The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the go-ahead to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged cryptocurrency investment scam exceeding $1 billion.
Justice Emeka Nwite delivered the ruling on Thursday following an ex parte motion filed by EFCC counsel, Fadila Yusuf, on April 23, 2025.
The individuals named in the court filing are:
- Adefowora Olanipekun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Avwerosuo Otorudo
- Chukwuebuka Ehirim
According to the EFCC, the suspects are at large and are being linked to a high-profile crypto scam operated through ST Technologies International Limited, allegedly in partnership with CBEX.
The commission explained that unsuspecting investors were lured into converting their digital assets into USDT (Tether) and depositing them into wallets controlled by the suspects, with promises of up to 100% returns on cryptocurrency investments.
EFCC investigations revealed that although ST Technologies is registered with Nigeria’s Corporate Affairs Commission (CAC), it lacks proper investment licensing from the Securities and Exchange Commission (SEC).
Victims initially monitored their earnings via the CBEX platform, which mysteriously shut down after over $1 billion in crypto funds were collected, cutting off access to their investments.
The EFCC stated that the suspects had abandoned their known addresses in Lagos and Ogun states, and therefore requested warrants to place them on an Interpol red notice and to facilitate their arrest and prosecution.
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Justice Nwite ruled in favor of the EFCC, stating that the court was satisfied with the affidavit evidence and exhibits presented. He concluded:
“The application is meritorious and is hereby granted as prayed.”
This development marks a major step in Nigeria’s ongoing crackdown on cryptocurrency fraud and unlicensed investment platforms targeting the public.
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