$1bn Scam: Court okays EFCC’s request to arrest six CBEX promoters

The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six individuals linked to Crypto Bridge Exchange (CBEX) over an alleged $1 billion investment fraud scheme.

Justice Emeka Nwite issued the order on Thursday, April 24, after considering an ex parte motion filed by EFCC counsel Fadila Yusuf. The motion, submitted on April 23, sought arrest warrants and remand orders for the suspects.

The individuals named in the EFCC’s motion are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

According to the EFCC, the suspects used CBEX and ST Technologies International Limited to defraud thousands of unsuspecting investors.

The anti-graft agency said it received intelligence in April 2025 about a cryptocurrency operation that promised returns of up to 100% on digital assets converted to USDT. Investors were initially provided with online dashboards to track their funds, but the platform went offline after raising over $1 billion, cutting off all access to withdrawals.

“The victims later discovered that the said scheme is a scam,” the EFCC stated in an affidavit submitted to the court.

While ST Technologies is duly registered with the Corporate Affairs Commission (CAC), it reportedly lacks authorisation from the Securities and Exchange Commission (SEC) to offer investment services.

The EFCC further disclosed that the suspects had absconded from their known addresses in Lagos and Ogun states.

Fadila Yusuf argued that arrest warrants were essential for tracking the suspects and placing them on a red watch list to facilitate their apprehension and prosecution.

After examining the EFCC’s affidavit and attached evidence, Justice Nwite ruled in favour of the agency’s request.
“I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” he stated.