Federal High Court Approves EFCC’s Bid to Detain CBEX Promoters Over $1 Billion Fraud Investigation

 

The Federal High Court sitting in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six individuals allegedly behind a massive investment fraud scheme involving Crypto Bridge Exchange (CBEX), a company said to have misappropriated over one billion dollars through deceptive practices.

Presiding over the case, Justice Emeka Nwite issued the ruling following a successful ex-parte application brought before the court by EFCC’s counsel, Fadila Yusuf. The judge ruled in favor of the anti-corruption agency, authorizing the immediate detention of the accused persons pending the completion of ongoing investigations and potential prosecution.

Delivering his decision, Justice Nwite noted that the application had merit. “I have listened to the submission of the learned counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address,” he stated. “I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed.”

The individuals named in the court order include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, who are identified as the first to sixth defendants respectively.

Acting on intelligence received in April 2025, the EFCC initiated an investigation into a suspected large-scale investment fraud. According to the agency, the scheme was orchestrated under the guise of a crypto investment platform operated through ST Technologies International Limited and its affiliate, Crypto Bridge Exchange (CBEX). The intel alleged that the platform promised high returns to investors but ultimately defrauded them of significant sums of money.

The EFCC’s counsel told the court that the suspects are currently at large, prompting the urgent need for a warrant of arrest. The commission argued that the arrest warrant would enable them to place the suspects on a red watch list and facilitate their apprehension by law enforcement agents nationwide.

Supporting the motion, the EFCC outlined four main grounds justifying the application. These included the commission’s statutory responsibility to prevent and detect financial crimes, the nature of the intelligence received implicating the defendants in criminal activity, the necessity for thorough investigation and enforcement of law and order, and the fact that the suspects are not currently in custody.

Yusuf emphasized the urgency of the matter, stating that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.” She added that the investigation had already uncovered a prima facie case of an investment scam.

The agency’s affidavit further revealed that the case had been assigned to its Cybercrimes Section for detailed investigation. Initial findings reportedly point to a complex web of fraudulent transactions aimed at luring unsuspecting investors with promises of unrealistic returns through digital assets.

The commission argued that the suspects’ continued freedom could hamper the progress of the investigation, warning that they could tamper with evidence or influence witnesses if not immediately taken into custody. Consequently, EFCC sought the court’s intervention to ensure that justice is not only done but seen to be done.

Justice Nwite’s order clears the way for EFCC operatives to pursue the suspects, detain them, and move forward with efforts to prosecute them based on the outcomes of their findings.

This development marks another high-profile move in Nigeria’s escalating fight against cyber-enabled financial crime, particularly in the digital investment space. Crypto-related scams have become a growing concern for regulators and law enforcement, with authorities intensifying efforts to bring fraudsters to book and protect the investing public from deceitful schemes cloaked in technological sophistication.

The case is expected to proceed once the suspects are apprehended and brought before the court for formal charges.