EFCC Obtains Order To Arrest Six CBEX Promoters

The Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six individuals alleged to be the masterminds behind Crypto Bridge Exchange, a platform recently implicated in a cryptocurrency investment fraud exceeding $1 billion.

Justice Emeka Nwite issued the order on Thursday after hearing an ex parte application presented by EFCC counsel, Fadila Yusuf.

The individuals named in the motion are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

They are accused of operating a deceptive investment scheme via the Crypto Bridge Exchange platform.

The EFCC’s application, filed on April 23, 2025, sought two main requests: the issuance of arrest warrants for the defendants and an order for their remand in EFCC custody while investigations and potential prosecution continue.

EFCC counsel, Fadila Yusuf, explained that the commission had received intelligence in April 2025 connecting the suspects to a highly sophisticated investment fraud.

The suspects are accused of using a company, ST Technologies International Limited, to promote the CBEX platform. They allegedly convinced the public to invest in cryptocurrency, promising exorbitant returns of up to 100%.

“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution,” Yusuf told the court.

“The investigation has established a prima facie case of an investment scam. Granting this application is in the interest of justice,” the EFCC said.

In the affidavit supporting the application, the EFCC detailed how investors were urged to convert their digital assets into the stablecoin USDT (Tether) and deposit them into cryptocurrency wallets linked to the suspects.

Initially, investors could monitor their investments on the CBEX platform. However, after the total deposits reached over $1 billion, the platform became inaccessible, withdrawals were blocked, and it became apparent that the platform was fraudulent.

The EFCC’s investigation further uncovered that although ST Technologies was registered with the Corporate Affairs Commission, it did not have the necessary authorization from the Securities and Exchange Commission to provide investment services.

Additionally, the suspects had reportedly abandoned their known addresses in Lagos and Ogun States, prompting the EFCC to request that they be placed on a red watch list to assist in their arrest.

Justice Nwite, in his ruling, stated: “I have listened to the submission of learned counsel for the applicant. I have also examined the affidavit evidence and the exhibits attached, along with the written address. I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed.”

The ruling now authorizes the EFCC to proceed with arresting the defendants and detaining them as investigations continue.