EFCC granted approval to arrest promoters of Crypto Bridge Exchange (CBEX) over $1 billion fraud
On Thursday, April 24, the Federal High Court in Abuja gave the Economic and Financial Crimes Commission (EFCC) the go-ahead to arrest and detain six individuals linked to Crypto Bridge Exchange (CBEX) over an alleged investment fraud amounting to over one billion dollars.
Justice Emeka Nwite issued the order after EFCC’s lawyer, Fadila Yusuf, presented an ex-parte motion requesting the detention of the suspects pending the conclusion of an ongoing investigation and potential prosecution.
“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 stated.
The six suspects named in the motion are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, listed as the 1st to 6th defendants, respectively.
In a motion filed on April 23, 2025, the EFCC sought two major requests from the court: the issuance of arrest warrants for the suspects and an order remanding them in EFCC custody pending the completion of the investigation and possible prosecution.
EFCC lawyer Fadila Yusuf highlighted that the anti-graft agency has a constitutional duty to investigate financial crimes, and intelligence had pointed to several alleged criminal activities involving the defendants. She also noted that the defendants were currently at large, necessitating the issuance of a warrant to ensure their arrest.
According to the EFCC’s affidavit, in April 2025, it received information about an alleged investment scheme fraud involving the defendants and their company, ST Technologies International Limited, along with Crypto Bridge Exchange (CBEX). The case was assigned to the EFCC’s Cybercrimes Section for investigation.
The commission claimed that its investigation revealed sufficient evidence for a potential investment scam and that the defendants should be placed on a red watchlist to facilitate their arrest.
The EFCC stated that granting the application would serve the interest of justice in bringing the defendants to account for their alleged crimes.
