- CBEX investors defrauded as platform vanishes with digital fortune
The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six individuals alleged to be behind one of Nigeria’s largest cryptocurrency investment frauds, valued at over $1 billion.
Justice Emeka Nwite issued the ruling on Thursday following an ex parte application by the EFCC, presented by counsel Fadila Yusuf. The order permits the commission to apprehend and hold the suspects while investigations continue into the alleged multi-billion-dollar scam operated under the name Crypto Bridge Exchange (CBEX).
The six individuals identified are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
According to the EFCC, the suspects used a front company, ST Technologies International Limited, to promote CBEX—a platform that promised investors returns of up to 100% through cryptocurrency investments. The fraudulent scheme lured unsuspecting members of the public into converting their assets into the stablecoin USDT (Tether) and transferring funds to wallets allegedly controlled by the accused.
Initially, investors were able to track their investments via the CBEX platform. However, once deposits crossed the $1 billion threshold, the platform became inaccessible, withdrawals were halted, and the scheme collapsed—leaving thousands of investors stranded.
In a supporting affidavit, the EFCC noted that while ST Technologies was registered with the Corporate Affairs Commission (CAC), it lacked the mandatory approval from the Securities and Exchange Commission (SEC) to offer investment-related services. The commission said it received intelligence linking the accused to the operation in April 2025.
Further complicating the investigation, the suspects reportedly fled their known addresses in Lagos and Ogun States. The EFCC has also asked that they be placed on the red watch list to facilitate their apprehension.
“The defendants are currently at large. A warrant of arrest is crucial to enable the EFCC to bring them in for thorough investigation and eventual prosecution,” Yusuf told the court.
Justice Nwite, in granting the application, stated:
“Having reviewed the affidavit and supporting evidence, I am satisfied that the application is meritorious. The court, therefore, grants the reliefs sought.”
The ruling now empowers the EFCC to move forward with arresting the suspects and detaining them as efforts to unravel the full scope of the alleged fraud intensify.
