NewStats: 3,259,650 , 8,170,648 topics. Date: Sunday, 25 May 2025 at 06:10 PM 1k3063

The Federal High Court in Abuja, on Thursday, gave the Economic and Financial Crimes Commission, EFCC, the go-ahead to arrest and detain six promoters of Crypto Bridge Exchange, CBEX, over alleged investment fraud to the tune of over one billion dollars, News360 Nigeria reports.

Justice Emeka Nwite, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

“I have listened to the submission of the learner counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address.

“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed,” the judge said.

DAILY POST reports that the six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

In the motion dated and filed April 23 by Yusuf, the anti-graft agency sought two prayers, seeking an order of the honourable court for the issuance of warrant of arrest of the defendants.

It also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”

Giving four grounds, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

She said there was an intel to the office of the commission’s chairman against the defendant bothering on various criminal offences.

According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.

Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

In the affidavit in of the motion, the EFCC said sometime in April, 2025, it received an intel bordering on an alleged investment scheme fraud against the defendants.

It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange, CBEX, perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.

According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam.

It said it would be in the interest of justice to grant the application.

https://news360ng.com/court-orders-arrest-of-cbex-promoters-over-alleged-1-billion-fraud/

Lol.

Too late,they are already in foreign countries chilling in 5 star hotels with bottles of champagnes,ace of spade.

Cbex has created more millionaires than the oyo state government.

The only people who lost are late investors and greedy folks who didn't withdraw their capital on time.

Long jail term.

Sibe sibe, Oluwa nbe peluumi

I hope the promoters have not already left the country.

The government should recover every asset they own and sell it to recover the funds of victim of their scam!

Welcome to Republic where they prioritise reaction than prevention.


The amount of money and energy you are expended now, you won't utilise 1/20 of it, if you prevented it before it got to this level. Anyway, EFCC lawyers must shop sha!

1 trillion just vanished from Nigeria economy by scammers. What a porous nation!

Good one from our courts

After all this DENGE POSE another major scam will still come and sweep trillions of naira.

Nigerians will give the money to them. No be juju

Abeg free them joor. They didn't put a gun to anybody's head to participate.

LordBiden:
Lol.

Too late,they are already in foreign countries chilling in 5 star hotels.

Have you ever heard of interpol

Ask hushpuppi

hehehe giving their ignorance investors false hope.

Food don land for EFCC Dem wan cut their own shares. The money too large for just few people.
Cbex must settle some people
Dem no fit just chop alone.
Nothing EFCC go do Dem, na just settle me , l Waka comot be the case here.

Dammmn

Both Cbex promoters nd pple dat partake in d cbex program are all thief's....

Ole ni gbogbo won lapapo

Story

them go milk out all the money outta their annusss

Make dem release their identities naa

Goodlady:
Make dem release their identities naa

their identities were released here sometime last week.

They are all from the southwest all of them from A - Z

Kobicove:
I hope the promoters have not already left the country.

The government should recover every asset they own and sell it to recover the funds of victim of their scam!

Renewed hope agenda

They deserve to be jailed. They even went ahead telling people to borrow because they wanted referral bonuses

Lol Dem cashout from Ibadan people....


Money dey this country everybody jus dey hide ni....


People that participated in CBEX were not poor...


Bkuz no be wetin Dem dey use #100 run like Dem bet.....

MMM with many-sided transformation.

$1bn fa!

Hehehe

One of the guy I know who is now at large turned his cyber cafe center to CBEX registration center. Even today, people are still hanging around the premises. Stop advertising what you don't know, folks.

Fiscus105:
Welcome to Republic where they priority reaction than prevention.


The amount of money and energy you are using now, you won't spend 1/20 of it you prevented it before it got to this level.

1 trillion just vanished in Nigeria economy by scammers. What a porous nation

to now think they were licences.

I bet CBEX touch yansh of many connected people o. At the end the very end, e don go, sope otilo go happen las las

SEGLIZ:
to now think they were licences.

Lol nobody's licensed.....


Licensed with fake documents....


nA today Dem dey arrange Documents to scam people...

Medicine after death. Why is the government not responsive when this scheme was taking place right under their watch? Now that the deed Has been done, there came an action when the culprits have escaped into thin air like a gas. Who's deceiving who?

LordBiden:
Lol.

Too late,they are already in foreign countries chilling in 5 star hotels.

Nigeria participates in a lot of international criminal agreements. If they wanted to, they can request deportation and extradition of all the scammers who have been in this business. If people are serious they can approach the court even about MMM and a warrant will be made for their arrest. The countries they are in do not want scammers. They will immediately be deported.

Please Sowore should come to the rescue of the arrested by the illegal IGP!