According to news reports in Nigeria, the Economic and Financial Crimes Commission was authorised by the Federal High Court in Abuja on Thursday to arrest and detain six promoters of Crypto Bridge Exchange, popularly referred to as CBEX, on suspicion of committing investment fraud totalling more than $1 billion.
The detention would be pending the conclusion of the investigation into the alleged offences and potential prosecution, according to Justice Emeka Nwite, who issued the decision following an ex parte motion to that effect filed by Fadila Yusuf, the attorney for the EFCC.
“I have listened to the submission of the learner counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address.
“I am of the view, and I hold that the application is meritorious. Consequently, the application is granted as prayed,” the judge said.
An online news report hinted that the six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as the 1st to 6th defendants, respectively.
The anti-graft agency requested two pleas in the motion dated April 23 that Yusuf filed, asking the honourable court to issue an arrest warrant for the accused.
It also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”
Giving four grounds, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.
She said there was intel to the office of the commission’s chairman against the defendant, bordering on various criminal offences.
According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.
Yusuf said that “the defendants are at large, and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”
The EFCC stated in the affidavit supporting the motion that it acquired information about a suspected investment scheme fraud against the defendants sometime in April 2025.
The case was received and given to its Cybercrimes Section for investigation after it was claimed that the defendants and their business, ST Technologies International Limited, committed the alleged fraud through the use of another business, Crypto Bridge Exchange, or CBEX.
According to the anti-graft agency, in order to put the defendants on the red watch list and enable them to be tracked down and detained in order to answer to the charges against them, a warrant of arrest was necessary.
The commission claims that an examination of the accusation against the defendants showed a strong indication of an investment scam.
It stated that granting the application would serve the interests of justice.
