EFCC U-turns, Removes Lebanese National Elie Bitar from Wanted List in CBEX Crypto Fraud Probe
In a surprising reversal, the Economic and Financial Crimes Commission (EFCC) has removed Elie Bitar, a foreign national previously declared wanted in connection with the CBEX Crypto Bridge Exchange (CBEX) fraud, from its wanted list.
Bitar’s name had featured prominently in an EFCC notice published across social media on April 30, linking him to alleged fraud on the now-collapsed CBEX trading platform. His last known address was listed as Lekki Phase 1, Lagos, sparking significant public attention.
However, in a statement released on Wednesday, EFCC spokesperson Dele Oyewale confirmed that Bitar had been exonerated from suspicion, citing “new information that does not support his inclusion” on the list of suspects.
“Ellie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information,” Oyewale stated.
“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 had previously declared eight individuals wanted over the CBEX fraud, which left numerous Nigerians devastated after the trading platform crashed in April 2025. Online videos showed victims lamenting lost investments, while others accused CBEX of operating a crypto Ponzi scheme disguised as a legitimate exchange.
A Federal High Court in Abuja has since granted the EFCC power to arrest and detain anyone found promoting or benefiting from the fraudulent platform.
Despite Bitar’s removal from the list, the EFCC insists it is “gaining important ground” in its efforts to bring those responsible to justice, amid growing calls for regulatory oversight of Nigeria’s rapidly expanding crypto market.
The sudden delisting of Bitar raises questions over the EFCC’s initial investigative process and whether other names on the wanted list may face similar scrutiny as the probe deepens.
