A Federal High Court sitting in Abuja has granted the Economic and Financial Crimes Commission the authority to arrest and detain six individuals alleged to be behind a massive investment fraud linked to the Crypto Bridge Exchange, involving more than one billion dollars.
Justice Emeka Nwite issued the ruling on Thursday after listening to EFCC counsel Fadila Yusuf, who moved an ex parte motion seeking the court’s backing for the arrest and remand of the suspects.
The judge ruled that the application had merit and should be granted.
“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 News Agency of Nigeria identified the accused individuals as Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, listed as the 1st to 6th defendants.
Filed on April 23, the EFCC’s motion requested two key orders from the court: one for the issuance of a warrant to arrest the suspects, and another to remand them in EFCC custody pending the outcome of the investigation and possible charges.
EFCC lawyer Yusuf, in her submission, outlined four major grounds for the request, stating that the commission had a constitutional obligation to investigate and prevent financial crimes.
She said intelligence had been received linking the suspects to serious criminal offences.
Yusuf further stated, “The defendants are at large, and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”
According to the affidavit supporting the motion, EFCC investigators received intelligence in April 2025 indicating that the accused, through their firm ST Technologies International Limited and the platform CBEX, had orchestrated a fraudulent investment scheme.
The EFCC said preliminary findings showed that “Messrs Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company, Crypto Bridge Exchange (CBEX), by making adverts and lured unsuspecting members of public to invest in cryptocurrencies on CBEX investment platform.”
It was further revealed that investors were promised implausible returns of up to 100% on their investments and were asked to convert their digital assets into USDT (a stablecoin), which was then transferred into wallets controlled by the suspects.
“That the victims were made to convert their digital assets into a stablecoin, USDT, for onwards deposit into the suspect’s crypto wallet.
“That the victims were initially given full access to the platform to monitor their investment.
“Following deposits valued at over 1 billion dollars by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.
“That the victims later discovered that the said scheme is a scam.”
The EFCC also discovered that ST Technologies International Limited was registered with the Corporate Affairs Commission but lacked the necessary authorization from the Securities and Exchange Commission to operate investment services.
It was also noted that the suspects had vacated their last known addresses in Lagos and Ogun States, prompting the need for a warrant to place them on a red watch list for tracking and arrest.
The agency concluded that its investigation had established a prima facie case of investment fraud, and argued that approving the application was necessary to ensure justice.
