By: Abdulmajeed Abdullateef
Date: April 24, 2025
In a major development in Nigeria’s fight against financial crimes, the Federal High Court in Abuja has approved the arrest and detention of six individuals linked to a staggering $1 billion cryptocurrency fraud.
Justice Emeka Nwite of the Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six individuals alleged to be behind a fraudulent cryptocurrency scheme that defrauded investors of over $1 billion.
The suspects—Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were implicated in an investment scam operated through Crypto Bridge Exchange (CBEX) in partnership with ST Technologies International Limited.
The EFCC filed the ex parte motion on April 23, 2025, seeking the court’s permission to issue arrest warrants and detain the suspects during the course of its investigation.
Representing the EFCC, Fadila Yusuf informed the court that the individuals were currently at large, emphasizing the need for a warrant to ensure their capture and proper prosecution.
According to the EFCC’s affidavit, the commission received intelligence in April linking the suspects to a digital investment scam. They allegedly encouraged people to invest in cryptocurrency via CBEX, promising astronomical returns of up to 100%. Victims were instructed to convert their assets into the stablecoin USDT and transfer the funds to wallets controlled by the suspects.
Initially, the CBEX platform allowed investors to monitor their earnings. However, the site was abruptly shut down after collecting over $1 billion, leaving investors unable to retrieve their funds. Further investigation revealed that although ST Technologies was registered with the Corporate Affairs Commission, it lacked authorization from the Securities and Exchange Commission to operate an investment scheme.
Efforts to trace the suspects have been futile, as they reportedly abandoned their known residences in Lagos and Ogun states. The EFCC argued that placing them on a red watch list was crucial to apprehend them and recover the stolen funds.
In delivering his ruling, Justice Nwite stated that the application had merit based on the evidence and supporting documents presented by the EFCC. “The application is granted as prayed,” he declared.
This development marks another strong stance by Nigerian authorities in combating digital fraud and protecting investors in the volatile cryptocurrency space.
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