The Federal High Court in Abuja on Thursday gave the Economic and Financial Crimes Commission (EFCC) the go-ahead to arrest and detain six promoters of Crypto Bridge Exchange for allegedly defrauding Nigerians of over billion dollars.
Justice Emeka Nwite, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution of the CBEX workers.
“I have listened to the submission of the learner counsel for the applicant (EFCC). I have also gone through the affidavit evidence with exhibits thereto 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,” the Judge said.
The six CBEX suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Others are Avwerosuo Otorudo and Chukwuebuka Ehirim.
They were named as the 1st to 6th defendants respectively in the suit filed by the EFCC.
The commission had in the suit sought an order of the court for the issuance of warrant of arrest of the defendants.
It also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”
Giving four grounds, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.
She said there was an intel to the office of the commission’s chairman against the CBEX staff bothering on various criminal offences.
According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.
“The defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.” Yusuf stated.
In the affidavit in support of the motion, the EFCC said sometimes in April, 2025, it received an intel bordering on an alleged investment scheme fraud against the CBEX staff
The Commission alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.
The agency said the preliminary investigation into the intel revealed the following:
“That Messrs Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making advert and lured unsuspecting members of public to invest crypto currencies on CBEX investment platform.”
The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.
According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam.
It said it would be in the interest of justice to grant the application.
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