The Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud. Justice Emeka Nwite granted the EFCC’s ex-parte motion on Thursday, stating that the detention is necessary pending the conclusion of investigations and possible prosecution.
The accused individuals — Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim — were reportedly behind a fraudulent cryptocurrency scheme. According to the EFCC, the defendants used ST Technologies International Limited and CBEX to lure unsuspecting investors with promises of high returns.
In court filings, the EFCC revealed that it received intelligence on the alleged fraud in April 2025, which was assigned to its Cybercrimes Section. The agency argued that the suspects are currently at large and need to be placed on a red watch list to facilitate their arrest and ensure accountability.
The commission added that its preliminary investigation shows a prima facie case of an investment scam. It emphasized its constitutional duty to investigate financial crimes and enforce law and order, stressing that a warrant of arrest is crucial for proper investigation and prosecution.
