|By Adejumo Adekunle-
-Court Clears EFCC to Arrest Crypto Fraud Suspects
–Over $1 Billion Allegedly Stolen Through CBEX Investment Scheme
The Federal High Court in Abuja has given the Economic and Financial Crimes Commission (EFCC) the green light to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud.
Presiding judge, Justice Emeka Nwite, issued the order on Thursday following an ex-parte motion moved by EFCC counsel, Fadila Yusuf.
“I have listened to the submission of the learned 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 hold that the application is meritorious. Consequently, the application is granted as prayed,” Justice Nwite ruled.
The six suspects are identified as:
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Adefowora Abiodun Olanipekun
-
Adefowora Oluwanisola
-
Emmanuel Uko
-
Seyi Oloyede
-
Avwerosuo Otorudo
-
Chukwuebuka Ehirim
The court granted the EFCC’s request to detain the suspects pending the conclusion of investigation and potential prosecution.
Yusuf, in her motion dated and filed on April 23, prayed the court to issue a warrant of arrest and grant an order to remand the defendants in EFCC custody during the investigation of the offences.
She argued that the EFCC had received intelligence reports in April 2025 linking the suspects and their companies, ST Technologies International Ltd and Crypto Bridge Exchange (CBEX), to a sophisticated investment scam. The intel suggested a wide-scale cyber-enabled financial crime, prompting the case to be assigned to the commission’s Cybercrimes Section.
According to the EFCC, the fraud involved deceiving investors under the guise of digital asset trading, resulting in over a billion dollars in losses. The commission said a prima facie case had already been established against the suspects, who are currently at large.
The EFCC noted that a red alert notice was needed to track and apprehend the accused individuals, stressing that the court’s approval was crucial to enforce law and order and ensure the suspects face prosecution.
The case highlights the growing threat of cyber investment scams in Nigeria’s financial space and the need for stricter monitoring of digital platforms used for financial dealings.
