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      Shola joshua
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      $1 Billion Crypto Heist: EFCC Hunts Six CBEX Promoters After Court Greenlights Arrests

      In a dramatic crackdown on one of Nigeria’s largest alleged financial scams, the Federal High Court in Abuja has unleashed the Economic and Financial Crimes Commission (EFCC) to apprehend and detain six promoters of Crypto Bridge Exchange (CBEX), accused of orchestrating a staggering $1 billion cryptocurrency fraud. The ruling, delivered on April 24, 2025, marks a pivotal moment in the fight against unregulated digital investment schemes that have preyed on unsuspecting Nigerians.

      Justice Emeka Nwite, presiding over the case, granted the EFCC’s ex parte motion, filed by counsel Fadila Yusuf, authorising the immediate arrest and detention of the suspects pending a full investigation and potential prosecution. “The evidence is compelling, and the application is meritorious,” Nwite declared, citing the EFCC’s affidavit detailing the elaborate scam. The court’s order places the six defendants—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—on a red watch list, signalling a nationwide manhunt.

      The EFCC’s probe, sparked by intelligence received in April 2025, paints a chilling picture of deception. Operating through ST Technologies International Limited, the suspects allegedly promoted CBEX as a legitimate cryptocurrency investment platform, luring victims with promises of up to 100% returns. Investors were instructed to convert their assets into USDT, a stablecoin, and deposit them into wallets controlled by the defendants. Initially, CBEX provided access to a dashboard, creating an illusion of transparency. But after amassing over $1 billion in deposits, the platform abruptly shut down, leaving investors locked out and their funds vanished. “It was a carefully orchestrated scam,” Yusuf told the court, noting that victims soon realised they’d been duped.

      Further investigations uncovered red flags: ST Technologies, while registered with the Corporate Affairs Commission (CAC), lacked the mandatory Securities and Exchange Commission (SEC) license to operate as an investment firm. Adding to the suspicion, the defendants have reportedly fled their last known addresses in Lagos and Ogun States, prompting the EFCC to seek arrest warrants to track them down. “These individuals are at large, and a warrant is critical to bring them to justice,” Yusuf argued, emphasising the EFCC’s constitutional duty to combat financial crimes.

      The collapse of CBEX, which reportedly wiped out N1.3 trillion in investor funds, has ignited public outrage. On April 15, furious investors stormed and looted a CBEX-affiliated office in Ibadan, Oyo State, while social media platforms like Telegram were locked to silence complaints. The EFCC, led by spokesperson Dele Oyewale, has vowed to recover the lost funds, collaborating with Interpol and other international agencies to unravel the syndicate’s global reach. “We’re committed to ensuring justice for the victims,” Oyewale said.

      This high-stakes case underscores the growing peril of unregulated crypto platforms in Nigeria. The SEC, bolstered by the Investments and Securities Act 2025, has intensified its crackdown, warning celebrities and influencers against promoting dubious schemes. With penalties now including up to 10 years in prison and N20 million fines, the message is clear: Ponzi schemes will face severe consequences.

      As the EFCC closes in, the CBEX scandal serves as a stark reminder for investors to verify platforms with regulatory bodies like the SEC. For now, the hunt for the six fugitives continues, with Nigeria’s financial watchdog determined to dismantle one of the boldest scams in recent history.

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