The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six individuals accused of running a massive investment fraud scheme through Crypto Bridge Exchange (CBEX), with losses reportedly exceeding $1 billion.
The ruling was delivered by Justice Emeka Nwite on Thursday, following an ex-parte application filed by EFCC counsel, Fadila Yusuf. The court authorized 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 outcome of investigations and potential 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 indicating that the suspects were allegedly behind a fraudulent crypto investment platform operated through ST Technologies International Limited, trading under the name CBEX. The Cybercrimes Section of the EFCC is leading the investigation, which has reportedly uncovered a prima facie case of financial misconduct.
The anti-graft agency told the court that the suspects are currently at large, prompting the need for arrest warrants and a move 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 accused individuals to ensure thorough investigation and their eventual arraignment in accordance with due process.
The CBEX case is one of the largest crypto-related fraud probes in Nigeria’s history and highlights growing concerns over unregulated digital financial platforms targeting unsuspecting investors.
