The Court Has Approved the EFCC's Arrests of the $1 Billion Scammers Behind CBEX.

On Thursday, the Federal High Court in Abuja authorized the Economic and Financial Crimes Commission (EFCC) to apprehend and detain six individuals associated with Crypto Bridge Exchange (CBEX) due to alleged investment fraud exceeding one billion dollars. Justice Emeka Nwite issued this directive following an ex-parte motion presented by EFCC's attorney, Fadila Yusuf, indicating that the detention would last until the investigation into the alleged crimes is completed and potential prosecution is considered. The judge stated, 'I have reviewed the submissions made by the counsel for the applicant, EFCC, and examined the affidavit evidence along with the accompanying exhibits and written address. I find the application to be valid and therefore grant it as requested.' The six individuals identified as suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, listed as the first to sixth defendants, respectively. In a motion filed on April 23, Yusuf requested two orders from the court: one for the issuance of arrest warrants for the defendants and another to remand them in custody of the complainant/applicant until the investigation and potential prosecution are concluded. The lawyer outlined four reasons supporting the EFCC's statutory responsibility to prevent and detect financial crimes through investigation, noting that there was intelligence received by the commission's chairman regarding various criminal activities involving the defendants. The applicant is constitutionally obligated to investigate these offenses and uphold law and order, as stated by her. Yusuf indicated that a warrant for the defendants' arrest is necessary to facilitate a thorough investigation and prosecution of this matter. In the affidavit supporting the motion, the EFCC reported that in April 2025, it received intelligence regarding an alleged investment scheme fraud involving the defendants. It was claimed that the defendants, along with their company, ST Technologies International Limited, utilized another entity, Crypto Bridge Exchange (CBEX), to carry out the purported fraud, which was subsequently assigned to the Cybercrimes Section for investigation. The anti-corruption agency asserted that a warrant of arrest is essential to place the defendants on a red watch list, enabling their tracking and apprehension to respond to the charges against them. The commission further noted that the investigation into the allegations against the defendants has established a prima facie case of investment fraud, and it would serve the interests of justice to approve the application.