The Economic and Financial Crimes Commission (EFCC) of Nigeria has issued an alert for four Kenyans suspected of playing key roles in a fraudulent investment scheme linked to the collapsed online platform, Crypto Bridge Exchange (CBEX).
The individuals named are John Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro. They are accused of working alongside four Nigerian nationals—Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olaonipekun—to orchestrate what authorities now confirm was a massive Ponzi scheme.
CBEX presented itself as a legitimate crypto-powered trading platform, luring investors with promises of 100% monthly returns.
It encouraged users to recruit others through a referral-based reward system, sustaining the illusion of profitability by using funds from new investors to pay earlier ones.
This classic Ponzi model allowed the platform to grow rapidly across Nigeria, Kenya, and Egypt before it abruptly restricted withdrawals on April 9 and eventually shut down altogether.
Authorities say investors have collectively lost over US$840 million. The EFCC has confirmed that CBEX was never licensed to operate in Nigeria, and the Securities and Exchange Commission (SEC) emphasized that its activities constitute a criminal offense under the Investment and Securities Act signed into law earlier this year.
To gain public trust, CBEX falsely claimed to be associated with a reputable Chinese company with a similar name. However, investigations have revealed this was a fabrication. The EFCC has since published photos and details of the suspects and is coordinating with international agencies in pursuit of justice.
