The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six individuals linked to the Crypto Bridge Exchange (CBEX) over an alleged investment fraud exceeding $1 billion.
Justice Emeka Nwite issued the order on Thursday following an ex-parte motion filed by EFCC counsel, Fadila Yusuf. The court ruled that the suspects could be detained pending the conclusion of investigations and potential prosecution.
“I have listened to the submission of counsel for the applicant, EFCC, and reviewed the supporting affidavit and exhibits. I am satisfied that the application has merit. Accordingly, the application is granted as prayed,” the judge ruled.
The six suspects named in the order are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC, in the motion dated and filed April 23, requested two key orders: the issuance of arrest warrants and the remand of the defendants in its custody pending the outcome of investigations.
Yusuf argued that the EFCC is statutorily empowered to prevent and detect financial crimes. She stated that the commission had received intelligence implicating the defendants in various criminal activities, including operating a fraudulent investment scheme.
“The defendants are currently at large. A warrant of arrest is necessary to apprehend them and proceed with proper investigation and prosecution,” she told the court.
In a supporting affidavit, the EFCC claimed it received credible information in April 2025 alleging that the defendants, through ST Technologies International Limited and CBEX, defrauded investors through a bogus crypto investment platform.
The case has since been transferred to the commission’s Cybercrimes Section for investigation.
The EFCC stated that placing the suspects on a red-watch list was essential for tracking and apprehending them. It also said its preliminary findings established a prima facie case of investment fraud.
The commission maintained that granting the application would serve the interests of justice.
