The Federal High Court sitting in Abuja has given an order for the arrest and detention of six promoters of Crypto Bridge Exchange (CBEX) over alleged investment fraud of over one billion dollars.
Justice Emeka Nwite gave the order on Thursday following an ex-parte application filed by the Economic and Financial Crimes Commission (EFCC) to that effect.
Join our WhatsApp ChannelThe defendants are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Others are Avwerosuo Otorudo and Chukwuebuka Ehirim.
In the ex-parte motion filed by the EFCC’s lawyer, Fadila Yusuf, the commission sought an order of the court for the issuance of a warrant of arrest and detention of the defendants in the custody of the complainant pending the conclusion of the investigation of the alleged offences and possible prosecution.
The anti-graft agency said it has a statutory duty of detecting and preventing financial crimes through investigation.
According to Yusuf, the EFCC chairman’s office had received information on the defendant’s involvement in a number of criminal offenses.
READ ALSO: How Nigerians Lost N1.3trn On CBEX Digital Trading Platform
The EFCC stated in the affidavit supporting the ex-parte motion that it obtained information about a purported investment plan scam against the defendants sometime in April 2025.
The agency alleged that the defendants and their business, ST Technologies International Limited, committed the alleged fraud through the use of another business, Crypto Bridge Exchange (CBEX).
The EFCC further stated that the defendants promised an unrealistic return on investment of up to 100%.
READ ALSO: CBEX Platform Operators Will Be Prosecuted – SEC
She said the agency is required by the constitution to look into these offenses and uphold law and order.
“The defendants are at large, and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case,” Yusuf stated.
Ruling on the ex-parte motion, Justice Nwite said the application is “meritorious” and therefore granted an order that the detention of the defendants would be pending the conclusion of the investigation of the alleged offences and possible prosecution.
Prime Business Africa reports that many Nigerians recently took to social media, lamenting their frustration after the CBEX digital investment platform crashed, leading to the loss of huge sums of money invested in the scheme.
The EFCC and the Securities and Exchange Commission (SEC) warned Nigerians about investing their funds in illegal and unregistered financial platforms promising high returns within a short period of time.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
