Alleged $1bn Fraud: Court grants EFCC request to arrest CBEX staff
An Abuja Federal High Court has granted the request of the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over alleged investment fraud to the tune of over one billion dollars.
Thousands of Nigerians lost their fortune in the crashed online ponzi scheme.
The anti graft agency had approached the court seeking an ex-parte order to arrest and detain the six suspects.
According to EFCC, the six suspects are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Others are Avwerosuo Otorudo and Chukwuebuka Ehirim.
EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.
In the motion dated and filed April 23 by Yusuf, the anti-graft agency sought two prayers, seeking an order of the honourable court for the issuance of warrant of arrest of the defendants.
It 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.”
Giving four grounds, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.
She said there was an intel to the office of the commission’s chairman against the defendant bothering on various criminal offences.
According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.
Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”
In the affidavit in support of the motion, the EFCC said sometime in April, 2025, it received an intel bordering on an alleged investment scheme fraud against the defendants.
It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange, CBEX, perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.
The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.
According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam.
It said it would be in the interest of justice to grant the application
Justice Emeka Nwite, however, gave the order while ruling on the request.
