The Federal High Court in Abuja Thursday gave the Economic and Financial Crimes Commission (EFCC) the go-ahead to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over alleged investment fraud to the tune of over one billion dollars.
Justice Emeka Nwite, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex parte motion to the effect, said the detention would be pending the conclusion of the investigation of the alleged offences and possible prosecution.
“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,” the judge said.
The News Agency of Nigeria (NAN) reports that the six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants, respectively.
In the motion ex parte dated and filed April 23 by Yusuf, the anti-graft agency sought two prayers.
The commission sought an order of the honourable court for the issuance of a warrant of arrest for the defendants.
It also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”
Giving four grounds, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.
She said there was Intel to the office of the commission’s chairman against the defendant, bordering on various criminal offences.
According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.
Yusuf said that “the defendants are at large, and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”
In the affidavit in support of the motion, the EFCC said sometime in April 2025, it received Intel concerning an alleged investment scheme fraud against the defendants.
It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX), perpetrated the alleged fraud, and the case was received and assigned to its Cybercrimes Section for investigation.
The agency said the preliminary investigation into the Intel revealed the following:
“That Messrs Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company, Crypto Bridge Exchange (CBEX), by making adverts and lured unsuspecting members of public to invest in cryptocurrencies on CBEX investment platform.”
The EFCC averred that the defendants promised an unrealistic return on investment of up to 100%.
“That the victims were made to convert their digital assets into a stablecoin, USDT, for onward deposit into the suspect’s crypto wallet.
“That the victims were initially given full access to the platform to monitor their investment.