The Federal High Court in Abuja has granted permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six individuals linked to a suspected crypto investment scam worth more than $1 billion.
The court, presided over by Justice Emeka Nwite, made the decision on Thursday, April 24, following a motion presented by EFCC’s counsel, Fadila Yusuf. The commission sought the court’s approval to apprehend and hold the suspects while investigations are ongoing.
The accused persons are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. All six are reportedly connected to Crypto Bridge Exchange (CBEX), a platform allegedly involved in a fake investment scheme carried out in collaboration with ST Technologies International Limited.
In her submission, Yusuf noted, “The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution.” She added that the commission had received solid intelligence linking the group to criminal actions involving a fraudulent cryptocurrency investment program.
The EFCC’s affidavit stated that in April 2025, it was alerted to the scheme in which unsuspecting investors were lured into converting their crypto assets into USDT (a stablecoin) and transferring them into wallets operated by the suspects. Promises of massive profits, reportedly up to 100% returns, were used to attract a large number of investors.
Initially, investors could view their funds and returns through the CBEX platform. However, once over $1 billion had been collected, the platform was suddenly shut down, leaving investors without access to their money.
Further findings revealed that although ST Technologies was officially registered with the Corporate Affairs Commission, it had no authorization from the Securities and Exchange Commission to conduct investment operations.
According to the EFCC, all attempts to reach the suspects at their known residences in Lagos and Ogun states failed, indicating that they had fled their locations. The commission requested the court to allow the suspects to be placed on a red watch list to aid their capture and ensure legal proceedings take place.
In his ruling, Justice Nwite stated, “I have listened to the submission of learned counsel for the applicant. I have also examined the affidavit evidence and the exhibits attached, 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.”
