The Economic and Financial Crimes Commission (EFCC) has issued a public notice seeking the arrest of Elie Bitar, a foreign national alleged to be involved in a fraudulent investment scheme operated through the Crypto Bridge Exchange (CBEX), an unregistered cryptocurrency trading platform.
The EFCC made the announcement on Wednesday through its official social media channels, though it did not disclose Bitar’s nationality.
Bitar, 41, was last known to reside at Eng. George Enemoh Crescent in Lekki Phase 1, Lagos. He now becomes the latest individual wanted in connection with CBEX, joining eight Nigerian suspects already on the EFCC’s wanted list for their alleged roles in promoting the platform, which is accused of defrauding investors of substantial sums.
Previously declared wanted by the commission are:
- Adefowora Abiodun Olanipekun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Johnson Okiroh Otieno
- Israel Mbaluka
- Joseph Michiro Kabera
- Serah Michiro
On Monday, one of the suspects, Adefowora Abiodun Olanipekun, voluntarily surrendered to authorities, indicating a deepening probe into CBEX’s activities.
Concerns around CBEX surfaced in April when users began reporting issues with withdrawing their funds. Allegations quickly spread across investor circles, with many Nigerians claiming to have lost millions of naira to the platform. These concerns were further validated when the Securities and Exchange Commission (SEC) confirmed that CBEX was not registered under its regulatory oversight.
In a significant legal development, the Federal High Court in Abuja granted the EFCC authority to arrest and detain six promoters of the CBEX platform in relation to an alleged $1 billion investment scam. The ruling was issued by Justice Emeka Nwite following an ex parte application filed by EFCC counsel, Fadila Yusuf.
Authorities have reiterated their commitment to prosecuting all those involved in the CBEX case as part of wider efforts to safeguard Nigeria’s digital financial space.
CBEX marketed itself as an exclusive cryptocurrency investment platform offering users a 100% return on investment within one month, with all transactions conducted in U.S. dollars. The platform also incentivized users with bonuses for referring others.
Despite lacking a visible social media footprint, CBEX gained traction among unsuspecting investors, who now find themselves with substantial losses.
Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama, has since cautioned Nigerians against investing in platforms that are not officially registered with the agency.
In a virtual forum hosted by Nairametrics on X (formerly Twitter), medical practitioner Dr. David Udoh emphasized the regulatory failures that allowed CBEX to operate unchecked.
“CBEX was not regulated by the Nigerian Securities and Exchange Commission (SEC). The platform operated without registration, which is a clear violation,” Udoh said.
He linked the success of such fraudulent schemes to underlying socio-economic challenges in Nigeria, including high unemployment, financial illiteracy, and general economic distress.
