$1bn fraud: Court grants EFCC’s request to arrest 6 CBEX officials

The Federal High Court sitting in Abuja has approved 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 to the tune of over $1 billion.

The presiding judge, Justice Emeka Nwite, gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect on Thursday, April 24, 2025.

Justice Nwite said the detention would be pending the conclusion of an investigation of the alleged offences and possible prosecution.

The judge said: “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 so hold that the application is meritorious.

“Consequently, the application is granted as prayed.”

The six CBEX officials include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

Others are Avwerosuo Otorudo and Chukwuebuka Ehirim.

In the motion ex-parte dated and filed April 23 by Yusuf, the EFCC sought two prayers.

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The commission sought an order of the court for the issuance of warrant of arrest of the defendants.

It also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”

Giving four grounds, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

She said there was an intel to the office of the commission’s chairman against the defendant bothering on various criminal offences.

According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.

Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

In the affidavit in support of the motion, the EFCC said in April 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.

The anti-graft agency stated that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX), perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for an investigation.

The Star