The Economic and Financial Crimes Commission (EFCC) has declared four individuals wanted over the alleged fraud perpetrated on crypto bridge exchange (CBEX), a trading platform.
This was announced in a special circular released by the agency on Friday evening, identifying the four suspects as Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
SaharaReporters had also reported how the Osun State Broadcasting Corporation (OSBC), a government-owned radio station, actively promoted the now-collapsed CBEX Ponzi scheme to its listeners, packaging it as a legitimate poverty alleviation initiative and encouraging vulnerable Nigerians to invest.
In a video obtained by SaharaReporters from one of the station’s programmes, OSBC gave airtime to CBEX Trading Exchange Global officials who made exaggerated claims about the fraudulent platform’s capacity to lift Nigerians out of poverty.
This scheme is for everyone. Even those selling herbal mixtures, those selling on the roadside, and the petty traders can invest with us. Those selling pepper, and those selling vegetables in the market can also join us. We want everyone to join us because our intention is to make life easier for Nigerian people. We want to take them from suffering and hardships,” one of the CBEX officials declared during the broadcast.
Rather than questioning the scheme’s credibility or regulatory status, the OSBC presenter fully endorsed CBEX on air.
“This is a scheme that will bring fortune to Nigerians. That is why we are telling you every week that you should join them, I am still telling you again to join them this morning to make fortune,” the presenter had said without hesitation.
SaharaReporters earlier reported how CBEX crashed, wiping out the life savings of thousands of Nigerians, particularly young people, who believed they were investing in a legitimate platform.
Victims took to social media in a wave of despair, with many sharing heartbreaking videos and posts on TikTok and X (formerly Twitter).
One woman, Pretty Nikky Babe, posted a tearful video: “CBEX don my savings,” capturing the emotional collapse many are experiencing. Another victim, Bola, was seen weeping in front of the company’s looted office in Ibadan, lamenting the loss of her funds.
“Me 200 dollars, but I collected all my friends money, all the money 1,000 dollars,” she cried. “All my life savings, after working in Libya.”
Another victim, Oguonu Nchedo Esther, shared her grief online: “To everyone here…pls don’t cry too much, God will see us through…my kids are just crying as if someone died…all the hopes I gave them are just scattered…we are back to zero…lost $1000…is not the end of life…”
Former presidential aide Bashir Ahmad had also reacted to the crash, writing: “So, our Securities and Exchange Commission (SEC) warned Nigerians against patronising CBEX after they clarified that they did not register with the Commission, and our people still went ahead and invested their money.”
