EFCC Declares Two More Wanted: Folashade Odelana, Bamidele Abiodun Declared Wanted Over CBEX Scam

 

The Economic and Financial Crimes Commission (EFCC) has intensified its crackdown on individuals linked to a monumental cryptocurrency scam that has rocked Nigeria’s digital finance landscape. On Wednesday, June 4, the anti-graft agency officially declared Folashade Odelana and Bamidele Ayodele Abiodun wanted, marking a significant development in its ongoing investigation into the Crypto Bridge Exchange (CBEX) saga.

Public appeals were issued through EFCC’s verified social media channels, urging anyone with relevant information about the whereabouts of the two suspects to step forward. The agency’s public notice painted a troubling picture of the extent of deceit involved in the CBEX operation, which has reportedly stripped unsuspecting investors of more than N1.3 trillion.

CBEX, once paraded as a legitimate digital asset trading platform, abruptly collapsed in April 2025, sending shockwaves through the crypto investment community and leaving countless Nigerians in financial ruin. The company had promised lofty returns through blockchain-based transactions and claimed to offer unmatched security for investor funds. What followed, however, was one of the most devastating financial upsets in Nigeria’s fintech history.

Investigators say the scheme operated much like a classic Ponzi model—early investors were paid returns sourced from incoming deposits, while later entrants found themselves locked out entirely when the platform went dark. According to financial forensics teams working alongside the EFCC, the platform’s architecture was sophisticated enough to mask fraudulent transfers and launder proceeds across multiple digital wallets, some allegedly traced to foreign crypto exchanges.

Folashade Odelana and Bamidele Ayodele Abiodun are the latest names added to a growing list of individuals believed to be deeply involved in the operation and collapse of CBEX. Their roles are believed to range from masterminding user acquisition strategies to overseeing financial flows that now form the core of EFCC’s ongoing forensic examination.

EFCC spokesperson Dele Oyewale confirmed that tracking cyber-enabled fraud is now a strategic priority for the commission, especially as Nigerians become more engaged with digital assets and blockchain technology. “The CBEX incident underscores the risks associated with unchecked virtual trading platforms. As such, EFCC remains steadfast in its mission to protect Nigerian investors and restore accountability in the digital finance space,” he said.

Financial crime experts believe the magnitude of this case places it among the most significant digital fraud cases ever recorded on the continent. CBEX’s operations were not only extensive within Nigeria but reportedly had tentacles stretching into West African markets, complicating jurisdictional matters and amplifying the scope of the manhunt.

Survivors of the fraudulent scheme have begun organizing support groups on social media, where thousands share stories of lost life savings, borrowed funds, and dashed dreams. For many, CBEX represented an opportunity to escape economic hardship. Instead, it has plunged them deeper into uncertainty.

Civil society organizations and financial watchdogs have also called for stronger regulation of Nigeria’s burgeoning crypto market. Though the Central Bank of Nigeria had previously warned about the volatility and risks of unregulated digital currencies, enforcement had lagged, creating an environment in which platforms like CBEX could flourish.

Efforts are underway to explore possible collaboration with international enforcement agencies to track digital footprints, freeze crypto assets, and ensure suspects face justice. According to sources close to the investigation, several assets connected to CBEX have already been flagged, but the bulk of investor funds remain unrecovered.

This high-profile fraud case has renewed calls for legislative action to regulate cryptocurrency operations more effectively. Legal analysts argue that until Nigeria enacts specific and enforceable frameworks for digital trading platforms, similar incidents may reoccur.

The EFCC’s latest move to identify and pursue suspects like Odelana and Abiodun signals not only the breadth of its investigation but also a resolute push to hold all complicit parties accountable. As public scrutiny intensifies, the agency is under mounting pressure to deliver justice and recover stolen funds.

What began as a promising digital revolution has now spiraled into one of Nigeria’s most devastating financial crimes, with ripple effects that may take years to resolve.