Nigerian Authorities Hunt Kenyan Nationals Over CBEX Crypto Fraud
Nigeria’s Economic and Financial Crimes Commission (EFCC) is actively searching for four Kenyan nationals suspected of playing a role in a massive cryptocurrency and forex scam that has left investors across Africa counting heavy losses. The suspects are allegedly linked to a digital trading platform called Crypto Bridge Exchange (CBEX), which abruptly shut down earlier this month.
The EFCC, in a public statement released via their official X (formerly Twitter) account, urged anyone with useful information about the individuals to come forward. “The public is hereby notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the EFCC for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the post read.
The commission has named eight individuals in total—four Kenyans and four Nigerians—as persons of interest. Those from Kenya are Serah Michiro, Joseph Michiro Kabera, Israel Mbaluka, and John Okiroh Otieno. According to reports, they had been residing in Lagos at the time the platform collapsed. Their Nigerian counterparts are Adefowora Oluwanisola, Seyi Oloyede, Emmanuel Uko, and Adefowora Abiodun Olaonipekum.
The Rise and Fall of CBEX
Crypto Bridge Exchange presented itself as a revolutionary platform promising fast, high-yield investment opportunities in cryptocurrency and forex trading. It aggressively targeted users in Kenya, Nigeria, and Egypt through advertisements and referral schemes. Its strategy hinged on attracting new investors by offering seemingly simple withdrawals, generous bonuses for referring others, and AI-driven returns that sounded too good to be true.
CBEX guaranteed returns of up to 30% within just 30 days. For many, the offer seemed like a golden ticket in an unpredictable economy. Encouraged by friends and social media influencers, investors poured in money, hoping for quick and massive gains.
However, the dream turned into a nightmare nearly overnight. Around mid-April, users across Africa began noticing that they could no longer access their accounts. Their digital wallets were suddenly wiped clean, and all efforts to reach customer support yielded no response. On April 9, the CBEX website and mobile application went completely offline, sparking panic and anger among thousands of users.
Source: Twitter
Public Outrage and Chaos
In response to the sudden shutdown, a group of furious investors in Ibadan, Nigeria, stormed the CBEX office located in the Oke Ado area. The office was vandalized and looted, with no sign of the staff or company representatives who had operated there days before.
“People were desperate. They put their savings into this thing,” said one affected investor who asked to remain anonymous. “When we realized we’d been duped, the frustration just exploded.”
Authorities believe the scale of the scam is enormous. Preliminary investigations estimate the total loss suffered by investors at over KSh 109 billion (approximately USD 800 million). The Nigerian Securities and Exchange Commission (SEC) has since clarified that CBEX was never registered or licensed to operate as a digital asset exchange in Nigeria or any other African country.
“With the promise of unrealistically high guaranteed returns in a short period, it engaged in promotional operations to give the public a false sense of legitimacy and lure them into investing money,” the SEC stated in a press briefing.
International Manhunt Underway
In light of the international nature of the fraud, the EFCC has enlisted the assistance of both the Federal Bureau of Investigation (FBI) and Interpol. Together, these agencies aim to track down the suspects and ensure that they are brought to justice.
“Our teams are collaborating across borders to locate these individuals,” an EFCC official noted. “We take this case very seriously, not only because of the money lost but because it undermines trust in the financial system.”
This level of coordination between international law enforcement signals just how seriously Nigerian authorities are taking the matter. Investigators suspect the scam was premeditated and executed with the help of individuals operating from multiple countries.
What Happens Next?
As the search continues, thousands of affected investors are left wondering whether they will ever recover their lost funds. Some have begun organizing online support groups and community-led legal initiatives. Others are waiting for official updates, hoping that the authorities can seize the assets of the perpetrators and offer some form of restitution.
Meanwhile, regulatory bodies across Africa are issuing warnings to the public about the risks of investing in unregulated platforms. They stress the importance of verifying the legitimacy of any financial service, especially those promising unusually high returns.
“This incident should serve as a wake-up call,” said a cybersecurity expert during a panel discussion on digital scams. “We need stronger regulations, more public education, and better cooperation between nations to combat these types of schemes.”
In Other News: Finance Bill 2025 Scraps Pension Tax , Good News for Kenyan Retirees
Nigerian Authorities Hunt Kenyan Nationals Over CBEX Crypto Fraud
Nigerian Authorities Hunt Kenyan Nationals Over CBEX Crypto Fraud
