In a major development in Nigeria’s ongoing crackdown on financial fraud, Adefowora Abiodun Olanipekun, one of six principal promoters of the collapsed cryptocurrency investment platform, Crypto Bridge Exchange (CBEX), has voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC).
His surrender comes after a Federal High Court order issued on April 24, 2025, by Justice Emeka Nwite in Abuja, authorizing the arrest and detention of Olanipekun and five others. The group is accused of orchestrating a massive $1 billion cryptocurrency fraud that defrauded over 600,000 Nigerians.
CBEX, which operated under the cover of ST Technologies International Limited, promised investors 100% returns within 30 days through allegedly AI-powered cryptocurrency trading. To gain legitimacy, the platform misused official-looking certifications from the Corporate Affairs Commission (CAC) and the EFCC’s Special Control Unit Against Money Laundering (SCUML). However, investigators revealed that CBEX was neither registered nor licensed to operate as a financial institution in Nigeria.
The six suspects named in the court order are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The EFCC, through an ex parte motion, presented substantial evidence linking them to the fraudulent scheme, which involved soliciting investments and directing victims to deposit funds—converted into the USDT stablecoin—into crypto wallets controlled by the suspects.
The collapse of CBEX has sparked national outrage, with many victims devastated by the loss of their investments. Critics have also called out regulatory bodies for failing to detect the scam early, urging for stricter oversight of digital financial platforms.
In response, the EFCC has pledged to pursue full prosecution of those involved and advised the public to exercise caution and verify the credibility of any investment promising unusually high returns.
