April 25, 2025
Justice Emeka Nwite of the Federal High Court Abuja 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 amounting to over $1 billion.
Channels Television reports that Justice Nwite issued the order following submissions by the counsel to the EFCC, Fadila Yusuf.
The six promoters named in an ex parte motion dated and filed on April 23 include – Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC, in the motion argued by Yusuf, sought the court’s approval to detain the promoters pending the conclusion of investigations into the alleged offences and their possible prosecution.
The EFCC’s ex parte application sought two reliefs – the first requested for the issuance of warrants of arrest for the defendants and another to remand the defendants in EFCC custody while investigations are ongoing.
The anti-graft agency outlined four grounds for its request, asserting its statutory duty to prevent and detect financial crimes through investigation.
Yusuf stated that intelligence reports received by the EFCC chairman implicated the defendants in various criminal activities.
Yusuf further argued that the EFCC has a constitutional duty to investigate crimes and enforce law and order. “The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution”.
According to an affidavit supporting the motion, the EFCC said it received intelligence in April 2025 concerning an alleged fraudulent investment scheme linked to the defendants.
The EFCC alleged that the defendants, through their company ST Technologies International Limited, and in collaboration with CBEX, carried out the fraud.
The anti-graft agency said Preliminary investigations revealed that Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, using ST Technologies, promoted CBEX by advertising and persuading unsuspecting members of the public to invest in cryptocurrency through the CBEX platform.
The defendants promised unrealistic returns on investment, up to 100% meanwhile, victims were required to convert their digital assets into a stable coin, USDT, for deposit into the defendants’ cryptocurrency wallets.
The EFCC also said that initially, victims were given full access to monitor their investments on the CBEX platform.
However, after deposits exceeding one billion dollars were made, the platform became inaccessible, and withdrawals were blocked, and the victims later discovered the scheme was a scam.
The EFCC stated that during the investigation, it found that ST Technologies, while registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to conduct investment activities.
Furthermore, the defendants had vacated their last known addresses in Lagos and Ogun States.
The EFCC argued that a warrant of arrest was necessary to place the defendants on a red watch list to facilitate their capture and ensure they face charges.
After reviewing the EFCC’s submission, Justice Nwite subsequently granted the application of the EFCC.
