Amid numerous complaints from Nigerians and significant financial losses, the Economic and Financial Crimes Commission (EFCC) has moved to prosecute those behind the Crypto Bridge Exchange (CBEX) scam.
On Thursday, the Federal High Court in Abuja granted the EFCC authorisation to arrest and detain six promoters of CBEX.
The suspects — Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim — are named as defendants in the case, numbered 1st through 6th, respectively.
According to the News Agency of Nigeria, the accused individuals are said to have committed investment fraud exceeding one billion dollars.
The EFCC claims that the defendants promised extraordinarily high returns, with some guarantees reaching up to 100%.
Justice Emeka Nwite issued the ruling after the EFCC’s lawyer, Fadila Yusuf, filed an ex-parte motion.
In its judgment, the court ordered that the suspects remain in detention pending the completion of the investigation and any potential prosecution related to the alleged crimes.
“I have listened to the submission of the learned counsel for the applicant. I have also reviewed the affidavit evidence, along with the exhibits and the written address. I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” Justice Nwite stated.
The EFCC’s application also requested an order to remand the defendants in custody until the investigation is concluded and any prosecution is initiated.
Supporting the application, Fadila Yusuf presented four key arguments, emphasising the EFCC’s statutory duty to investigate and prevent financial crimes.
She further explained that the commission had received intelligence suggesting the suspects’ involvement in multiple criminal activities.
“The defendants are at large, and a warrant of arrest is required to apprehend them for proper investigation and prosecution of this case,” Ms. Yusuf explained.
The EFCC revealed that in April 2025, it received intelligence regarding an alleged investment fraud scheme connected to the suspects. The commission claims that the suspects, along with their company, ST Technologies International Limited, and CBEX, were engaged in fraudulent activities.
The case has since been assigned to the EFCC’s cybercrimes section for further investigation.
The EFCC’s preliminary findings uncovered significant details: “Messrs Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, through their company ST Technologies International Limited, promoted CBEX by advertising and persuading unsuspecting members of the public to invest in cryptocurrencies on the CBEX platform.”
The agency also disclosed: “Victims were instructed to convert their digital assets into USDT (a stablecoin) for deposit into the suspects’ crypto wallet. Initially, the victims were given full access to the platform to monitor their investments. However, after deposits exceeding one billion dollars, the platform became inaccessible, and victims were unable to withdraw their funds. The victims later discovered that the entire scheme was a scam.”
Further investigation revealed that while ST Technologies International Limited was registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes. Additionally, it was found that the suspects had relocated from their last known addresses in Lagos and Ogun states.
The EFCC argued that a warrant for the suspects’ arrest was necessary to place them on the red watchlist, allowing authorities to track and apprehend them.
In conclusion, the EFCC stated that its investigation had established a prima facie case of investment fraud, asserting that granting the application was in the interest of justice.
Although CBEX is reportedly registered in Canada as a crypto exchange, checks by SaharaReporters on Canadian business registry platforms indicate that the company is not officially registered in Canada.
This contradicts claims made by its CEO, Yahaya Ibrahim, who had reportedly stated that CBEX is headquartered there.
Further investigations revealed that the closest match to CBEX in the Canadian business directory is CBEX Capital Corp, a now-defunct entity whose license was revoked a year ago.
The name “CBEX” appears to have misled Nigerian investors, as it is originally associated with the China Beijing Equity Exchange, a platform owned by the Chinese government and used for mergers, acquisitions, and the restructuring of state-owned enterprises.
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