One of the alleged masterminds behind the $1 billion Crypto Bridge Exchange (CBEX) investment scheme, Adefowora Abiodun Olanipekun, has turned himself in to the Economic and Financial Crimes Commission (EFCC), signaling a new phase in the investigation of one of Nigeria’s largest financial scams.
The EFCC confirmed that Olanipekun, who was recently declared wanted alongside three others, voluntarily appeared at the commission’s headquarters on Monday at around 4:00 p.m., accompanied by his legal team. The anti-graft agency had previously named Olanipekun, Seyi Oloyede, Emmanuel Uko, and Adefowora Oluwanisola as suspects in a massive crypto fraud case linked to CBEX.
“Olanipekun among the four individuals earlier declared wanted by the EFCC over alleged involvement in a fraudulent investment scheme valued at over $1 billion, turned himself in, yesterday, and expressed willingness to cooperate with investigators.”
Olanipekun’s lawyer, Babatunde Busari, said his client chose to present himself to authorities to aid the investigation and to dispel what he described as a “false narrative” being circulated by the media.
In a related development, the Federal High Court in Abuja has granted the EFCC authority to arrest and detain six suspected CBEX promoters. The ruling was issued by Justice Emeka Nwite, who said: “I have listened to the submission of the learned counsel for the applicant (EFCC). I have also gone through the affidavit evidence and exhibits, along with the written address. I am satisfied that the application is meritorious and hereby grant it as prayed.”
The suspects named in the court’s order include Olanipekun, Oluwanisola, Uko, Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
Meanwhile, the EFCC’s Kano Zonal Directorate has launched a fresh investigation into a significant seizure of foreign currency at Mallam Aminu Kano International Airport (MAKIA). The Nigeria Customs Service intercepted $86,500, €200, and 305,150 Saudi Arabian Riyal (SAR) in an unaccompanied bag on Sunday, April 27, 2025. The bag, suspected to have been smuggled into the country, was being retrieved by a clearing agent identified as Sale Bala.
In another courtroom development, former Central Bank of Nigeria (CBN) governor Godwin Emefiele has lost a legal battle to reclaim a sprawling real estate asset in Abuja. The estate, consisting of 753 duplexes and apartments, remains under interim forfeiture. Justice Jude Onwuegbuzie of the Federal Capital Territory High Court in Apo dismissed Emefiele’s application to recover the property.
The EFCC continues to investigate the full scope of the CBEX investment scheme, which has drawn comparisons to some of the most notorious crypto-related scams globally.
