The Federal High Court in Abuja has approved the request of the Economic and Financial Crimes Commission to arrest and detain six promoters of Crypto Bridge Exchange over an alleged investment fraud amounting to over $1 billion.
Justice Emeka Nwite gave the order on Thursday after listening to submissions from the EFCC’s lawyer, Fadila Yusuf.
The six individuals named in the ex parte motion filed on April 23 are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC sought the court’s permission to arrest and keep the suspects in custody while investigations continue and possible charges are prepared.
In the motion, the EFCC asked for two things: permission to issue arrest warrants and an order to remand the suspects in EFCC custody during the investigation.
Yusuf told the court, “The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution.”
She explained that the EFCC had received intelligence linking the suspects to criminal acts and that the commission had a constitutional duty to investigate and enforce the law.
According to an affidavit submitted with the motion, the EFCC said it received information in April 2025 about a fraudulent investment scheme involving the suspects.
The commission said the fraud was carried out through ST Technologies International Limited, in partnership with CBEX.
The suspects were accused of promoting CBEX, convincing people to invest in cryptocurrency through their platform while promising extremely high returns, up to 100%.
