EFCC Removes Foreign National Elie Bitar from Wanted List Amid Ongoing CBEX Fraud Investigation
The Economic and Financial Crimes Commission (EFCC) of Nigeria has officially removed Elie Bitar, a 41-year-old foreign national, from its list of wanted persons. This development follows his earlier inclusion on the list in connection with a high-profile financial fraud scandal involving the now-defunct Crypto Bridge Exchange (CBEX).
On May 1, 2025, the EFCC publicly declared Bitar and seven others wanted for their alleged involvement in fraudulent activities linked to CBEX, a cryptocurrency trading platform that has been at the center of a major scam investigation.
However, in a significant update on May 14, the EFCC issued a fresh statement announcing the removal of Elie Bitar’s name from the wanted list. While the agency did not provide specific details regarding the reason for this removal, it clarified that it is continuing its manhunt for all individuals implicated in the scandal.
The statement reads, “As part of its ongoing investigations of the alleged monumental fraud involving many actors in the infamous Crypto Bridge Exchange, CBEX, fraud, the Economic and Financial Crimes Commission, EFCC, is gaining important ground in its search for eight wanted persons implicated in the fraud.
“The eight wanted persons are: Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, Adefowora Abiodun Olanipekun, Johnson Okiroh Ofienolu, Israel Mbalika, Joseph Michiro Kabera and Serah Michiro. Ellie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information that does not support his inclusion in the wanted person’s list.
“The Commission is making good progress in its investigations. Law enforcement agencies across the world are collaborating with it in tracking and arresting all the wanted persons. The EFCC will not relent in bringing every actor involved in the fraudulent dealings to book.”
The removal of Bitar’s name from the list has raised questions about his current legal status and whether he has been cleared of wrongdoing or is cooperating with authorities. Nonetheless, the EFCC’s statement suggests that the broader investigation into the CBEX fraud remains a priority, and Nigerians affected by the scam can expect continued pursuit of justice.
CBEX, which had marketed itself as a legitimate cryptocurrency exchange, allegedly operated as a Ponzi-style scheme, deceiving users with fraudulent investment opportunities and eventually collapsing, leaving many without access to their funds. The scandal has renewed calls for stronger regulation and oversight of digital asset trading platforms in Nigeria.