Lucky Obukohwo, Reporting
The Federal High Court in Abuja has given the Economic and Financial Crimes Commission (EFCC) the go-ahead to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) for their alleged role in a $1 billion investment fraud.
Justice Emeka Nwite issued the ruling following an ex parte motion by EFCC counsel Fadila Yusuf requesting arrest warrants and remand orders.
The suspects, named in the motion filed on April 23, are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
They allegedly orchestrated a scam through CBEX and ST Technologies International Limited, defrauding thousands of investors.
The EFCC reported that in April 2025, it received intelligence about a cryptocurrency scheme promising up to 100 percent returns on digital assets converted to USDT.
Investors initially accessed dashboards to monitor funds, but the platform shut down after collecting over $1 billion, blocking withdrawals.
“The victims later discovered that the said scheme is a scam,” an EFCC affidavit stated.
Although ST Technologies is registered with the Corporate Affairs Commission, it lacks Securities and Exchange Commission (SEC) approval for investment services.
The suspects have reportedly fled their known addresses in Lagos and Ogun states.
Yusuf argued that arrest warrants are necessary to place them on a red watch list for tracking and prosecution.
Justice Nwite, after reviewing the affidavit and exhibits, deemed the EFCC’s request meritorious.
“I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” he ruled.
Recall that Truth Live News Media reports earlier that over 27 persons that fell victims of the scam were said to have been hospitalized in Ibadan