EFCC Gets Court Order To Arrest 6 Nigerian–CBEX Promoters Over Alleged $1bn Fraud

EFCC Gets Court Order To Arrest 6 Nigerian–CBEX Promoters Over Alleged $1bn Fraud
Posted by Nwa Diokpa
Business News, Featured, Latest Headlines
Thursday, April 24th, 2025
(AFRICAN EXAMINER) – A federal high court in Abuja on Wednesday gave permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six Crypto Bridge Exchange (CBEX) promoters concerning allegations of investment fraud which got to the tune of over one billion dollars.
Emeka Nwite, the presiding judge, gave the directive after an ex parte application moved by Fadila Yusuf, counsel to the EFCC.
In the application by the EFCC, the six suspects are: Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
The commission asked for an order of the court for a warrant of arrest of the defendants.
The agency also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution”.
Yusuf informed the court that the defendants are at large and a warrant of arrest is needed to arrest the defendants for a thorough investigation and prosecution of the case.
In the affidavit in support of the motion, the EFCC stated that preliminary investigation concerning the information disclosed that the defendants “using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform”.
The anti-graft agency stated that the defendants promised an unrealistic return on investment of up to 100 percent.
“The victims were made to convert their digital assets into a stablecoin of USDT for onward deposit into the suspects’ crypto wallet,” Yusuf said.
“The victims were initially given full access to the platform to monitor their investment.
“Following the deposits valued at over $1 billion by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.
“The victims later discovered that the said scheme is a scam.
“During the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.
“It was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun states.”
The anti-graft agency disclosed that getting a warrant of arrest was necessary so that the defendants can be placed on a watch list to enable authorities to trace and arrest the suspects so that they can be brought to face the charges brought against them.
Nwite granted the request for a warrant of arrest and remand saying that the order was in order so that the commission can arrest the defendants and conclude its investigation.
“I have listened to the submission of the learned counsel for the applicant,” Nwite said.
“I have also gone through the affidavit evidence with exhibits thereto, along with the written address.
“I am of the view and I hold that the application is meritorious.
“Consequently, the application is granted as prayed.”
Short URL: