Abuja – A Federal High Court judge has authorised the arrest and detention of six individuals suspected of promoting the failed CBEX cryptocurrency investment scheme. The ruling, issued Thursday, April 24, 2025, stems from allegations of a staggering $1 billion fraud targeting Nigerian investors.
Nigeria’s Economic and Financial Crimes Commission (EFCC) requested the order, which Justice Emeka Nwite granted. This empowers the EFCC to apprehend and hold the promoters identified as Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—while the investigation continues.
EFCC Outlines Alleged Large-Scale Fraud
The EFCC claims the promoters operated CBEX through ST Technologies International Limited. The commission detailed the alleged scheme:
- Investors were attracted by promises of exceptionally high returns, reportedly up to 100%, on crypto deposits.
- Participants were instructed to convert their digital assets into USDT stablecoins and place them in CBEX wallets.
- While deposits were being made, investors could seemingly track their funds on the CBEX platform.
- However, after accumulating deposits estimated at over $1 billion, the platform abruptly shut down, locking out users and preventing withdrawals.
- Investigations confirmed ST Technologies was not licensed by Nigeria’s Securities and Exchange Commission (SEC) to conduct investment business.
Next Steps in CBEX Promoter Arrest Case
According to EFCC counsel Fadila Yusuf, the suspects remain at large. The court’s decision is a crucial step, allowing the EFCC to issue formal arrest warrants. It also opens the door for international cooperation, potentially placing the suspects on Interpol’s Red Notice list if they have left the country.
This formal CBEX arrest authorisation follows intelligence received by the EFCC in April 2025. The agency believes the evidence points strongly towards a major investment scam, necessitating pursuit and potential prosecution of those involved in the CBEX case.
Abdullah Korede
