The Federal High Court in Abuja granted the Economic and Financial Crimes Commission (EFCC) permission on Thursday to arrest and detain six individuals involved with Crypto Bridge Exchange (CBEX) over accusations of investment fraud exceeding one billion dollars.
Justice Emeka Nwite made the ruling after the EFCC’s lawyer, Fadila Yusuf, presented an ex-parte motion. The judge ruled that the detention would continue until the completion of the investigation into the alleged crimes and any potential prosecution.
Justice Nwite stated, “I have considered the submission from the EFCC’s legal representative and reviewed the supporting affidavit, evidence, and written submissions. I find the application to be valid and grant it as requested.”
The six individuals named in the case include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In the motion filed on April 23, the EFCC sought two key orders from the court: the issuance of arrest warrants for the accused and their remand in EFCC custody until the investigation is complete.
The EFCC argued that, as part of its statutory duties, it is responsible for investigating financial crimes. The agency received intelligence regarding the defendants’ involvement in criminal activities, which prompted the investigation. The lawyer emphasized that the defendants are currently evading arrest, making it necessary for the court to issue arrest warrants to facilitate a thorough investigation and potential prosecution.
According to the EFCC’s affidavit, in April 2025, the commission received a report detailing an alleged fraud scheme involving the six suspects and their company, ST Technologies International Limited, through Crypto Bridge Exchange (CBEX). The case was assigned to the EFCC’s Cybercrimes Section for further investigation.
The agency expressed that issuing a warrant of arrest and placing the defendants on a red watch list would help locate and apprehend them to answer the charges. The EFCC believes there is sufficient preliminary evidence to support claims of investment fraud and argued that granting the application would serve the interests of justice.
