The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) approval to arrest and detain six individuals linked to Crypto Bridge Exchange (CBEX) over an alleged investment scam exceeding one billion dollars.
Justice Emeka Nwite issued the ruling after EFCC’s counsel, Fadila Yusuf, filed and moved an ex-parte motion.
The judge ruled that the suspects could be detained while the investigation continues and possible prosecution is pursued.
“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 so hold that the application is meritorious. Consequently, the application is granted as prayed,” Justice Nwite stated.
The six individuals named in the case are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In her ex-parte motion filed on April 23, Yusuf sought two orders: the issuance of a warrant of arrest and the remand of the defendants in EFCC custody pending the conclusion of investigations.
She argued that the EFCC is empowered by law to prevent and detect financial crimes, and that actionable intelligence had been received linking the suspects to serious criminal conduct.
According to her, “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”
The affidavit submitted to the court stated that in April 2025, intelligence was received regarding a fraudulent investment scheme operated by the suspects.
The fraud was allegedly committed through their firm, ST Technologies International Limited, using the CBEX platform.
The EFCC detailed in its affidavit: “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 the public to invest cryptocurrencies on CBEX investment platform.”
The suspects allegedly promised returns of up to 100%, luring investors to convert their digital assets into USDT (a stablecoin), which were then deposited into wallets controlled by the accused.
The agency noted: “That the victims were initially given full access to the platform to monitor their investment.”
“That following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made. That the victims later discovered that the said scheme is a scam.”
Investigations further revealed that ST Technologies International Limited, although registered with the Corporate Affairs Commission (CAC), was not licensed by the Securities and Exchange Commission (SEC) for investment operations.
Additionally, EFCC investigators found that the suspects had vacated their last known addresses in Lagos and Ogun States.
Due to these findings, the commission argued that the suspects should be placed on a red alert list to facilitate their apprehension and ensure they face justice.
According to the EFCC, “investigation into the allegation against the defendants revealed a prima facie case of investment scam.”
The commission emphasized that granting the application would serve the interest of justice.
