The Federal High Court sitting in Abuja has approved the request of the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged investment fraud amounting to over $1 billion.
Justice Emeka Nwite issued the order on Thursday after hearing the submissions from the EFCC’s lawyer, Fadila Yusuf.
The six individuals named in the ex parte motion filed on April 23 are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC requested permission to arrest and detain the suspects while investigations continue and charges are prepared.
In the motion, the EFCC requested two things: authorisation to issue arrest warrants and an order remanding the individuals in EFCC custody during the inquiry.
Yusuf informed the judge: “The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution.”
She stated that the EFCC had obtained intelligence linking the suspects to illegal activity, and that the agency had a constitutional obligation to investigate and enforce the law.
According to an affidavit filed with the application, the EFCC received information in April 2025 regarding a fraudulent investment plan involving the suspects.
The commission stated that the fraud was carried out by ST Technologies International Limited in collaboration with CBEX.
The suspects were accused of promoting CBEX by enticing people to invest in cryptocurrencies through their platform and promising extraordinarily high returns of up to 100%.
“The victims were required to convert their digital assets into USDT, a stablecoin, and deposit them into the suspects’ cryptocurrency wallets,” the affidavit stated.
At first, investors could track their investments using the CBEX platform.
However, after more than $1 billion had been placed, the portal was abruptly shut down, leaving victims unable to retrieve their assets.
Further investigations revealed that, while ST Technologies was registered with the Corporate Affairs Commission, company was not licensed by the Securities and Exchange Commission to do any investment operations.
The EFCC also informed the court that the suspects had abandoned their known addresses in Lagos and Ogun states.
The FBI stated: “A warrant of arrest is necessary to place the suspects on a red watch list and ensure they are apprehended to face justice.”
The commission also stated that its investigation revealed a clear case of fraud and requested the court to allow the application in the interest of justice.
After analysing the case, Justice Nwite stated, “I have listened to the submission of learned counsel for the applicant.
“I have also examined the affidavit evidence and the exhibits attached, 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.”
