The Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six alleged masterminds behind a massive $1 billion investment scam linked to Crypto Bridge Exchange (CBEX).
Justice Emeka Nwite granted the EFCC’s request on Thursday after reviewing an ex-parte motion filed by the Commission’s counsel, Fadila Yusuf. The judge ruled that the suspects be held pending the outcome of investigations and possible prosecution.
“I find merit in the application,” Justice Nwite ruled. “It is hereby granted as prayed.”
The suspects, Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim are accused of orchestrating a fraudulent investment scheme via their firm, ST Technologies International Ltd, operating under the name CBEX.
EFCC claims the defendants are currently at large and have been placed on a red alert watchlist.
The Commission says intelligence received in April 2025 triggered the investigation, which has since uncovered a prima facie case of fraud.
The anti-graft agency told the court that detaining the suspects is necessary to conclude investigations and ensure justice is served.
