Ola Olukoyede, the Chairman of the Economic and Financial Crimes Commission EFCC, has announced that the body has recovered lost funds from the CBEX fraud scheme. Olukoyede did not announce the amount recovered, but he assured Nigerians that the EFCC is taking action against the promoters of the scheme. The EFCC Chairman emphasised that…
Operators of Ponzi schemes in Nigeria have come under the Senate’s spotlight following the passage of a resolution on Wednesday to investigate their activities and other similar online transactions that defraud investors of their hard-earned money. Of particular concern to the Senate is the recent collapse of the Crypto Bullion Exchange (CBEX), which resulted in…
A Federal High Court sitting in Abuja and presided over by Justice Emeka Nwite has rejected the bail application filed by three promoters of Crypto Bridge Exchange (CBEX) in the alleged $1 billion fraud. Justice Nwite, in a ruling on Monday, June 30, 2025, held that available evidence against the defendants was strong. The defendants…
The Securities and Exchange Commission (SEC) says the Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd., remains banned in Nigeria. SEC, in a public notice issued on Wednesday, said that CBEX, also known as Smart Treasure/Super Technologg, had not been registered by the commission. The commission, however, advised the…
Three promoters of the now-collapsed and fraudulent cryptocurrency investment scheme known as “CBEX” have sought bail from the Federal High Court in Abuja following their detention in connection with an alleged $1 billion scam targeting Nigerian victims. The legal team for the three suspects, Babatunde Busari and Justice Otorudo, sought bail from Justice Emeka Nwite…
A digital financial platform, Crypto Bridge Exchange, otherwise called CBEX, which is a Ponzi scheme, has resumed business across the country weeks after it suddenly halted operation and made away with hundreds of thousands of dollars belonging to unsuspecting Nigerians investors. Investors said they were asked to return to the scheme’s platform to claim their…
The Economic and Financial Crimes Commission (EFCC) as declared two individuals wanted in connection with an online trading platform, Crybto Bridge Exchange (CBEX). The two wanted individuals are Folashade Odelana and Bamidele Ayodele Abiodun. The last known address of the two wanted persons is No 17, Oremeta Street, Allen, Ikeja, Lagos. The commission has urged…
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has assured the Commission is working tirelessly to recover funds lost to the Crypto Bridge Exchange trading platform (CBEX) investment scheme. In a video on the EFCC’s official X handle, on Monday, Olukoyede emphasised the agency’s commitment to securing justice for the victims. He…
The Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, has revealed that the agency has recovered some money from the digital investment platform Crypto Bridge Exchange trading platform. Olukoyede also disclosed that the EFCC has made arrests in connection with the CBEX fraud. The EFCC boss revealed this in an interview with…
The Economic and Financial Crimes Commission (EFCC) has admitted that it wrongly declared Ellie Bitar wanted over the CBEX ponzi scheme. The anti-graft agency, in a statement on Wednesday, made this admission a few days after FIJ first published the story on how Mr Bitar was wrongly declared wanted by the EFCC. “Ellie Bitar of…