EFCC Names 8 Nigerians and Kenyans Linked to CBEX Fraud Scheme

The Economic and Financial Crimes Commission (EFCC) has made an initial success in fighting the perpetrators of the CBEX Ponzi scheme by identifying and declaring eight individuals involved in promoting the CBEX Ponzi scheme.

The commission announced the development in two different public notices released through its official X account.

WANTED BY THE EFCC IN RESPECT OF CBEX SCAM pic.twitter.com/zrDRk0aVO1

— EFCC Nigeria (@officialEFCC) April 25, 2025

The EFCC went further to provide the images, names, and last known locations of the wanted individuals who are citizens of Nigeria and Kenya.

The first batch of the suspects comprised four Nigerians, namely, Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olanipekun.

After releasing the first batch of suspects at 6:47 PM (WAT) on the 25th of April, 2025, the second batch, which comprises another four individuals, was released at 9:04 PM (WAT) on the same day.

The suspects’ names go thus: Johnson Okiroh Oteno, Israel Mbaluka, Joseph Michiro, and Serah Michiro.

Nigerian SEC and Other Law Enforcement Agencies Vow to Arrest CBEX Team

Earlier, the Nigerian Nigerian Securities and Exchange Commission (SEC) had issued a public warning declaring CBEX and its affiliate ST Technologies International Ltd. illegal for operating without a license and promising unrealistic returns.

Furthermore, the SEC promised to collaborate with law enforcement to hold CBEX and its promoters accountable under the new ISA 2025, which introduces stricter penalties for illegal operators.

By that, the EFCC obtained an order from the Federal High Court in Abuja for the arrest and remand of six promoters of the crashed CBEX Ponzi scheme.

Subsequently, the commission declared the suspects wanted barely 24 hours after obtaining the order.

Previously, Dr Emomotimi, the Director-General of the Nigerian SEC, had stated that the delay in the release of new licenses is to ensure due diligence for the efficient adoption of the ISA 2025 and also to outrightly fight Ponzi schemes and pump-and-dump tokens and promote transparency.

The SEC added that prospective investors should trump and verify the registration status of investment platforms on the SEC’s website before transacting with them.

ST Technologies Was Not Licensed to Operate as an Investment Firm

According to a local report, the EFCC declared that ST (Smart Treasure/Super Technology) Technologies International Ltd-CBEX Affiliate’s Company-was indeed registered with Nigeria’s Corporate Affairs Commission (CAC), which spells it as a recognized company in Nigeria.

However, the company have not obtained a licence from the Securities and Exchange Commission (SEC) to operate as an investment firm.

Hence, ST Technologies’ involvement in the CBEX ponzi scheme is illegal and violates the Nigerian-established financial service providers law.