The Economic and Financial Crimes Commission (EFCC) has acknowledged an error in its investigation into the Crypto Bridge Exchange (CBEX) scandal. After being wrongly declared wanted, Lebanese businessman Elie Bitar’s name has been removed from the EFCC’s list of wanted persons.
Bitar’s company, CBEX Solutions Limited, operated legitimately in Nigeria between 2018 and 2020. An investigation revealed that the “CBEX” in the company name was an acronym for Bitar’s name and that of his business partner, Xavier Carbonel. Despite this, the EFCC had mistakenly linked Bitar to the CBEX scam.
The EFCC has now corrected its mistake, stating that new information showed Bitar was not involved in the scheme. However, the agency’s statement did not include an apology to Bitar or the public for the error.
The EFCC is continuing its investigation into the CBEX scandal, with eight individuals currently being sought in connection with the alleged fraud. The agency is working with law enforcement agencies worldwide to track down and apprehend those involved.
The EFCC’s admission of mistake highlights the importance of accuracy in investigations. As the agency pursues justice in the CBEX case, it must balance its efforts with fairness and transparency to maintain public trust.
