The Economic and Financial Crimes Commission (EFCC) has arrested two suspects in connection with the alleged N1.3 trillion scam linked to Crypto Bridge Exchange (CBEX).
Though four Nigerians—two of whom are siblings—have been identified in connection with the company, the anti-graft agency has yet to publicly reveal their identities.
A British national has also been implicated, though the extent of his involvement remains under investigation.
EFCC operatives reportedly worked through the public holiday on Friday, intensifying efforts to unravel the massive digital asset fraud.
A senior official disclosed to The Nation, “We’ve made progress and are currently interrogating two suspects. This is a complex, multi-layered probe into how CBEX entered the Nigerian digital asset space.”
The agency’s chairman, Ola Olukoyede, who returned to the country on Thursday, is said to be directly overseeing the investigation.
“We are looking into five key individuals, including a Briton. Surveillance has been placed on all of them, but we’re taking our time to ensure proper identification and avoid missteps,” the source said.
He further explained, “The suspects are providing insight into the company’s formation, key promoters, funding sources, linked firms, registration processes, financial institutions involved, and the role of the Corporate Affairs Commission (CAC). There are many dimensions to this case, but we are confident we will expose everyone behind the operation.”
When asked why the names of those arrested were not released, the source noted, “It’s still early in the investigation, and we don’t want to compromise it.”
The EFCC is also working to verify investors’ claims of losing N1.3 trillion to the platform.
“There’s understandable public concern, but we’re moving as swiftly and thoroughly as possible,” the official added.
Meanwhile, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, clarified on Monday that the agency could not intervene in the CBEX case earlier because the company was never registered with them.
He explained that the SEC only became aware of CBEX’s activities recently and emphasized the commission’s jurisdiction is limited to duly registered financial entities.
