A Federal High Court in Abuja has granted permission to the Economic and Financial Crimes Commission to arrest and detain six people accused of defrauding investors of over $1 billion through a cryptocurrency platform.
Justice Emeka Nwite gave the order on Thursday, April 24, 2025, after listening to submissions from EFCC’s lawyer, Fadila Yusuf.
The suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
According to the EFCC, the suspects promoted Crypto Bridge Exchange through a company called ST Technologies International Limited. They allegedly convinced people to invest in digital currency by promising very high returns, up to 100 percent.
Yusuf told the court, “The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution.”
She said the EFCC got intelligence about the suspected fraud earlier in April and started looking into the matter.
In documents filed with the court, the EFCC explained that investors were asked to convert their money into USDT, a type of cryptocurrency known as a stablecoin, and deposit it into wallets controlled by the suspects.
At first, investors could see their funds on the CBEX platform. But after more than $1 billion was deposited, the site went offline and people could no longer access their money.
The EFCC found that while ST Technologies was registered with the Corporate Affairs Commission, it had no approval from the Securities and Exchange Commission to run an investment platform.
The commission also said the suspects had left their homes in Lagos and Ogun states and could not be found.
“The arrest warrant is needed to place the suspects on a red watch list and ensure they are caught and brought to justice,” the EFCC said.
After going through the application and evidence, Justice Nwite ruled in favour of the EFCC.
“I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” the judge said.
The EFCC is expected to continue its investigation and may soon file formal charges.
