The Federal High Court in Abuja, on Thursday, granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over alleged investment fraud amounting to over one billion dollars, according to News360 Nigeria.
Justice Emeka Nwite issued the order following a motion filed by the EFCC’s lawyer, Fadila Yusuf. The judge stated that the detention would remain in effect until the investigation into the alleged crimes is completed, and potential prosecution is determined.
“I have listened to the submission of the learned 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 declared.
DAILY POST reported that the suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, along with Avwerosuo Otorudo and Chukwuebuka Ehirim, listed as the 1st to 6th defendants, respectively.
The motion, filed on April 23 by Yusuf, sought two key orders. First, it requested the issuance of a warrant of arrest for the defendants. Second, it asked for an order to remand the defendants in the custody of the EFCC pending the investigation and possible prosecution of the alleged crimes.
The lawyer argued that the EFCC has a statutory responsibility to prevent and detect financial crimes. She added that there was intelligence provided to the commission’s chairman regarding the defendants, indicating their involvement in various criminal activities. According to Yusuf, the EFCC has a constitutional obligation to investigate these crimes and enforce the law.
She further stated 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.”
In support of the motion, the EFCC submitted an affidavit stating that, in April 2025, the commission received information about an alleged investment scheme fraud involving the defendants. It was claimed that the defendants, along with their company ST Technologies International Limited, used Crypto Bridge Exchange (CBEX) to carry out the fraudulent activities. The case was assigned to the EFCC’s Cybercrimes Section for further investigation.
The EFCC emphasized that a warrant of arrest was necessary to place the defendants on a red watchlist, enabling their tracking and arrest. The commission added that the investigation into the allegations had established a prima facie case of investment fraud.
The EFCC concluded that granting the application would serve the interest of justice.
