Abuja, Nigeria — The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six promoters of Crypto Bridge Exchange (CBEX), a company accused of orchestrating an investment fraud scheme valued at over one billion dollars.
Justice Emeka Nwite made the ruling after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion. The judge expressed his approval of the application, noting that the detention would be pending the completion of an investigation into the alleged offenses and possible prosecution.
In the court’s ruling, Justice Nwite remarked, “I have listened to the submission of the learned counsel for the applicant, EFCC, and after reviewing the affidavit evidence, I hold that the application is meritorious.” He then granted the EFCC’s request.
The six suspects named in the motion include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim — the 1st to 6th defendants, respectively.
According to the motion filed on April 23, 2025, the EFCC sought two key orders from the court:
A warrant of arrest for the defendants.
A remand order to hold the defendants in EFCC custody pending investigation.
In support of the motion, Yusuf cited four reasons, including the EFCC’s duty to prevent and detect financial crimes through thorough investigations. She stated that the commission had received critical intelligence regarding the alleged fraud, which involved ST Technologies International Limited and its associated entity Crypto Bridge Exchange (CBEX).
The EFCC further revealed that the fraud scheme is under investigation by the agency’s Cybercrimes Section. The commission indicated that the defendants are currently at large, and a warrant of arrest is necessary to ensure their apprehension and to place them on a red watch list.
The EFCC’s investigation has reportedly uncovered a prima facie case of investment scam, and the commission is pressing for swift action to secure justice.
The case continues to develop, and the EFCC has expressed its commitment to holding the suspects accountable for their alleged involvement in the multi-million-dollar fraud scheme.
