The Economic and Financial Crimes Commission (EFCC) notified the Ibadan and Lagos Zonal Directorates of their requests for further investigation on Friday.
The EFCC is currently prosecuting three suspects, Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka, according to a statement from Oyo State’s head of media and publicity, Dele Oyewale, in Ibadan.
The commission explained that CBEX allegedly defrauded unsuspecting Nigerians into making investments that would result in significant financial losses for many.
The EFCC is requesting victims who invested their funds through individuals connected to the CBEX offices in Ibadan and Idimu, Lagos, to report to the Ibadan Zonal Directorate and Lagos Zonal Directorate 2 in light of the above and the need to assist the commission in its ongoing investigation, the statement continued.
Thousands of Nigerians were drawn to CBEX because it promised high returns on cryptocurrency investments when it first launched in July 2024. Users started reporting misplaced and lost funds by April 2025, causing outrage on social media.
Four Nigerians and four foreigners were among the eight people the EFCC had in custody in connection with the scheme in April.
Investors were instructed to deposit USDT, a stablecoin, into wallets owned by the suspects, according to investigations led by the EFCC’s cybercrime section.
In a pending outcome of the investigation, Judge Emeka Nwite approved the EFCC’s request to detain and arrest six suspected Ponzi schemers, Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Awerosuo Otorudo, and Chukwuebuka Ehirim.
The Federal High Court in Abuja’s Judge Mohammed Umar arraigned Messrs Otorudo and Ehirim on July 7th. According to an online report, they were later given bail worth $10,000 each, with two similar-sized sureties.
On July 18, Olanipekun and his business, ST Technologies International Limited, appeared in court in the same court.
Read more about how police kill six suspected kidnappers in a gunfight.
The defendants allegedly invited members of the public to deposit money for a fixed term or payable on call through CBEX without getting the Securities and Exchange Commission’s written consent in one of the allegations.
They are alleged to be in violation of Section 96(5) of the Investment and Securities Act of 2025. The suspects have entered a not-guilty plea.
In a statement, the EFCC urged victims to offer their assistance to the Commission in its investigation by investing money in individuals connected to the CBEX offices mentioned in this report.
Source: Channels TV
Leave a Reply