Court Grants EFCC Warrant to Arrest Six Crypto Bridge Exchange Promoters
The Federal High Court in Abuja has authorized the Economic and Financial Crimes Commission (EFCC) to arrest and detain six individuals allegedly behind a massive cryptocurrency investment scam involving over $1 billion.
Justice Emeka Nwite issued the order on Thursday after hearing an ex parte application filed by the EFCC and presented by its counsel, Fadila Yusuf.
The suspects—Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are accused of operating a fraudulent investment scheme through a platform known as Crypto Bridge Exchange (CBEX).
The EFCC’s application, filed on April 23, sought two primary reliefs: the issuance of arrest warrants for the six suspects and an order to remand them in EFCC custody while investigations continue and charges are prepared.
According to Yusuf, the EFCC received credible intelligence earlier this month linking the suspects to a high-level investment scam. They allegedly used a front company, ST Technologies International Limited, to promote CBEX and lure unsuspecting investors with promises of outrageously high returns—some as much as 100%.
“The defendants are currently at large, and an arrest warrant is necessary to facilitate their apprehension and ensure a thorough investigation and prosecution,” Yusuf stated.
The court granted the EFCC’s request, paving the way for a nationwide manhunt for the suspects.
