N1bn CBEX scam: EFCC expands investigation, declares two more suspects wanted

By Paul Dada

The Economic and Financial Crimes Commission (EFCC) has declared two additional suspects wanted in connection with the alleged N1 billion cryptocurrency scam linked to Crypto Bridge Exchange (CBEX).

The suspects, identified as Folashade Odelana and Bamidele Ayodele Abiodun, are believed to be linked to the fraudulent platform, and their last known address is 17, Oremeta Street, Allen Avenue, Ikeja, Lagos.

The EFCC has urged the public to provide any information regarding the suspects’ whereabouts, which can be shared at any of its offices nationwide. This development brings the total number of individuals declared wanted in connection with the CBEX fraud to 10.

The incident, which came to light in April 2025, affected many Nigerians who claimed to have lost significant amounts of money on the platform. Earlier, the EFCC had declared eight individuals wanted in connection with the case and secured arrest warrants for six suspects.

The EFCC chairman, Ola Olukoyede, has assured victims that the commission is making progress in the investigation and recovery efforts, with a reasonable amount of funds already recovered and some arrests made.