The glitter of cryptocurrency has once again left many Nigerians in tears. This time, the fraudulent trading platform known as Crypto Bridge Exchange (CBEX) is at the center of a storm, with the Economic and Financial Crimes Commission (EFCC) stepping in to unravel the mess.
In a statement on Friday, EFCC’s spokesperson, Dele Oyewale, revealed that three individuals — Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka — are already standing trial for their alleged roles in the scheme. But investigators believe the story goes deeper, with more victims and accomplices yet to be identified.
CBEX, according to the EFCC, lured unsuspecting investors with promises of quick and guaranteed profits on cryptocurrency trades. With glossy adverts, persuasive agents, and a heavy presence on social media, the platform painted a picture of wealth that was simply too good to be true.
Many Nigerians, driven by the hope of escaping economic hardship, reportedly staked their savings, pensions, and even borrowed funds. What they got in return was heartbreak, as the platform collapsed, leaving them stranded. “The returns they promised were never realistic,” Oyewale said. “CBEX was nothing more than a fraud carefully packaged to deceive.”
The EFCC is now urging victims who invested through CBEX offices in Ibadan and Idimu, Lagos, to step forward. They are to report at the commission’s Ibadan Zonal Directorate or Lagos Zonal Directorate 2, where their testimonies can help strengthen the ongoing case.
For many, this call is more than just a legal process — it is a lifeline. Victims’ voices could be crucial in tracing hidden assets, unmasking other collaborators, and, perhaps, recovering some of the stolen funds. The commission insists that the fight is not only about punishment but also about justice and closure.
The CBEX scandal adds to a growing list of crypto-related scams in Nigeria, where regulatory frameworks struggle to keep up with the fast-evolving digital finance space. Experts warn that while blockchain technology is legitimate, fraudsters are exploiting the craze around it to prey on unsuspecting citizens.
Financial analysts argue that poor financial literacy remains the biggest weapon in the hands of scammers. “People still fall for promises of doubling money in weeks,” one analyst noted. “Until Nigerians embrace cautious investing, these scams will continue to thrive.”
While the EFCC’s prosecutions are ongoing, the commission has warned Nigerians to remain vigilant. The agency stressed that no genuine investment guarantees outrageous returns, and platforms that promise such profits should be treated as red flags.
The CBEX case, though far from over, is already a sobering reminder: in the high-risk world of cryptocurrency, greed and desperation remain the easiest tools for fraudsters.
