The Economic and Financial Crimes Commission, or EFCC, was authorized by the Federal High Court in Abuja on Thursday to detain and arrest six promoters of Crypto Bridge Exchange, or CBEX, on charges of investment fraud totaling more than $1 billion.
The detention would be pending the conclusion of the investigation into the alleged offences and potential prosecution, according to Justice Emeka Nwite, who issued the decision following an ex-parte motion to that effect filed by Fadila Yusuf, the attorney for the EFCC.
“I have listened to the submission of the learner counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address.
“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed,” the judge said.
According to sources, Emmanuel Uko, Seyi Oloyede, Adefowora Oluwanisola, and Adefowora Abiodun Olanipekun are among the six suspects.
Avwerosuo Otorudo and Chukwuebuka Ehirim, who are ranked first and sixth, respectively, are the other defendants.
The anti-graft agency requested two petitions in the motion dated April 23 that Yusuf filed, asking the honorable court to issue an arrest warrant for the defendants.
Additionally, it asked the court to “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”
The attorney listed four reasons, stating that the EFCC is required by law to prevent financial crimes and to detect them through investigation.
She said that the commission’s chairman’s office had received information on the defendant’s involvement in a number of criminal offenses.
She asserts that the petitioner is obligated by the constitution to look into these offenses and uphold law and order.
Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”
The EFCC stated in the affidavit supporting the motion that it acquired information about a suspected investment scheme fraud against the defendants sometime in April 2025.
The case was received and given to its Cybercrimes Section for investigation after it was claimed that the defendants and their business, ST Technologies International Limited, committed the alleged fraud through the use of another business, Crypto Bridge Exchange, or CBEX.
According to the anti-graft agency, in order to put the defendants on the red watch list and enable them to be tracked down and detained in order to answer to the charges against them, a warrant of arrest was necessary.
The commission claims that an examination of the accusation against the defendants showed a strong indication of an investment scam.
It stated that granting the application would serve the interests of justice.
