The Economic and Financial Crimes Commission (EFCC) has officially declared two individuals wanted in connection with one of the largest cryptocurrency-related fraud cases in recent Nigerian history. The suspects, identified as Folashade Odelana and Bamidele Ayodele Abiodun, are linked to the collapse of the Crypto Bridge Exchange (CBEX), a platform that allegedly defrauded investors of an estimated N1.3 trillion.
Background of the CBEX Scam
Crypto Bridge Exchange (CBEX) was launched with the promise of delivering extraordinary returns to investors, boasting a 100% return on investment within just 30 days. This promise attracted thousands of investors across Nigeria and beyond, many of whom invested their life savings, hoping to capitalize on the booming cryptocurrency market.
However, the platform soon collapsed, leaving investors unable to withdraw their funds. What initially seemed like a lucrative investment turned out to be a sophisticated Ponzi scheme designed to defraud unsuspecting investors. The fallout has sparked outrage and calls for justice across the Nigerian financial community.
EFCC’s Investigation and Declaration
Following extensive investigations, the EFCC revealed that Folashade Odelana and Bamidele Ayodele Abiodun played pivotal roles in the fraudulent operations of CBEX. The agency released a public notice on June 4, 2025, naming these two individuals as wanted persons. Their last known address was listed as No. 17, Oremeta Street, Allen, Ikeja, Lagos.
EFCC spokesman explained that these individuals are being sought for their involvement in the orchestrated fraud, which involved the solicitation of funds under false pretenses, with the ultimate intention to defraud investors.
What This Means for Investors and the Public
This announcement marks a significant step in the EFCC’s ongoing crackdown on financial fraud, especially within the rapidly evolving cryptocurrency space. The declaration serves as a warning to other operators of fraudulent schemes and highlights the risks associated with high-return investment promises that sound too good to be true.
Investors are urged to exercise extreme caution and conduct thorough due diligence before committing funds to any cryptocurrency platform. The CBEX case underscores the importance of verifying the legitimacy of investment platforms and avoiding schemes that promise guaranteed high returns with little or no risk.
How You Can Help
The EFCC has appealed to members of the public to assist in locating the wanted individuals. Anyone with information on the whereabouts of Folashade Odelana or Bamidele Ayodele Abiodun is encouraged to contact the EFCC through its official channels or visit the nearest police station.
This collaborative effort is crucial to bringing those responsible to justice and recovering funds for defrauded investors.
The Bigger Picture: Fighting Financial Fraud in Nigeria
The CBEX case is just one among many involving fraudulent investment schemes that have plagued Nigeria’s financial landscape. The EFCC has been increasingly proactive in investigating and prosecuting such cases, aiming to restore confidence in the country’s financial system.
As cryptocurrencies gain popularity, the regulatory framework around them is also evolving. Authorities continue to emphasize the need for investors to remain vigilant and report suspicious activities promptly.
Final Thoughts
The declaration of Folashade Odelana and Bamidele Ayodele Abiodun as wanted persons is a critical move in the battle against financial crime in Nigeria. While the path to justice may be challenging, the EFCC’s resolve to bring fraudsters to account offers hope to the countless investors affected by the CBEX collapse.
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