Nigerian court grants EFCC authority to arrest six promoters of Crypto Bridge Exchange (CBEX) accused of defrauding investors of over a billion dollars in a cryptocurrency scam

[dropcap]T[/dropcap]he Federal High Court in Abuja today granted the Economic and Financial Crimes Commission (EFCC) the legal authority to arrest and detain six individuals who promoted Crypto Bridge Exchange (CBEX) for allegedly defrauding Nigerians of over one billion dollars.

Also read: SEC Warns Public: CBEX not registered to operate in Nigeria, declares investment scheme illegal

Justice Emeka Nwite issued the order following an ex-parte motion moved by the EFCC’s legal counsel, Fadila Yusuf.

The court ruled that the detention of the suspects would be pending the conclusion of the EFCC’s investigation into the alleged fraudulent activities and potential prosecution.

The six individuals named in the EFCC’s suit are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. They are listed as the first to sixth defendants in the case.

The EFCC had sought a court order for the issuance of arrest warrants for the defendants and their remand in custody while the investigation into the alleged offenses is ongoing.

Presenting four grounds for the application, the EFCC lawyer emphasized the commission’s statutory duty to prevent and detect financial crimes through thorough investigation.

She informed the court about intelligence received by the EFCC chairman regarding the CBEX staff and their involvement in various criminal offenses.

The EFCC has a constitutional duty to investigate crimes and enforce the law. These actions are necessary to protect the public from deceptive financial schemes,” said EFCC counsel, Fadila Yusuf.

Yusuf argued that the EFCC has a constitutional mandate to investigate these crimes and enforce law and order. She stated, “The defendants are at large, and a warrant of arrest is required to apprehend them for proper investigation and prosecution of this case.”

In the supporting affidavit, the EFCC detailed receiving intelligence in April 2025 concerning an alleged investment scheme fraud linked to the CBEX staff.

The commission alleged that the defendants and their company, ST Technologies International Limited, utilized Crypto Bridge Exchange (CBEX) to perpetrate the alleged fraud. The case was subsequently assigned to the EFCC’s Cybercrimes Section for investigation.

Preliminary investigations, according to the EFCC, revealed that the named individuals, operating through ST Technologies International Limited, promoted Crypto Bridge Exchange (CBEX) through advertisements, enticing unsuspecting members of the public to invest cryptocurrencies on the platform.

The commission further alleged that the defendants promised unrealistic returns on investment, reaching up to 100%.

Also read: ST Team urges calm amid CBEX withdrawal restrictions

The EFCC asserted that the investigation into the allegations against the defendants has uncovered a prima facie case of investment scam and that granting the application for arrest warrants is in the interest of justice.