The Economic and Financial Crimes Commission (EFCC) has declared two additional individuals wanted in connection with the massive cryptocurrency fraud linked to the now defunct trading platform, Crypto Bridge Exchange (CBEX). The suspects, 31-year-old Folashade Odelana and 32-year-old Bamidele Ayodele Abiodun are accused of playing active roles in the scheme that reportedly defrauded hundreds of thousands of Nigerians of their investments.
In a statement released Wednesday via its official social media platforms, the EFCC said:
“The public is hereby notified that the persons whose photographs appear below are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).
FOLASHADE ODELANA. Odelana is 31 years old. Her last known address is No. 17, Oremeta Street, Allen, Ikeja, Lagos State.
BAMIDELE AYODELE ABIODUN. Abiodun is 32 years old. His last known address is also No. 17, Oremeta Street, Allen, Ikeja, Lagos State.
Anybody with useful information as to their whereabouts should please contact the Commission in its Ibadan, Enugu, Kano, Lagos, Gombe, Port Harcourt, or Abuja offices, or through the following numbers: 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5. Tips may also be sent via email to [email protected], or reported to the nearest police station or security agency.”
With this development, the number of suspects declared wanted in the CBEX case has risen to 12. Previously declared individuals include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro.
The EFCC also confirmed that it has secured arrest warrants for six of the suspects: Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
CBEX, once touted as a profitable crypto trading platform, abruptly shut down in April 2025. Investors were locked out of their accounts, unable to access or withdraw their funds. The collapse triggered panic and outrage across the country, with estimates suggesting that more than 600,000 Nigerians may have been affected, and total losses could exceed ₦1.3 trillion.
Since then, the EFCC has intensified its investigation, pursuing both local and international leads. The Commission is working to track down suspects, recover stolen funds, and dismantle what it describes as a sophisticated fraud network.
EFCC Chairman Ola Olukoyede has assured the public that the agency is making significant progress. He revealed that a “reasonable amount” of the stolen funds has already been recovered.
Olukoyede reaffirmed the Commission’s commitment to ensuring justice for victims and holding all those involved accountable. He also pledged to continue recovery efforts until as much of the stolen investment as possible is returned to those affected.
