EFCC Granted Order to Arrest Six Promoters of Crypto Bridge Exchange Amid Allegations of Fraud
April 25, 2025
The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authorization to arrest and detain six individuals believed to be the promoters of Crypto Bridge Exchange (CBEX), a cryptocurrency investment platform implicated in a fraudulent scheme exceeding $1 billion.
Court Ruling and Allegations
Justice Emeka Nwite issued the ruling on Thursday, following an ex parte application submitted by the EFCC, which was articulated by the agency’s counsel, Fadila Yusuf. The six named promoters identified in the court documents are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC claims that these individuals orchestrated a deceptive investment scheme through CBEX, enticing the public with promises of exorbitant returns on investments—reportedly as high as 100%. The agency has been alerted to their activities since early April 2025, which were described as sophisticated and misleading.
"The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution," Yusuf informed the court during the proceedings.
Fraudulent Operations of CBEX
In supporting documents provided to the court, the EFCC detailed that potential investors were encouraged to convert their assets into the stablecoin USDT (Tether) and deposit them into cryptocurrency wallets associated with the defendants. Initially, investors could monitor their investments through the CBEX platform. However, as deposits swelled past the $1 billion mark, access to the platform was restricted, and withdrawal capabilities were disabled, prompting suspicions about the integrity of the operation.
The investigation revealed that while ST Technologies International Limited, the company linked to the promotion of CBEX, is officially registered with the Corporate Affairs Commission, it lacks the necessary approval from the Securities and Exchange Commission to offer investment services.
Next Steps in the Investigation
Further complicating the situation, the EFCC reported that the six suspects had vacated their residences in Lagos and Ogun States. This prompted the agency to request that the individuals be placed on a red watch list to enhance the chances of their apprehension.
“Investors’ trust was exploited in this investment scam,” the EFCC stated in its findings. They further emphasized the need for the court’s approval, noting, “Granting this application is in the interest of justice.”
Justice Nwite, after reviewing the evidence presented, affirmed that the application was compelling and suitable for approval. He stated, "I have listened to the submission of learned counsel for the applicant. I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed."
Conclusion
With the court’s ruling, the EFCC is now positioned to proceed with the arrest of the alleged promoters, allowing for continued investigation and the potential for prosecution. This case serves as a critical reminder of the risks associated with investment schemes, particularly those promising unusually high returns.
As the situation develops, further updates are expected regarding the arrests and the broader implications for similar cryptocurrency exchange platforms.
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