EFCC Admits Wrongfully Declaring Elie Bitar Wanted Over CBEX Scandal

The Economic and Financial Crimes Commission (EFCC) has admitted wrongfully declaring Elie Bitar, a Lebanese businessman, wanted in connection with the controversial CBEX Ponzi scheme.

This admission comes after mounting criticism and investigative reporting revealed that Bitar had been erroneously linked to the scam.

In a statement released on Tuesday, May 14, the EFCC confirmed that Bitar had been removed from its wanted list following a review of new information that indicated he had no involvement in the fraudulent investment platform.

“The Commission regrets the error and has taken steps to update its public records accordingly.

“Mr. Bitar’s name has been officially cleared, and the EFCC has communicated with relevant international agencies to reflect this correction,” the statement read.

The CBEX investment platform, which promised unrealistic returns to unsuspecting investors, has been under investigation since late 2024.

The EFCC has declared multiple individuals wanted in connection with the scheme, which is believed to have defrauded hundreds of Nigerians and foreign investors.

However, the inclusion of Elie Bitar on the wanted list sparked backlash, especially after a report by the Foundation for Investigative Journalism (FIJ) exposed the procedural flaws behind his indictment.

According to the FIJ, there was no substantial evidence linking Bitar to the CBEX operations.

Critics have pointed to this case as a glaring example of the EFCC’s lapses in due diligence. Legal analysts argue that wrongful accusations by the Commission can have severe reputational and financial consequences for innocent individuals.

Meanwhile, the EFCC reaffirmed its commitment to pursuing the perpetrators of the CBEX fraud. As of this report, eight suspects remain on the agency’s wanted list.

These include Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, Adefowora Abiodun Olanipekun, Johnson Okiroh Ofienolu, Israel Mbalika, Joseph Michiro Kabera, and Serah Michiro.

The Commission stated that it is working with international law enforcement bodies to bring the remaining suspects to justice and recover stolen funds.

Observers are calling on the EFCC to issue a formal apology to Bitar and implement reforms to prevent similar errors in the future.