By Abiola Olawale
The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud.
This comes after EFCC, on Wednesday, April 23, 2025, filed an ex-parte motion seeking a warrant to arrest the CBEX officials.
EFCC’s lawyer, Fadila Yusuf, in the ex-parte motion also prayed to the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of the investigation of the alleged offences and possible prosecution.”
Giving four grounds, the lawyer said the EFCC has a statutory duty to prevent and detect financial crimes through investigation.
Ruling on the application on Thursday, Justice Nwite held that EFCC’s affidavit and submissions were “meritorious” and granted the order.
The six individuals named in the court order include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Others are Avwerosuo Otorudo and Chukwuebuka Ehirim.
Justice Nwite ruled: “I have listened to the submission of the learner counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address.
“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed.”
It would be recalled that EFCC had revealed that it began an investigation into CBEX following intelligence reports that the digital platform was allegedly operating under ST Technologies International Limited as a fraudulent investment scheme promising investors 100% profit within 30 days through purported AI-driven trading.
Recall that the platform collapsed on April 14, 2025, leaving investors unable to access their funds, with losses estimated at N1.3 trillion (approximately $847 million to $1 billion).
