A Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged investment fraud amounting to over one billion dollars. The court order, issued on Thursday, came after the EFCC filed a motion seeking approval for the arrest and detention of the suspects pending further investigation and possible prosecution.
Justice Emeka Nwite, while delivering his ruling, stated that the EFCC’s application was valid and should be granted. He noted that the agency’s lawyer, Fadila Yusuf, had sufficiently presented the evidence to support the arrest request. The judge explained that the investigation into the alleged fraud was still ongoing, and the detention of the suspects was necessary for a thorough probe.
“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 said.
The court’s approval has opened the way for the EFCC to arrest and detain the suspects, who are accused of running a fraudulent investment scheme through CBEX, a cryptocurrency investment platform.
The six suspects, named in the court documents as Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, are accused of running an elaborate scam that lured unsuspecting investors into the CBEX platform. According to the EFCC, the suspects used their company, ST Technologies International Limited, to promote CBEX as a legitimate cryptocurrency investment platform offering incredibly high returns, some up to 100%.
The victims, mostly individuals looking to invest their cryptocurrency, were reportedly convinced to convert their digital assets into a stablecoin, USDT, and deposit them into the suspects’ crypto wallets. They were initially able to access the platform and monitor their investments. However, after depositing over one billion dollars into the platform, the investors were no longer able to withdraw their funds, and the platform became inaccessible.
It was only after the platform was shut down and access was denied that the victims realized they had fallen victim to a scam. The EFCC’s investigation revealed that the promoters had falsely promised high returns and created a platform designed to defraud people. Additionally, the agency discovered that while ST Technologies International Limited was registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC), meaning it was not legally authorized to offer investment opportunities.
The EFCC’s investigation into the case began in April 2025 when it received intelligence about the fraudulent activities of the suspects. According to the EFCC’s lawyer, the anti-graft agency had a statutory duty to prevent and detect financial crimes and had received intelligence implicating the suspects in various criminal activities. As the defendants had reportedly gone into hiding, with some of their last known addresses in Lagos and Ogun States now untraceable, the EFCC sought a court order to arrest and detain them.
In its motion, the EFCC highlighted that the victims of the scam had collectively invested over one billion dollars in the fraudulent scheme, and the suspects had moved out of their last known locations to avoid arrest. The EFCC argued that the suspects were at large and required an arrest warrant to bring them into custody for proper investigation and prosecution.
The court also noted that the EFCC had made sufficient grounds for the arrest, with the evidence showing a prima facie case of investment fraud against the suspects. As a result, Justice Nwite granted the EFCC’s request for an arrest warrant and the detention of the defendants while the investigation continued.
The alleged fraud committed by the promoters of Crypto Bridge Exchange is one of the largest investment scams in Nigeria in recent years. Crypto investment schemes have become increasingly popular in Nigeria, with many individuals and companies offering high-return opportunities to lure investors. However, the lack of regulation and oversight in the cryptocurrency market has made it a fertile ground for scams.
The scale of the alleged fraud is shocking, with over one billion dollars reportedly stolen from victims. The EFCC’s efforts to investigate and prosecute those responsible for the scam are seen as part of the ongoing effort to curb financial crimes in the country, particularly in the cryptocurrency sector, which has been growing rapidly in recent years.
With the court’s approval for their arrest, the EFCC will likely intensify its efforts to locate and apprehend the suspects. The commission is expected to put the defendants on the red watchlist, a tool used to alert international authorities in case the suspects attempt to flee the country.
Once arrested, the suspects will face charges related to investment fraud, and the EFCC will continue its investigation into the scale of the scam. If the defendants are found guilty, they could face severe penalties, including imprisonment, under Nigeria’s anti-fraud and financial crime laws.
