Thursday, April 24, 2025 - 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 investment fraud involving over one billion dollars.
Justice Emeka Nwite
gave the ruling on Thursday, April 24, after EFCC lawyer Fadila Yusuf moved an
ex parte motion. The judge stated that the detention would be pending the
conclusion of the investigation and potential prosecution of the alleged
offences
“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,” said Justice Nwite.
The six suspects named in the case are Adefowora Abiodun
Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo
Otorudo, and Chukwuebuka Ehirim, who are listed as the first to sixth
defendants, respectively.
In the motion filed on April 23, the EFCC sought two orders
from the court: one for the issuance of a warrant of arrest for the defendants
and another for the remand of the defendants in EFCC custody pending the
completion of the investigation.
Yusuf explained that the EFCC has a statutory duty to
prevent and detect financial crimes and that the defendants are believed to be
involved in various criminal offences. She stated that a warrant of arrest was
necessary as the defendants were at large, and proper investigation and
prosecution could not proceed without their capture.
The EFCC’s investigation began in April 2025 after receiving
intelligence regarding the alleged fraud. The agency claims that the defendants
and their company, ST Technologies International Limited, operated the CBEX
platform, promoting it as an investment opportunity. Victims were lured into
investing in cryptocurrencies through the platform, with promises of returns as
high as 100%. After depositing over one billion dollars, the victims found that
they could no longer access the platform or withdraw their investments,
eventually realizing the scheme was a scam.
Further investigation revealed that ST Technologies
International Limited, although registered with the Corporate Affairs
Commission (CAC), was not registered with the Securities and Exchange
Commission (SEC) for investment purposes. The agency also discovered that the
defendants had moved out of their last known addresses in Lagos and Ogun
States.
The EFCC requested a warrant of arrest to place the
defendants on a red watch list to facilitate their capture. The commission also
indicated that a prima facie case of investment fraud had been established, and
granting the application would serve the interests of justice.
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