CBEX Suspect  Surrenders to EFCC Over $1 Billion Fraud Allegation

In a major development in Nigeria’s ongoing cryptocurrency fraud investigations, Adefowora Abiodun, one of the alleged masterminds behind the controversial Crypto Bridge Exchange (CBEX), has voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC).

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Abiodun, accompanied by his legal team, arrived at the EFCC headquarters in Abuja around 4 PM on Monday, April 28, where he expressed readiness to cooperate fully with investigators.

His surrender follows a public declaration by the EFCC last week naming Abiodun and seven other individuals wanted in connection with a fraudulent investment scheme valued at over $1 billion. The EFCC alleges that the CBEX platform lured thousands of Nigerians with promises of high returns before crashing and vanishing with investor funds.

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Earlier, Justice Emeka Nwite of the Federal High Court, Abuja, granted the EFCC’s application to arrest and detain the suspects pending the conclusion of investigations and potential prosecution.

“I have listened to the submissions of counsel and reviewed the supporting affidavit, exhibits, and written address. I am satisfied that the application has merit and hereby grant it,” Justice Nwite stated during the ruling.

Abiodun’s counsel, Babatunde Busari, Esq., told reporters that his client’s decision to surrender was driven by a desire to “clear his name” and counter the growing negative media narrative.

The CBEX case has become one of the most talked-about crypto-related fraud cases in Nigeria, highlighting increasing regulatory pressure and investor caution in the country’s booming but volatile digital asset market.