9am News report reveals that the Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six alleged masterminds behind the Crypto Bridge Exchange (CBEX), which has been linked to a massive $1 billion cryptocurrency investment scam.
The court order was issued on Thursday by Justice Emeka Nwite, following an ex parte motion brought before the court by EFCC counsel Fadila Yusuf.
Names of Suspects and Modus Operandi
The six individuals at the centre of the alleged scam include:
- Adefowora Olanipekun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Avwerosuo Otorudo
- Chukwuebuka Ehirim
According to the EFCC, these individuals operated the Crypto Bridge Exchange (CBEX) platform under the cover of ST Technologies International Limited, using it to lure unsuspecting investors with promises of unrealistic returns—reportedly up to 100%.
Investors were encouraged to convert their digital assets into USDT (Tether) and deposit them into wallets controlled by the accused. Initially, they were granted access to monitor their investments on the CBEX platform. But once deposits exceeded the $1 billion mark, the platform suddenly became inaccessible, blocking all withdrawals and effectively confirming fears of a well-orchestrated Ponzi scheme.
Legal and Investigative Action
The EFCC’s application, filed on April 23, 2025, requested two main reliefs: a warrant of arrest for the suspects and permission to remand them in EFCC custody as investigations proceed. The Commission noted that the company, ST Technologies, although registered with the Corporate Affairs Commission (CAC), had no license from the Securities and Exchange Commission (SEC) to operate as an investment firm.
Furthermore, the accused are said to have vacated their known addresses in Lagos and Ogun States, prompting the EFCC to request that they be placed on a red watch list for easier international tracking and arrest.
EFCC counsel Yusuf told the court,
“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution.”
An affidavit submitted by the anti-graft agency stated that preliminary findings confirm a prima facie case of investment fraud, which has defrauded thousands of Nigerians and foreign investors.
Court Ruling
Justice Emeka Nwite, in his ruling, noted the gravity of the evidence and granted the EFCC’s request.
“I have examined the affidavit evidence and exhibits attached… I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed.”
With this ruling, the EFCC is now empowered to apprehend the suspects and hold them in custody as the investigation continues, potentially paving the way for formal criminal charges in the coming weeks.
This case is one of the largest crypto-related frauds in Nigeria’s history and further underscores the growing concerns around unregulated digital investment platforms operating under deceptive pretenses.
