On Thursday, the Federal High Court in Abuja authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six individuals involved in the Crypto Bridge Exchange for allegedly defrauding Nigerians of over a billion dollars.Justice Emeka Nwite issued the order after EFCC attorney Fadila Yusuf presented an ex-parte motion, affirming that the detention was necessary until the investigation into the alleged crimes and potential prosecution of the CBEX staff was completed.
I have considered the arguments presented by the counsel for the applicant (EFCC), reviewed the affidavit evidence along with the attached exhibits and written submissions.
I find the application to be valid and hereby grant it as requested,” the judge stated.
The six suspects from CBEX are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, designated as the 1st through 6th defendants in the EFCC’s lawsuit.
The commission sought a court order for their arrest and requested that they be remanded in custody while the investigation and possible prosecution are underway.Yusuf articulated four key reasons for the EFCC’s request, emphasizing the agency’s statutory duty to detect and prevent financial crimes through thorough investigations.
She indicated that intelligence had reached the chairman’s office regarding various criminal activities linked to the CBEX personnel.“The defendants are currently at large, and a warrant is essential for their apprehension to facilitate effective investigation and prosecution of this case,” Yusuf added.The EFCC’s motion referenced an intelligence report received in April 2025 about alleged investment scheme fraud involving the CBEX staff.
The commission accused the defendants and their company, ST Technologies International Limited, of committing fraud through their operations with Crypto Bridge Exchange (CBEX). Following the initial investigation, it was asserted that the defendants had lured unsuspecting individuals to invest in cryptocurrencies via the CBEX investment platform.
The agency concluded that preliminary findings indicated a prima facie case of investment fraud and advocated for the application’s approval in the interest of justice.
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