The Economic and Financial Crimes Commission’s request to arrest and detain six promoters of Crypto Bridge Exchange in connection with an alleged $1 billion investment fraud has been granted by the Federal High Court in Abuja.
The order was issued on Thursday by Justice Emeka Nwite following hearing arguments from Fadila Yusuf, the attorney for the EFCC.
Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim are the six people listed in the ex parte motion that was filed on April 23.
In order to arrest and detain the suspects while investigations are ongoing and potential charges are being prepared, the EFCC requested permission from the court.
The EFCC requested in the move that the individuals in its custody be remanded while the investigation was underway, as well as authorization to issue arrest warrants.
“The defendants are at large, and a warrant of arrest is necessary to bring them in for proper investigation and prosecution,” Yusuf said the court.
She clarified that the EFCC has a constitutional obligation to look into and enforce the law after receiving intelligence that connected the suspects to crimes.
The EFCC stated in an affidavit filed with the motion that it learned of a fraudulent investment plan involving the suspects in April 2025.
According to the commission, ST Technologies International Limited, working with CBEX, was responsible for the scam.
The suspects were charged with marketing CBEX and persuading individuals to use their platform to invest in cryptocurrencies by offering astronomically high returns—up to 100%.
“The victims were required to convert their digital assets into USDT, a stablecoin, and deposit them into the suspects’ cryptocurrency wallets,” the affidavit stated.
At first, investors could monitor their investments through the CBEX platform.
But after over $1 billion was deposited, the platform was suddenly shut down, and victims could no longer access their funds.
Further investigations revealed that although ST Technologies was registered with the Corporate Affairs Commission, it was not licensed by the Securities and Exchange Commission to run any investment business.
The EFCC also told the court that the suspects had abandoned their known addresses in Lagos and Ogun states.
The agency said, “A warrant of arrest is necessary to place the suspects on a red watch list and ensure they are apprehended to face justice.”
The commission added that its investigation had shown a clear case of fraud and urged the court to grant the application in the interest of justice.
After reviewing the case, Justice Nwite ruled, “I have listened to the submission of learned counsel for the applicant.
“I have also examined the affidavit evidence and the exhibits attached, 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.”
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