The Federal High Court in Abuja has given the EFCC a warrant to arrest and detain six people accused of running a fake crypto investment scheme.
These individuals are said to have tricked thousands of Nigerians through their platform, Crypto Bridge Exchange (CBEX), and allegedly stole over $1 billion (about ₦1.4 trillion).
Justice Emeka Nwite gave the order on Thursday, April 24, after hearing from EFCC lawyer, Fadila Yusuf. She filed a motion to ask the court to let the anti-corruption agency arrest and keep the suspects in custody.
“I have listened to the submission of the learned counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address,” the judge said.
“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed.”
The EFCC named the suspects as Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
They are all linked to ST Technologies International Limited, the company that allegedly used to run the fraud through CBEX.
EFCC Seeks Red Alert and Detention
In the motion filed on April 23, the EFCC asked for a warrant of arrest and an order to detain the accused until investigations are complete and possible charges are filed.
Yusuf told the court that the EFCC received a tip-off about suspicious activities linked to the suspects.
She explained 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.”
The EFCC also said it needed the court’s permission to place the suspects on its Red Notice list, which alerts international agencies like INTERPOL. This will help trace and arrest them if they try to flee the country.
Investigators believe they have found enough early evidence to show that the suspects ran an illegal investment scheme and scammed investors with false promises of high crypto returns.
Crypto Scams in Nigeria on the Rise
The EFCC warned that Nigerians are increasingly falling victim to fake investment platforms.
Crypto Bridge Exchange presented itself as a trusted platform but turned out to be part of a well-organized fraud, officials say.
The case is being handled by the Cybercrimes Section of the EFCC, which investigates tech-driven financial fraud.
The commission said “it would be in the interest of justice to grant the application.”
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