

1. Johnson Okuroh Otieno
2. Israel Mbaluka
3. Joseph Michiro Kabera
4. Serah Michiro

The EFCC is urging anyone with information regarding the whereabouts of these individuals to report to any of its offices in Ibadan, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja. They can also reach the commission via the following contact numbers:

• 08093322644
  
• 09-9044751-3
  
• 08183322644
  
• 07026350721-3
  
• 0706350724-5

Alternatively, emails can be sent to info@efccnigeria.org, or contact can be made through the nearest police station or other security agencies.