One of the six Crypto Bridge Exchange (CBEX) promoters, Adefowora Abiodun, has voluntarily turned himself in to the Economic and Financial Crimes Commission (EFCC).
CBEX, which described itself as a cryptocurrency trading platform, vanished after allegedly defrauding investors of over $1 billion, amounting to more than a million naira from individuals who were lured by the promise of a 100% return on their dollar-denominated investments.
Following the collapse of the platform, Nigeria’s anti-graft agency approached the Federal High Court in Abuja to obtain an order declaring the promoters of the platform wanted.
Justice Emeka Nwite, in a ruling on April 24, 2025, granted the EFCC’s request to arrest and detain six promoters: Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
EFCC’s counsel, Fadila Yusu, told the court that the promoters of the fraudulent platform would be detained pending the conclusion of investigations into the alleged offenses and possible prosecution.
On Monday, when Adefowora Abiodun surrendered, he was accompanied by his lawyers to the EFCC headquarters around 4:00 p.m., promising to cooperate with the anti-graft agency.
His lawyer, Babatunde Busari, stated that his client decided to submit himself for investigation to clear his name and correct the false narrative being widely circulated in the media.