$1bn alleged fraud: Court okays EFCC’s request over arrest of CBEX staff

THE Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged investment fraud involving over one billion dollars.

Justice Emeka Nwite gave the ruling on Thursday, April 24, after EFCC lawyer Fadila Yusuf moved an ex parte motion. The judge stated that the detention would be pending the conclusion of the investigation and potential prosecution of the alleged offences.

“I have listened to the submission of the learner counsel for the applicant (EFCC). I have also gone through the affidavit evidence with exhibits thereto along with the written address. I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” said Justice Nwite.

The six suspects named in the case are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, who are listed as the first to sixth defendants, respectively.

In the motion filed on April 23, the EFCC sought two orders from the court: one for the issuance of a warrant of arrest for the defendants and another for the remand of the defendants in EFCC custody pending the completion of the investigation.

Yusuf explained that the EFCC has a statutory duty to prevent and detect financial crimes and that the defendants are believed to be involved in various criminal offences. She stated that a warrant of arrest was necessary as the defendants were at large, and proper investigation and prosecution could not proceed without their capture.

The EFCC’s investigation began in April 2025 after receiving intelligence regarding the alleged fraud. The agency claims that the defendants and their company, ST Technologies International Limited, operated the CBEX platform, promoting it as an investment opportunity. Victims were lured into investing in cryptocurrencies through the platform, with promises of returns as high as 100%. After depositing over one billion dollars, the victims found that they could no longer access the platform or withdraw their investments, eventually realizing the scheme was a scam.

Further investigation revealed that ST Technologies International Limited, although registered with the Corporate Affairs Commission (CAC), was not registered with the Securities and Exchange Commission (SEC) for investment purposes. The agency also discovered that the defendants had moved out of their last known addresses in Lagos and Ogun States.

The EFCC requested a warrant of arrest to place the defendants on a red watch list to facilitate their capture. The commission also indicated that a prima facie case of investment fraud had been established, and granting the application would serve the interests of justice.