Court Approves Arrest, Detention Of Six CBEX Promoters
The Federal High Court in Abuja has approved the request of the Economic and Financial Crimes Commission to arrest and detain six promoters of Crypto Bridge Exchange over an alleged investment fraud amounting to over $1 billion. Justice Emeka Nwite gave the order on Thursday after listening to submissions from the EFCC’s lawyer, Fadila Yusuf. The six individuals named in the ex parte motion filed on April 23 are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The EFCC sought the court’s permission to arrest and keep the suspects in custody while investigations continue and possible charges are prepared. In the motion, the EFCC asked for two things: permission to issue arrest warrants and an order to remand the suspects in EFCC custody during the investigation. Yusuf told the court, “The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution.” She explained that the EFCC had received intelligence linking the suspects to criminal acts and that the commission had a constitutional duty to investigate and enforce the law. According to an affidavit submitted with the motion, the EFCC said it received information in April 2025 about a fraudulent investment scheme involving the suspects. The commission said the fraud was carried out through ST Technologies International Limited, in partnership with CBEX. The suspects were accused of promoting CBEX, convincing people to invest in cryptocurrency through their platform while promising extremely high returns, up to 100%. “The victims were required to convert their digital assets into USDT, a stablecoin, and deposit them into the suspects’ cryptocurrency wallets,” the affidavit stated. At first, investors could monitor their investments through the CBEX platform. But after over $1 billion was deposited, the platform was suddenly shut down, and victims could no longer access their funds. Further investigations revealed that although ST Technologies was registered with the Corporate Affairs Commission, it was not licensed by the Securities and Exchange Commission to run any investment business. The EFCC also told the court that the suspects had abandoned their known addresses in Lagos and Ogun states. The agency said, “A warrant of arrest is necessary to place the suspects on a red watch list and ensure they are apprehended to face justice.” The commission added that its investigation had shown a clear case of fraud and urged the court to grant the application in the interest of justice. After reviewing the case, Justice Nwite ruled, “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.”