The Federal High Court in Abuja has ordered the arrest and remand of six individuals accused of orchestrating a massive $1 billion cryptocurrency scam through a now-defunct platform known as Crypto Bridge Exchange (CBEX).
Presiding Judge, Justice Emeka Nwite, granted the order on Thursday following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC). The suspects—Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others—are being investigated over allegations of defrauding thousands of Nigerians in what authorities describe as one of the country’s largest crypto frauds to date.
EFCC spokesperson Dele Oyewale assured the public that the Commission is working closely with Interpol and other international bodies to recover the stolen funds, which total an estimated ₦1.3 trillion.
EFCC Moves In
At the court session, EFCC counsel Fadila Yusuf informed the court that the suspects had not yet been apprehended, but that a warrant of arrest and remand order was necessary to ensure the progress of the investigation and eventual prosecution under the Administration of Criminal Justice Act.
“This case involves international collaborators and a scam exceeding $1 billion. The funds were funneled through platforms outside Nigeria, making this a complex and far-reaching case,” Yusuf stated.
She explained that the suspects used a company named ST Technologies International Limited to promote the CBEX scheme, luring unsuspecting investors with promises of unrealistic returns—some as high as 100%.
Anatomy of a Crypto Scam
According to the EFCC, victims were instructed to convert their cryptocurrencies into the stablecoin USDT (Tether) and deposit them into wallets allegedly controlled by the suspects. After collecting more than $1 billion, the CBEX platform abruptly went offline, making withdrawals impossible and triggering widespread panic among investors.
Despite being officially registered with the Corporate Affairs Commission (CAC), ST Technologies was never licensed by the Securities and Exchange Commission (SEC) to operate as a financial or investment services provider—raising further red flags about its legitimacy.
National and International Response
The EFCC emphasized that the sheer scale and complexity of the fraud, which involves cross-border transactions and multiple digital wallets, means that the investigation will take time. However, the agency has vowed to trace and recover the stolen assets.
This case comes amid growing calls for stronger regulation of the cryptocurrency space in Nigeria, where digital scams have proliferated due to limited oversight and rising interest in high-return investments.
The EFCC further argued that a warrant of arrest is necessary to place the defendants on a Red Notice list so they can be tracked and arrested to face charges.
After reviewing the EFCC’s submissions and court documents, Justice Nwite found merit in the application and granted the motion as prayed
