The Federal High Court in Abuja has authorised the Economic and Financial Crimes Commission (EFCC) to arrest and detain six individuals accused of orchestrating a major investment fraud scheme through Crypto Bridge Exchange (CBEX), with reported losses exceeding $1 billion.
Justice Emeka Nwite issued the ruling following an ex-parte application filed by EFCC counsel, Fadila Yusuf.
The court approved the issuance of arrest warrants and the detention of the suspects—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—pending the conclusion of investigations and possible prosecution.
“I have listened to the submission of the learned counsel for the applicant, EFCC, and reviewed the affidavit evidence. The application is meritorious and is granted as prayed,” Justice Nwite ruled.
According to court documents, the EFCC received intelligence in April 2025 linking the suspects to a fraudulent cryptocurrency investment platform operated under ST Technologies International Limited, trading as CBEX. The agency’s Cybercrimes Section is leading the investigation, which has reportedly uncovered a prima facie case of financial misconduct.
The EFCC informed the court that the suspects are currently at large, necessitating arrest warrants and efforts to place them on a red watch list for international tracking and apprehension.
With the court’s approval, the EFCC is now empowered to detain the individuals to facilitate thorough investigations and to ensure their eventual arraignment in line with due process.
The CBEX case is regarded as one of Nigeria’s largest crypto-related fraud investigations to date, underscoring growing concerns over unregulated digital financial platforms preying on unsuspecting investors.
