By Kabiru Abdulrauf
In a major development within Nigeria’s fight against financial crime, the Federal High Court in Abuja has approved the arrest and detention of six individuals accused of masterminding a massive cryptocurrency investment fraud through the Crypto Bridge Exchange (CBEX).
Presiding Judge Emeka Nwite granted the order following an ex parte application by the Economic and Financial Crimes Commission (EFCC). The suspects, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim are being accused of orchestrating an elaborate Ponzi-style scheme that swindled unsuspecting investors out of over $1 billion.
According to EFCC counsel Fadila Yusuf, the suspects operated under the guise of ST Technologies International Limited, a company registered with Nigeria’s Corporate Affairs Commission but lacking authorization from the Securities and Exchange Commission to conduct investment operations.
The EFCC claims the accused lured thousands of victims with promises of up to 100% returns on cryptocurrency investments. Investors were instructed to convert digital assets to USDT (a stable coin) and deposit them into wallets controlled by the promoters. Initially, participants could monitor their investments, but the CBEX platform suddenly became inaccessible after receiving large sums, effectively locking out victims.
“The defendants are currently at large,” Yusuf noted, arguing that arrest warrants and detention are crucial for the ongoing investigation and eventual prosecution.
Justice Nwite, upon reviewing the EFCC’s submission and evidence of a prima facie case, granted the arrest and remand request. The court’s decision also paves the way for placing the accused on a red watch list to aid international tracking.
The case highlights growing concerns over unregulated crypto platforms in Nigeria, especially those operating without proper oversight. As digital assets gain popularity, authorities warn investors to stay vigilant and verify the legitimacy of platforms before committing funds.
The EFCC has assured the public that investigations are ongoing and that efforts are underway to recover stolen funds and bring the perpetrators to justice.
