A Federal High Court in Abuja has granted a request by Nigeria’s Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of a cryptocurrency exchange known as Crypto Bridge Exchange (CBEX). The individuals are wanted in connection with an alleged investment fraud amounting to over $1 billion US dollars.
Justice Emeka Nwite issued the order on Thursday after hearing submissions from the EFCC’s legal representative, Fadila Yusuf.
The six individuals named in the court application filed by the EFCC are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC sought the court’s permission to issue arrest warrants for the suspects and to detain them while investigations continue and potential charges are prepared.
Ms. Yusuf told the court that “the defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution.” She explained that the EFCC had received intelligence linking the suspects to criminal activity and that the commission has a legal duty to investigate and enforce the law.
According to an affidavit submitted to the court, the EFCC received information in April 2025 regarding a fraudulent investment scheme allegedly orchestrated by the suspects through a company called ST Technologies International Limited, in partnership with CBEX.
The suspects are accused of promoting the CBEX platform and persuading numerous individuals to invest in cryptocurrencies by promising exceptionally high returns, reportedly up to 100%.
The affidavit stated that “the victims were required to convert their digital assets into USDT, a stablecoin, and deposit them into the suspects’ cryptocurrency wallets.”
Initially, investors were able to monitor their investments via the CBEX platform. However, after deposits exceeding $1 billion were made, the platform was suddenly shut down, leaving investors unable to access their funds.
Further investigation by the EFCC revealed that while ST Technologies was registered with Nigeria’s Corporate Affairs Commission, it did not possess the necessary license from the Securities and Exchange Commission to operate an investment business.
The EFCC also informed the court that the suspects had absconded from their known addresses in Lagos and Ogun states. The agency argued that “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 asserted that its investigation had uncovered a clear case of fraud and urged the court to grant the application in the interest of justice.
After reviewing the evidence, Justice Nwite ruled in favour of the EFCC, stating, “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.
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