Abuja, Nigeria – Nigeria’s Economic and Financial Crimes Commission (EFCC) has announced it is prosecuting three individuals in connection with a fraudulent cryptocurrency trading platform. The anti-graft agency is now appealing to victims of the alleged scam to come forward and assist with its ongoing investigation.
The EFCC notice, released on Friday, names Adewofara Abiodun Olanipekun, Otorudo Avwerosuo, and Ehirim Justice Chukwuebuka as suspects in the scheme. They are accused of involvement with a platform called Crypto Bridge Exchange (CBEX), which allegedly defrauded investors by promising unrealistic returns. The scheme has reportedly led to significant financial losses for many Nigerians.
The commission is asking victims to report to its zonal directorates in Ibadan and Lagos to provide statements and evidence. The move signals a concerted effort by Nigerian authorities to crack down on the growing trend of online investment fraud.
The crackdown comes amid a surge in cryptocurrency adoption across Nigeria, particularly among the youth. While the digital currency has been embraced for transactions and investments, it has also become a fertile ground for sophisticated scams. Nigerian authorities, including the EFCC and the Central Bank of Nigeria, have repeatedly issued warnings to the public about the risks associated with unregulated online investment platforms and have intensified their efforts to bring perpetrators to justice.
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