The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six individuals linked to Crypto Bridge Exchange (CBEX) over an alleged investment fraud estimated at over $1 billion.
Justice Emeka Nwite gave the order on Thursday following an ex-parte motion filed by EFCC counsel, Fadila Yusuf. The judge ruled that the application had merit and should be granted to allow the anti-graft agency conclude its investigations and consider prosecution.
“I have reviewed the affidavit evidence and submissions of the applicant. The application is meritorious and hereby granted as prayed,” Justice Nwite ruled.
The six individuals named in the case are: Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, Chukwuebuka Ehirim.
They are listed as the 1st to 6th defendants, respectively.
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In the application filed on April 23, the EFCC sought a warrant for their arrest and an order to remand them in custody pending the conclusion of its investigation into the alleged fraud.
EFCC lawyer Yusuf explained that intelligence reports received in April 2025 suggested the defendants were operating a fraudulent investment scheme through a company known as ST Technologies International Limited, using Crypto Bridge Exchange (CBEX) as a front.
She argued that the suspects are currently at large, necessitating a warrant to place them on the red watch list for effective tracking and arrest.
According to documents filed with the court, the EFCC’s Cybercrimes Section has taken over the case and already uncovered a prima facie case of investment fraud. The commission emphasized that granting the application was necessary for justice and law enforcement.
The court’s decision clears the way for the EFCC to take further legal steps in what is shaping up to be one of the most significant crypto-related fraud investigations in Nigeria to date.
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