The Federal High Court in Abuja on Thursday granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) for allegedly defrauding Nigerians of over a billion dollars.
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Justice Emeka Nwite issued the order following an ex-parte motion moved by EFCC counsel, Fadila Yusuf. The judge ruled that the suspects should be detained pending the conclusion of investigations and possible prosecution.
“I have listened to the submission of learned counsel for the applicant (EFCC). I have also reviewed the affidavit evidence, including the attached exhibits and written address. I find merit in the application. Consequently, the application is granted as prayed,” Justice Nwite stated.
The six CBEX suspects are: Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. They are listed as the 1st to 6th defendants in the EFCC’s suit.
In the suit, the EFCC requested the court to issue arrest warrants for the defendants. It also sought an order to remand them in EFCC custody pending the completion of investigations and potential charges.
Citing four legal grounds, Yusuf said the EFCC is statutorily empowered to prevent and investigate financial crimes. She revealed that the Commission had received intelligence linking CBEX staff to various criminal activities.
According to her, “The applicant has a constitutional duty to investigate these crimes and enforce the law. The defendants are currently at large, and a warrant of arrest is required to facilitate proper investigation and prosecution.”
In the affidavit supporting the motion, the EFCC stated that it received intelligence in April 2025 concerning an alleged fraudulent investment scheme involving CBEX staff.
The Commission alleged that the defendants, through their company ST Technologies International Limited, and under the guise of Crypto Bridge Exchange (CBEX), executed the alleged fraud. The case was assigned to the EFCC’s Cybercrimes Section for investigation.
The EFCC’s preliminary findings revealed that Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, through ST Technologies, promoted CBEX by placing advertisements and luring unsuspecting individuals to invest cryptocurrencies via the platform.
The defendants reportedly promised investors unrealistic returns of up to 100%.
The Commission concluded that its investigation had established a prima facie case of an investment scam and argued that granting the application was in the interest of justice.
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