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The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six suspected masterminds behind Crypto Bridge Exchange (CBEX). The cryptocurrency investment platform is allegedly involved in a $1 billion crypto fraud scheme.
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Justice Emeka Nwite issued the ruling on Thursday after hearing an ex parte motion filed by the EFCC and presented by counsel Fadila Yusuf.
The six individuals named in the motion are:
- Adefowora Olanipekun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Avwerosuo Otorudo
- Chukwuebuka Ehirim
They are accused of orchestrating an elaborate investment scam using the CBEX platform. They promised unrealistic returns—as high as 100%—to unsuspecting investors.
According to the EFCC, intelligence received in April 2025 linked the suspects to ST Technologies International Limited. The company was allegedly used to promote the Crypto Bridge Exchange platform. Investors were encouraged to convert their assets to USDT (Tether) and deposit them into crypto wallets linked to the accused persons.
While investors initially had access to monitor their funds, once the total deposits surpassed $1 billion, access was abruptly cut off, withdrawals were blocked. The platform became completely inaccessible, triggering widespread panic and confirming suspicions of a scam.
In an affidavit, the EFCC stated that ST Technologies was registered with Nigeria’s Corporate Affairs Commission (CAC). But it lacked authorization from the Securities and Exchange Commission (SEC) to offer investment services.
Furthermore, the suspects reportedly vacated their known addresses in Lagos and Ogun States, prompting the EFCC to place them on a red watch list to facilitate their arrest.
“The investigation has established a prima facie case of an investment scam. Granting this application is in the interest of justice,” the EFCC told the court.
In his ruling, Justice Nwite said:
“I have listened to the submissions of learned counsel for the applicant. I have also examined the affidavit evidence and supporting exhibits. I find merit in the application and hereby grant the reliefs as prayed.”
The ruling empowers the EFCC to proceed with arresting and detaining the suspects while investigations and potential prosecutions unfold.
