The Federal High Court in Abuja on Thursday granted the Economic and Financial Crimes Commission (EFCC) authorisation to arrest and detain 6 promoters of Crypto Bridge Exchange (CBEX) scheme, following the Commission’s moved to prosecute those behind the CBEX scam, amid numerous complaints from Nigerians and significant financial losses.
The suspects are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, as 1st to 6th defendants, respectively, accused to have committed investment fraud exceeding $1billion.
The trial Judge, Justice Emeka Nwite issued the ruling after the EFCC’s lawyer, Fadila Yusuf, filed an ex-parte motion.
While ruling on the motion, the Court ordered that the suspects remain in detention pending the completion of the investigation and any potential prosecution related to the alleged crimes.
The EFCC’s had argued that, although the defendants are at large, it has the statutory duty to investigate and prevent financial crimes, pointing out that the Commission had received intelligence suggesting the suspects’ involvement in multiple criminal activities.
The EFCC revealed that in April 2025, it received intelligence regarding an alleged investment fraud scheme connected to the suspects, noting that the suspects, along with their company, ST Technologies International Limited, and CBEX, were engaged in fraudulent activities.
AIT Live reports that the case has since been assigned to the EFCC’s Cybercrimes section for further investigations.
Editor: Ken Eseni
