The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six individuals linked to Crypto Bridge Exchange (CBEX) over a suspected investment fraud exceeding one billion dollars.
The order was issued on Thursday by Justice Emeka Nwite after reviewing submissions from the EFCC’s lawyer, Fadila Yusuf. The motion, filed on April 23, sought the court’s approval for the issuance of arrest warrants and the detention of the suspects while investigations continue. The six individuals named in the application are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In her arguments, Yusuf stated, “The defendants are at large, and a warrant of arrest is required to bring them in for proper investigation and prosecution.” She further explained that the EFCC had received intelligence linking the suspects to criminal acts, emphasizing that the commission had a constitutional duty to investigate and enforce the law.
The EFCC also informed the court that the suspects had abandoned their known addresses in Lagos and Ogun states. “A warrant of arrest is necessary to place the suspects on a red watch list and ensure they are apprehended to face justice,” Yusuf added.
The EFCC contends that the six suspects, operating under the company ST Technologies International Limited, used CBEX as a platform for the alleged fraudulent activities. The agency said in its motion, “Investigation into the allegation against the defendants revealed a prima facie case of investment scam.”
The judge, after reviewing the evidence, granted the EFCC’s request, agreeing that the application was “meritorious” and in the interest of justice. Justice Nwite concluded, “I have listened to the submission of learned counsel for the applicant. I have also examined the affidavit evidence and the exhibits attached, along with the written address. I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed.”
The EFCC has expressed its commitment to ensuring that those responsible for the alleged fraud are held accountable.
