ABUJA — The Federal High Court in Abuja on Thursday authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six individuals linked to a massive alleged cryptocurrency investment fraud involving over one billion dollars.
Justice Emeka Nwite granted the order following an ex parte application brought before the court by EFCC counsel, Fadila Yusuf. The suspects—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are accused of operating a fraudulent investment scheme through Crypto Bridge Exchange (CBEX) using a company named ST Technologies International Limited.
“I have listened to the submission of the learned counsel for the applicant (EFCC). I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” Justice Nwite ruled.
According to documents filed by the EFCC, the commission received intelligence in April 2025 suggesting that the suspects lured unsuspecting members of the public into investing in cryptocurrency through CBEX, promising unrealistic returns of up to 100 percent. Victims were reportedly instructed to convert their digital assets to USDT (a stablecoin) and transfer them to wallets controlled by the suspects.
The EFCC noted that although the victims initially had access to monitor their investments on the CBEX platform, access was later restricted, and withdrawals became impossible. This led to suspicions of fraud, confirmed during preliminary investigations.
The commission further revealed that ST Technologies, though registered with the Corporate Affairs Commission (CAC), was not registered with the Securities and Exchange Commission (SEC) for investment operations. It also disclosed that the suspects had vacated their last known addresses in Lagos and Ogun states, prompting the need for arrest warrants and their placement on a red watch list.
Yusuf argued that the suspects are currently at large, and their arrest is essential for concluding investigations and initiating prosecution.
The EFCC maintained that it has a statutory and constitutional responsibility to investigate financial crimes and that a prima facie case of investment scam has already been established against the suspects. It urged the court to grant its request in the interest of justice—an appeal the court upheld.
READ MORE:
‘Yahoo-Yahoo’ Suspect Voluntarily Surrenders to EFCC in Benin
