The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six individuals linked to Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment scam.
Justice Emeka Nwite issued the order on Thursday following an ex parte application brought before the court by EFCC counsel Fadila Yusuf.
The order allows the suspects to be held pending the conclusion of investigations and possible prosecution.
“I have reviewed the submissions and supporting documents and find merit in the application,” Justice Nwite ruled. “Accordingly, the application is granted as prayed.”
The six individuals named in the motion are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
Filed on April 23, the EFCC’s motion requested a warrant for the suspects’ arrest and their remand in custody during the ongoing investigation.
The commission said it was acting on intelligence received in April 2025 regarding a fraudulent investment scheme allegedly run through CBEX, with ties to another entity, ST Technologies International Limited.
The EFCC’s preliminary findings allege that the suspects, through ST Technologies, promoted CBEX as a cryptocurrency investment platform.
They reportedly promised unrealistic returns of up to 100% to investors, who were instructed to convert their assets to USDT (a stablecoin) and deposit them into wallets controlled by the suspects.
Initially, investors were given access to monitor their investments, but the platform later became inaccessible after deposits exceeding $1 billion were made. Victims were unable to withdraw their funds, leading to suspicions of fraud.
The EFCC also revealed that ST Technologies was registered with the Corporate Affairs Commission but lacked the required investment registration with the Securities and Exchange Commission (SEC). Additionally, the suspects had vacated their last known addresses in Lagos and Ogun States.
Yusuf emphasized that the suspects are currently at large and that the arrest warrant is needed to place them on a red watch list for tracking and apprehension.
The EFCC maintains that the evidence gathered so far presents a prima facie case of investment fraud and argues that granting the application is in the interest of justice.