 has declared two Nigerian nationals, Folashade Odelana and Bamidele Ayodele Abiodun){kind=link}
The Economic and Financial Crimes Commission (EFCC) has declared two Nigerian nationals, Folashade Odelana and Bamidele Ayodele Abiodun, wanted in connection with a large-scale cryptocurrency fraud.
The fraudulent activity is linked to the now-notorious digital trading platform, Crypto Bridge Exchange (CBEX), and has resulted in significant financial losses for thousands of unsuspecting investors.
According to a public notice issued by the EFCC on Wednesday via its official social media channels, the suspects are believed to have masterminded sophisticated fraudulent schemes that exploited investor trust and led to the diversion of substantial funds through CBEX.
The agency urged members of the public with credible intelligence regarding the whereabouts of the wanted individuals to come forward, assuring that all information provided will be treated with strict confidentiality.
The scope of the CBEX fraud is vast, with estimates indicating that Nigerians lost approximately ₦1.3 trillion in a scheme that promised exaggerated and unrealistic returns on cryptocurrency investments. Many victims were lured by false assurances of high profits, only to be defrauded through deceptive financial practices.
Speaking during an interview in May on TVC, the EFCC Chairman, Mr. Ola Olukoyede, disclosed that the agency had made substantial progress in investigating the CBEX case. He confirmed that some suspects had already been apprehended, and a considerable amount of money had been successfully recovered from the fraudulent operations.
“We have made significant strides with the CBEX investigation and have been able to recover a reasonable amount of money,” Olukoyede stated. He, however, acknowledged the complications involved in converting the seized funds from cryptocurrency back into cash. “The money was initially taken in crypto form, and retrieving it in dollar cash form involves complex processes. There’s no direct method of converting it back without undergoing a similar transactional route.”
The EFCC Chairman further emphasized the ongoing nature of the investigation, explaining that while some arrests had been made, several individuals remain at large. “We have gone far. We’ve effected reasonable arrests, but we are withholding certain details to avoid compromising the ongoing investigation. Efforts are ongoing to track down others who have been declared wanted,” he added.
The EFCC reiterated its commitment to bringing all culprits to justice and called on the public to support its efforts by providing useful information that could aid in the apprehension of the suspects.