The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six promoters of the embattled Crypto Bridge Exchange (CBEX) over their alleged involvement in a massive investment fraud exceeding $1 billion.
Justice Emeka Nwite issued the ruling on Thursday following submissions by the EFCC’s counsel, Fadila Yusuf.
The court approved an ex parte motion filed by the commission on April 23, which sought an order to arrest and remand the suspects while investigations continued.
The suspects named in the application are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
Yusuf told the court that the suspects had absconded from their known addresses in Lagos and Ogun states and were currently at large.
“A warrant of arrest is required to bring them in for proper investigation and prosecution,” she said.
The EFCC said it received intelligence in April 2025 linking the suspects to a fraudulent investment scheme operated under the guise of ST Technologies International Limited in collaboration with CBEX.
According to court documents, the suspects allegedly convinced investors to channel digital assets into their platform with promises of returns as high as 100%.
“The victims were required to convert their digital assets into USDT, a stablecoin, and deposit them into the suspects’ cryptocurrency wallets,” the affidavit read.
Initially, investors were able to track their funds via the CBEX platform. However, after over $1 billion was amassed, the platform was abruptly shut down, leaving investors stranded and unable to access their funds.
Further investigations revealed that while ST Technologies is registered with the Corporate Affairs Commission, it lacks authorisation from the Securities and Exchange Commission to conduct investment activities.
The EFCC stressed the urgency of placing the suspects on a red watch list, citing the gravity of the alleged offence and the public interest involved.
After reviewing the materials presented, Justice Nwite ruled, “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.”
The ruling paves the way for the EFCC to deepen its probe and possibly bring charges against the suspects once apprehended.
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