In a major development that could shake Nigeria’s fintech and crypto investment landscape, the Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the legal authority to arrest and detain six senior executives of Crypto Bridge Exchange (CBEX), a digital investment platform, over allegations of orchestrating a fraudulent investment scheme worth over $1 billion.
Presiding Justice Emeka Nwite issued the order on Thursday, April 25, following a compelling ex parte motion filed by EFCC counsel, Fadila Yusuf. The court’s directive allows the EFCC to remand the suspects pending the completion of ongoing investigations and their potential prosecution.
According to court filings and investigative documents, the six defendants named in the motion include, Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, Chukwuebuka Ehirim.
These individuals, acting through their company ST Technologies International Limited, allegedly masterminded the fraudulent CBEX scheme which targeted thousands of investors both in Nigeria and abroad.
Court documents reveal that sometime in April 2025, the EFCC’s Cybercrimes Section began investigating the defendants following intelligence reports of a large-scale investment fraud.
The EFCC alleges that the defendants launched Crypto Bridge Exchange (CBEX) as a fake digital trading platform and used aggressive digital marketing campaigns to lure the public. They promised unrealistic returns of up to 100%, convincing victims to convert their digital assets into USDT (a stablecoin) and deposit them into wallets controlled by the accused.
Initially, investors were given access to a functional dashboard, simulating a legitimate operation. However, once over $1 billion in deposits were accumulated, the platform became inaccessible, effectively locking out all investors from their funds.
“The victims soon realized that the CBEX investment platform was a carefully orchestrated scam,” said EFCC in its affidavit.
Investigations revealed that while ST Technologies International Limited was formally registered with the Corporate Affairs Commission (CAC), it lacked any registration or licensing from the Securities and Exchange Commission (SEC)—a mandatory requirement for investment operations in Nigeria.
EFCC further disclosed that both CBEX and ST Technologies operated outside legal boundaries, conducting massive unregulated fundraising disguised as cryptocurrency investments.
Additionally, the defendants have reportedly abandoned their last known addresses in Lagos and Ogun States, prompting EFCC to request a warrant of arrest and place them on the international red watch list.
In her motion, EFCC counsel Fadila Yusuf urged the court to grant two critical requests, An order for the immediate arrest of the six individuals, An order to remand the suspects in EFCC custody until investigations conclude and formal charges are filed.
Yusuf emphasized that the EFCC has a constitutional mandate to investigate financial crimes, and the scale of this case required urgent legal action.
“The suspects are currently at large. Placing them on a red notice is essential for their apprehension and to prevent further evasion of justice,” she stated.
The court agreed, ruling that detaining the suspects is in the interest of justice, given the compelling prima facie evidence of a coordinated investment fraud scheme.
This high-profile case throws a spotlight on the dangers of unregulated cryptocurrency schemes, which continue to rise in popularity across Africa. Legal experts say this could become a landmark case, potentially influencing future regulatory reforms in Nigeria’s fintech and crypto space.
The EFCC has reiterated its warning to the public: “Always verify investment platforms through appropriate regulatory bodies such as SEC. High returns often come with high risks—and in this case, total loss.”
With court approval now secured, the EFCC is expected to launch a nationwide and international manhunt for the suspects. The commission is also working with digital forensic experts to trace the stolen funds and recover victims’ investments where possible.
As this case unfolds, it may serve as a powerful deterrent to others who use digital innovation as a cover for elaborate fraud.
