Adefowora Abiodun, Suspected CBEX Promoter, Surrenders to EFCC Amid $1 Billion Crypto Scam Probe

Abuja, Nigeria – On Monday, April 28, 2025, Adefowora Abiodun, a suspected promoter of the fraudulent cryptocurrency trading platform Crypto Bridge Exchange (CBEX), voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC) at its headquarters in Abuja. Abiodun, one of eight individuals declared wanted by the anti-graft agency, is implicated in a massive scam that allegedly defrauded approximately 600,000 Nigerians of over $1 billion. His surrender marks a significant development in the EFCC’s ongoing investigation into the collapsed CBEX platform, which has left thousands of investors reeling from substantial financial losses.

The EFCC had previously listed Abiodun and seven other suspects as wanted in connection with the CBEX scandal, which operated under the unregistered entity ST Technologies International Limited. The platform, which promised investors unrealistic 100% returns on their investments, collapsed in April 2025, resulting in estimated losses ranging between ₦1.3 trillion and ₦3 billion. The Securities and Exchange Commission (SEC) confirmed that CBEX was not registered to operate as a financial entity in Nigeria, further raising red flags about its legitimacy.

According to a statement from EFCC spokesperson Dele Oyewale, Abiodun arrived at the agency’s headquarters accompanied by his legal counsel. He expressed his readiness to cooperate fully with the EFCC’s investigation, aiming to clear his name and address what he described as “false narratives” surrounding his involvement with CBEX. “The suspect has pledged to assist the Commission in unraveling the circumstances surrounding the CBEX scam,” Oyewale said, adding that Abiodun’s surrender followed intense efforts by the EFCC to apprehend those linked to the fraudulent scheme.

The Federal High Court in Abuja had earlier granted the EFCC permission to arrest and detain six CBEX promoters, including Abiodun, pending a thorough investigation and potential prosecution. The court’s ruling underscored the severity of the allegations, which include money laundering, fraud, and operating an unregistered financial platform. The EFCC’s probe has revealed that CBEX lured investors with promises of high returns through a multi-level marketing structure, only to abruptly halt operations, leaving victims unable to access their funds.

The CBEX collapse has sparked widespread outrage among Nigerian investors, many of whom took to social media platforms like X to share their stories of financial ruin. Posts on X have highlighted the devastating impact of the scam, with some users reporting losses of their life savings. The EFCC has urged victims to come forward with evidence to aid the investigation, while also warning the public to exercise caution when engaging with unregistered investment platforms.

The CBEX scandal is part of a broader wave of cryptocurrency-related frauds in Nigeria, where the promise of quick wealth has attracted millions to unregulated platforms. The SEC and other regulatory bodies have repeatedly cautioned against investing in entities that lack proper licensing, emphasizing the risks of Ponzi-like schemes masquerading as legitimate opportunities.

Abiodun’s surrender is seen as a critical step in the EFCC’s efforts to hold those responsible for the CBEX debacle accountable. The agency has vowed to pursue all leads to ensure justice for the victims and to recover any illicit proceeds from the scam. As the investigation progresses, the EFCC is also expected to intensify its scrutiny of other suspects still at large, with a view to dismantling the network behind the fraudulent platform.

The case has reignited calls for stricter regulation of cryptocurrency and investment platforms in Nigeria. Stakeholders, including financial experts and consumer protection groups, have urged the government to implement robust measures to prevent similar scams in the future. For now, the focus remains on the EFCC’s investigation and the potential prosecution of those involved in what has been described as one of Nigeria’s largest financial frauds in recent years.

As Abiodun cooperates with the EFCC, Nigerians await further developments in the case, hoping for justice and the possibility of recovering their lost investments. The CBEX saga serves as a stark reminder of the dangers of unregulated financial schemes and the importance of due diligence in the rapidly evolving world of cryptocurrency.

This article is based on information available as of April 29, 2025, and reflects ongoing developments in the EFCC’s investigation.