Federal High Court Authorizes EFCC to Detain Six CBEX Promoters Over $1 Billion Fraud
The Federal High Court in Abuja has granted permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of the Crypto Bridge Exchange (CBEX) following allegations of investment fraud totaling over $1 billion. The decision, delivered by Justice Emeka Nwite on Thursday, came after the EFCC’s attorney, Fadila Yusuf, presented compelling arguments before the court.
The accused individuals, listed in an ex parte application filed on April 23, include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The EFCC sought the court’s consent to arrest the suspects and detain them while ongoing investigations progress and charges are formulated.
In her presentation to the court, Yusuf asserted, “The defendants are currently at large, and a warrant for their arrest is essential for thorough investigation and prosecution.” She explained that the EFCC had received intelligence suggesting a connection between the suspects and illicit activities, emphasizing the commission’s constitutional obligation to uphold the law and conduct investigations.
The motion included an affidavit indicating that the EFCC became aware in April 2025 of a fraudulent investment scheme allegedly orchestrated by the suspects. According to the commission, the fraudulent activities were allegedly executed through ST Technologies International Limited, in collaboration with CBEX.
The suspects reportedly lured individuals to invest in cryptocurrency via the CBEX platform, promising extraordinarily high returns of up to 100%. Investors were instructed to convert their digital assets into USDT, a stablecoin, and deposit these funds into the suspects’ cryptocurrency wallets. Initially, investors were able to track their investments through the CBEX platform. However, the situation took a turn when the platform abruptly shut down after more than $1 billion had been deposited, leaving victims unable to access their funds.
Investigations revealed that while ST Technologies was registered with the Corporate Affairs Commission, it lacked the necessary license from the Securities and Exchange Commission to conduct investment business. The EFCC further informed the court that the suspects had vacated their known residences in Lagos and Ogun states, necessitating the issuance of arrest warrants to place the suspects on a red watch list to ensure their capture.
The commission maintained that its inquiry demonstrated a clear case of fraud and urged the court to grant their request in the interest of justice. After careful consideration of the evidence and submissions, Justice Nwite concluded, “I have listened to the arguments put forth by the applicant’s learned counsel and reviewed the affidavit evidence, including the attached exhibits. I find that the application is justified. Thus, the request is granted as sought.”
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