A Federal High Court sitting in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to detain six individuals linked to a cryptocurrency investment platform, Crypto Bridge Exchange (CBEX), over a suspected fraud estimated at over one billion dollars.
Justice Emeka Nwite gave the ruling on Thursday following an ex parte motion presented by EFCC counsel, Fadila Yusuf. The judge said the request had merit after reviewing the supporting affidavit, accompanying exhibits, and legal arguments.
The individuals identified are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. They are listed as the first through sixth defendants in the matter.
The EFCC had approached the court seeking a warrant for their arrest and an order to keep them in its custody while investigations continue, with the potential for criminal charges to follow.
Yusuf told the court that intelligence reports received in April 2025 indicated that the suspects were involved in a scheme targeting Nigerians through fraudulent cryptocurrency investments. The petition was forwarded to the agency’s Cybercrimes Section for a detailed inquiry.
According to the EFCC, the suspects, operating through their company, ST Technologies International Limited, promoted CBEX as an investment platform. They allegedly enticed members of the public to invest digital assets with promises of exceptionally high returns, sometimes as much as 100%.
Preliminary findings reportedly uncovered a pattern of deceit, prompting the commission to declare a case of financial misconduct. The suspects are currently unaccounted for, and the EFCC maintains that their arrest is necessary to facilitate proper investigation and legal proceedings.
The court, in granting the application, affirmed the commission’s mandate to pursue such matters and authorised the detention of the suspects in EFCC custody pending further developments.
