Investment scam: Court okays arrest of CBEX promoters 

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The Federal High Court in Abuja, has given the Economic and Financial Crimes Commission, EFCC, the nod to arrest and detain six promoters of Crypto Bridge Exchange, CBEX, over alleged investment fraud, totalling over a billion dollars.

Ruling in the ex parte motion moved by the EFCC’s lawyer, Fadila Yusuf, on Thursday, Justice Emeka Nwite, gave the order, saying the detention would be remain in effect until the conclusion of investigation of the alleged offences and possible prosecution.

“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,” the judge said.

“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed.”

Six suspects, including Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim are charged as 1st to 6th defendants, respectively.

Yusuf, in the motion dated and filed April 23, said the EFCC sought two prayers, seeking an order of the court for the issuance of warrant of arrest of the defendants and “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”

He explained that the EFCC has a statutory duty to prevent and detain financial crimes through investigation, adding that there was an intel to the office of the commission’s chairman against the defendant bothering on various criminal offences.

According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.

Yusuf said 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.”

The EFCC stated in  the affidavit in support of the motion that sometime in April, 2025, it received an intel, bordering on an alleged fraudulent investment scheme against the defendants.

It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange, CBEX, carried out the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

The commission said a warrant of arrest was needed to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.

According to anti-graft agency investigation into the allegation against the defendants has proved a prima facie case of investment scam, pleading that it would be in the interest of justice to grant the application.