Justice Emeka Nwite of the Federal High Court, Abuja, has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six individuals allegedly behind a cryptocurrency investment scam totalling over $1 billion.
The order was issued following an ex parte motion filed by the EFCC on April 23, and argued by its counsel, Fadila Yusuf. The suspects named include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
According to the EFCC, the suspects, through their firm, ST Technologies International Limited, collaborated with the digital trading platform Crypto Bridge Exchange (CBEX) to lure unsuspecting investors into a fraudulent cryptocurrency scheme.
“The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution,” Yusuf told the court, adding that intelligence reports received by the EFCC chairman implicated the individuals in several criminal activities.
She emphasized that the EFCC, by statutory duty, is mandated to prevent and detect financial crimes through thorough investigation. “There is an urgent need to arrest the suspects and keep them in custody pending the conclusion of investigations.”
Supporting the application with an affidavit, the EFCC revealed that in April 2025, it received credible intelligence linking the suspects to a fraudulent investment venture. The scheme reportedly operated under CBEX, and was marketed to the public by the suspects through exaggerated promises of returns as high as 100%.
“The promoters persuaded victims to invest by converting their digital assets into the USDT stablecoin and transferring them into CBEX-operated cryptocurrency wallets,” the commission stated.
Initial access was reportedly granted to investors to monitor their accounts. However, as deposits soared beyond $1 billion, the platform allegedly became inaccessible and withdrawals were blocked.
Investigations further revealed that ST Technologies was registered with the Corporate Affairs Commission but lacked authorisation from the Securities and Exchange Commission to conduct investment activities.
“The victims later discovered that the investment was fraudulent,” the EFCC said. It added that the suspects had absconded from their known addresses in Lagos and Ogun states, prompting the need for the issuance of a red notice to aid their apprehension.
Yusuf said the commission had established a prima facie case of investment fraud and insisted that the arrest and detention were in the interest of justice. Justice Nwite, after reviewing the submissions, granted the EFCC’s prayers.
The EFCC has since confirmed ongoing collaboration with Interpol to track and apprehend the suspects. “We will ensure that every perpetrator of this fraud faces justice,” the EFCC spokesperson stated in an earlier briefing.
