EFCC intensifies hunt for eight suspects in $1bn CBEX fraud

Abdullateef Fowewe

The Economic and Financial Crimes Commission has said is making significant progress in its investigation into the massive fraud linked to the Crypto Bridge Exchange (CBEX), a digital investment platform that collapsed amid allegations of a $1 billion Ponzi scheme.

The Commission has declared eight individuals wanted in connection with the fraud: Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, Adefowora Abiodun Olanipekun, Johnson Okiroh Ofienolu, Israel Mbalika, Joseph Michiro Kabera, and Serah Michiro.

Notably, Ellie Bitar, previously listed as wanted, has been removed following new information exonerating him.

A statement by EFCC on Wednesday 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.”

EFCC noted that it is collaborating with international law enforcement agencies including Interpol and the FBI to track and apprehend the suspects globally, establishing that the agency is committed to bringing all actors involved in the fraudulent dealings to justice and recovering lost funds for victims.

“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 statement added.