The Economic and Financial Crimes Commission (EFCC) has officially removed a foreign national, Elie Bitar, from its wanted list after previously linking him to a suspected fraud involving a platform called Crypto Bridge Exchange (CBEX). The EFCC made this announcement on Wednesday, citing fresh information that cleared Bitar of any connection to the fraudulent scheme.
On April 30, 2025, the EFCC had issued a wanted notice for Bitar through its social media platforms, alleging that he was involved in the CBEX fraud that led to several Nigerians losing their funds. The agency claimed Bitar, aged 41, was residing on Eng. George Enemoh Crescent, Lekki Phase 1, Lagos State. This notice has now been deleted following the discovery that the accusation may have been based on mistaken identity.
The CBEX platform came under investigation after numerous Nigerian users reported that they were unable to withdraw their money. The platform had attracted investments from Nigerians interested in cryptocurrency trading, only for many of them to be locked out of their funds. This development sparked outrage and prompted the EFCC to launch a full-scale investigation into the matter.
In the course of its investigation, the EFCC named eight Nigerians as wanted suspects for their alleged roles in the CBEX fraud. These individuals include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro. Their names remain on the EFCC’s wanted list as the agency continues its search for them both locally and internationally.
However, a report recently published by the Foundation for Investigative Journalism (FIJ) raised doubts about Bitar’s involvement in the scam. According to the FIJ, Elie Bitar is the co-founder of CBEX Solutions Limited, a legitimate company involved in market research and retail data analysis for fast-moving consumer goods (FMCG) companies. The report explained that CBEX Solutions Limited only shares a similar name with the fraudulent cryptocurrency platform but has no connection to it.
Following the FIJ’s publication, the EFCC reviewed its case and confirmed that Bitar’s name had been mistakenly included. The agency issued a formal statement through its spokesperson, Dele Oyewale, to clarify the situation.
“Ellie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information that does not support his inclusion in the wanted persons’ list,” Oyewale said.
He added that the Commission is still actively investigating the CBEX fraud case and that they are working closely with law enforcement agencies in other countries to track down the remaining suspects. “The Commission is making good progress in its investigations. Law enforcement agencies across the world are collaborating with it in tracking and arresting all the wanted persons. The EFCC will not relent in bringing every actor involved in the fraudulent dealings to book,” he stated.
Oyewale also said the Commission is “gaining important ground” in locating the eight individuals still wanted in connection with the scam. He reassured the public that the EFCC remains committed to holding all responsible parties accountable.
The mistaken identification of Bitar has raised concerns about the thoroughness of the EFCC’s processes when issuing public notices. While Bitar has now been cleared, the error highlights the importance of due diligence, especially when dealing with international partners and individuals with similar business names.
This incident also adds to the growing conversation around cryptocurrency and financial scams in Nigeria, as well as the regulatory challenges in identifying and separating legitimate fintech businesses from fraudulent schemes. It further emphasizes the need for financial literacy and caution when dealing with investment platforms that promise high returns with little clarity.
