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N1.3 trillion crypto fraud: EFCC recovers assets, apprehends suspects in CBEX crackdown

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EFCC CBEX investigation

 The EFCC has recovered a reasonable amount of funds and arrested two suspects connected to the N1.3 trillion Crypto Bridge Exchange (CBEX) Ponzi scheme, though converting crypto assets to cash remains challenging

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The Economic and Financial Crimes Commission (EFCC) has announced significant progress in its ongoing investigation into the collapsed digital investment platform, Crypto Bridge Exchange (CBEX), which allegedly defrauded thousands of Nigerians of an estimated N1.3 trillion.

Also read: EFCC arrests suspected internet fraudster over bank account scheme

The agency’s Chairman, Ola Olukoyede, revealed that a “reasonable amount” of funds has been recovered, and persons connected to the massive fraud have been arrested.

Speaking in a televised interview with TVC on Sunday, May 25, 2025, Mr. Olukoyede stated, “We have gone far with CBEX. We have been able to recover a reasonable amount of money.”

He explained that despite the stolen funds being in cryptocurrency, the EFCC has successfully traced and recovered part of the proceeds.

However, he noted the inherent difficulty in converting these recovered crypto assets into cash due to the complex nature of such transactions.

“There is no way you’ll get the dollars in cash without necessarily going through the same process,” he explained.

The EFCC chairman disclosed that two suspects have already been apprehended, while others remain at large.

It is unclear if these arrests are linked to individuals previously declared wanted by the commission in April following the collapse of CBEX.

“We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” Olukoyede added, emphasizing the ongoing nature of the investigation.

Olukoyede described the probe as challenging due to the fraudsters’ use of non-custodial wallets—crypto wallets not tied to any verifiable identity.

He detailed the intricate money trail: “So, from the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed.”

We have gone far with CBEX. We have been able to recover a reasonable amount of money.

Earlier reports by PREMIUM TIMES indicated that the Federal High Court in Abuja had ordered the arrest and remand of six CBEX promoters over the alleged $1 billion scam.

Justice Emeka Nwite granted the EFCC’s ex parte motion seeking warrants for their arrest and detention. Named in court documents were Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others.

The EFCC alleges that these individuals used a front company, ST Technologies International Limited, to lure Nigerians into investing in CBEX with promises of unrealistic 100 per cent returns in just 30 days.

EFCC counsel Fadila Yusuf had informed the court that the scheme involved foreign collaborators, necessitating urgent action to prevent suspects from fleeing.

The EFCC clarified that while ST Technologies was registered with the Corporate Affairs Commission, it lacked a license from the Securities and Exchange Commission (SEC) to operate as an investment firm, despite holding a SCUML certificate.

EFCC spokesperson Dele Oyewale previously confirmed the agency’s collaboration with Interpol and other international partners to trace stolen assets.

CBEX collapsed in April, leaving investors unable to access their funds after the platform began restricting withdrawals and demanding additional verification fees—$100 or $200 depending on account size—just before its shutdown.

Despite the collapse, the platform reportedly resumed limited operations, allowing new registrations and withdrawals in what experts described as a tactic to restore investor confidence and perpetuate the fraud.

The alarm was first raised by an X (formerly Twitter) user, @Letter_to_Jack, whose viral post on April 9 warned that CBEX was a Ponzi scheme.

This triggered mass panic and a flood of unfulfilled withdrawal attempts. A recent analysis by crypto expert Taiwo Owolabi estimated total investor losses at N1.3 trillion, with at least $857 million traced to a central USDT wallet.

The fallout has been significant, with angry investors looting the CBEX office in Ibadan, Oyo State, and social media flooded with videos of victims expressing despair.

The Security Exchange Commission (SEC) had repeatedly warned Nigerians against investing in unregistered platforms.

SEC Director-General Emomotimi Agama confirmed the commission was unaware of CBEX’s operations prior to its collapse and reiterated that Nigeria’s Investment and Securities Act 2025 imposes a N20 million fine and up to 10 years in prison for promoting unregistered investment platforms.

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Gunmen Kill Four in Deadly Plateau Community Attack

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Plateau

Plateau community attack leaves four dead in Sabon Angwa as residents question security measures and report an earlier warning to authorities

Four residents have been killed after suspected armed attackers stormed Sabon Angwa community, around Bet/Zat in Barkin Ladi Local Government Area of Plateau State, at about 8pm on Thursday, 29 October 2026, opening fire despite an existing security curfew and raising fresh concerns over the protection of vulnerable communities.

Also read: Nigerian Army Trains, Graduates 384 Female Soldiers in Abuja

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The latest Plateau community attack has renewed questions about the effectiveness of security measures in parts of the state, particularly after a resident alleged that authorities had received an early warning about the threat a day before the shooting.

According to accounts from residents and community representatives, the attackers entered the settlement and fired sporadically at people in the area, creating panic as residents struggled to find safety.

A Barkin Ladi resident, Bulus Jok, who confirmed the incident, said the attackers struck despite restrictions introduced to improve security in the area.

“The gunmen struck the community around 8pm despite the curfew in place and started shooting sporadically,” Jok said.

He added that the attackers appeared to fire indiscriminately, leaving four people dead.

“They were shooting at anything they saw. The attack created panic in the community, and four people were killed,” he said.

Jok described the incident as particularly troubling because of an alleged warning issued before the attack.

“The incident is very sad, especially as there had been an early warning alert sent to the relevant authorities a day before the attack,” he added.

The account has raised concerns about how security agencies receive, assess and respond to intelligence from communities facing recurring threats.

However, the allegation of an advance warning has not been independently verified, and the identities of the authorities reportedly alerted were not disclosed.

The Publicity Secretary of the Berom Youth Moulders-Association (BYM), Rwang Tengwong, also confirmed the attack, describing the assailants as terrorist gangs.

In a statement, Tengwong said four people had been shot dead during the incident and condemned the violence against residents.

“We condemn this latest attack in strong terms and lament the loss of these lives,” he said.

He questioned the continued vulnerability of communities despite the security restrictions and other measures introduced to prevent further violence.

“It is disturbing that communities are still being attacked despite the security measures and curfew put in place to protect residents,” Tengwong added.

The association called on security agencies to strengthen surveillance, improve intelligence gathering and respond more promptly to warnings from residents.

“We call on security agencies to strengthen their presence and respond promptly to early warning alerts,” the spokesman said.

The latest killings add to the security challenges confronting Plateau State, particularly communities in Barkin Ladi, Riyom and surrounding areas, where attacks have repeatedly resulted in deaths, displacement and damage to livelihoods.

The state’s security situation has been shaped by longstanding communal tensions, disputes over land and resources, criminal violence and attacks involving armed groups.

The overlapping causes have made lasting peace difficult in several rural communities.

Barkin Ladi, in particular, has experienced repeated episodes of violence over the years, leaving residents concerned about their safety and the ability of security forces to prevent fresh attacks.

The curfew imposed in parts of Plateau was intended to restrict movement and provide security agencies with greater control over potentially volatile areas.

However, Thursday night’s incident has raised questions about whether existing enforcement arrangements are sufficient to deter armed groups.

Beyond the immediate loss of four lives, the attack has renewed calls for stronger cooperation between local communities and security agencies, especially in the handling of intelligence that could help prevent violence.

At the time of filing the original report, efforts to obtain further details from security operatives had been unsuccessful.

No official account of the incident, arrests or the identities of the victims had been provided.

It also remained unclear whether the attackers had been identified or what specific motive lay behind the assault.

For residents of Sabon Angwa, the immediate concern is the safety of surviving families and the prevention of further violence.

Community representatives are urging authorities to move beyond general assurances and strengthen the security presence in vulnerable settlements.

Also read: Nigerian Army Trains, Graduates 384 Female Soldiers in Abuja

The latest killings have once again highlighted the human cost of insecurity in Plateau State and the urgent need for effective early-warning responses, coordinated security operations and lasting protection for rural communities.

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Osun amotekun dismisses officer over gross misconduct

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 Osun Amotekun dismisses officer Awopeju Cornelious Sanjo after disciplinary proceedings, reinforcing its stance on accountability and professional conduct

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ICPC witness says UNN, NYSC rejected Nnaji’s certificates

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Nnaji’s certificates face fresh scrutiny as an ICPC witness tells an Abuja court that UNN and NYSC denied issuing the disputed credentials

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