Justice Emeka Nwite of the Federal High Court in Abuja has approved the Economic and Financial Crimes Commission’s (EFCC) request to arrest and detain six individuals allegedly involved in an investment fraud scheme exceeding $1 billion. The ruling followed a submission by EFCC counsel, Fadila Yusuf, on April 23.
The six promoters, who are the subject of an ex parte motion filed by the EFCC, include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC sought the court’s permission to detain the suspects while investigations into the fraud continue. The anti-graft agency requested two main actions: the issuance of arrest warrants for the defendants and their remand in EFCC custody until the conclusion of the probe.
In the motion, the EFCC presented intelligence reports that allegedly linked the defendants to fraudulent activities. Yusuf emphasized that the EFCC has a constitutional responsibility to investigate such crimes and maintain law and order, arguing that the suspects are evading authorities and should be brought in for proper investigation and prosecution.
According to the EFCC, in April 2025, they received intelligence regarding a fraudulent investment scheme involving the defendants, who are said to have operated through their company, ST Technologies International Limited, in partnership with Crypto Bridge Exchange (CBEX). The investigation revealed that the promoters lured unsuspecting individuals into investing in cryptocurrency via CBEX, promising returns of up to 100%. Victims were asked to convert their assets into USDT (a stable coin) and deposit them into the defendants’ cryptocurrency wallets.
Initially, investors were able to monitor their investments on the CBEX platform, but after over a billion dollars were deposited, the platform became inaccessible, and withdrawals were blocked. Victims soon realized they had been scammed.
The EFCC further discovered that although ST Technologies was registered with the Corporate Affairs Commission, it was not authorized by the Securities and Exchange Commission to offer investment services. Additionally, the defendants had reportedly abandoned their known residences in Lagos and Ogun States.
The EFCC argued that the arrest warrants and their placement on a red watch list were necessary to secure their capture and facilitate prosecution. Following the review of the case, Justice Nwite granted the EFCC’s request, paving the way for the suspects’ arrest and continued investigation into the alleged fraud.
