Loading...
Abuja, Nigeria – April 22, 2025 — The Economic and Financial Crimes Commission (EFCC) has made significant strides in unraveling what could be one of Nigeria’s largest digital financial frauds, arresting two individuals linked to a staggering N1.3 trillion loss allegedly tied to Crypto Bridge Exchange (CBEX).
Abuja, Nigeria – April 22, 2025 — The Economic and Financial Crimes Commission (EFCC) has made significant strides in unraveling what could be one of Nigeria’s largest digital financial frauds, arresting two individuals linked to a staggering N1.3 trillion loss allegedly tied to Crypto Bridge Exchange (CBEX).
The arrests, made over the weekend despite a national public holiday, mark the beginning of a multi-layered investigation into the operations of CBEX, a cryptocurrency platform that is believed to have defrauded investors on an unprecedented scale. Sources within the commission say at least three additional suspects, including a British national, are under surveillance.
“This is a multi-dimensional probe,” a senior EFCC official disclosed. “We are interrogating the two suspects in custody and examining how CBEX penetrated Nigeria’s digital asset space—who established it, who financed it, and which financial institutions were involved.”
The investigation is being closely supervised by EFCC Chairman Ola Olukoyede, who recently returned to the country and has reportedly taken personal charge of the high-profile case.
Though the identities of the arrested suspects have not been revealed, authorities say early disclosures could compromise the integrity of the ongoing investigation. “These individuals are already providing insight into the structure and operations of CBEX,” the official added. “We are acting swiftly but cautiously, with all suspects under tight surveillance.”
Claims of N1.3 trillion in investor losses are currently being verified by EFCC investigators. “We understand the public concern and panic, but our priority is a thorough investigation that will lead to justice and recovery,” the source said.
Meanwhile, the Securities and Exchange Commission (SEC) has responded to growing criticism over regulatory oversight, stating that CBEX was never registered with the commission.
“The platform was not and has never been under our regulatory purview,” SEC Director-General Dr. Emomotimi Agama said. “Contrary to circulating reports, CBEX did not apply for approval, and such claims are categorically false.”
Agama clarified that registration with the Corporate Affairs Commission (CAC) does not equate to regulatory approval for investment services. “These entities often exploit regulatory gaps. Just because a business is registered does not mean it is licensed to operate as an investment firm.”
On potential fund recovery, Agama offered a measure of hope. “Whatever we can trace and recover will be returned to investors. We are committed to ensuring those responsible are held accountable.”
He also warned digital content creators about endorsing unlicensed platforms: “If you are a blogger or influencer who promotes such fraudulent schemes, you face a N20 million fine and up to 10 years imprisonment.”
As investigators continue to follow the digital money trail, the CBEX scandal stands as a stark reminder of the risks in Nigeria’s burgeoning crypto market—one that promises wealth but can leave investors facing devastating losses.
