The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) approval to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud.
Justice Emeka Nwite issued the order on Thursday following submissions by EFCC counsel, Fadila Yusuf. The court’s decision was based on an ex parte motion filed on April 23, 2025.
The individuals named in the motion are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC requested the court’s permission to issue arrest warrants and detain the suspects in its custody while investigations continue and charges are prepared.
“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution,” Yusuf told the court.
An affidavit filed with the motion revealed that the EFCC received intelligence in April 2025 linking the suspects to a fraudulent cryptocurrency investment scheme. The scheme was allegedly carried out through ST Technologies International Limited in collaboration with CBEX.
The suspects are accused of luring investors by promoting CBEX and promising unusually high returns—reportedly up to 100 percent—on cryptocurrency investments.
