Court orders arrest of six in alleged $1bn CBEX crypto scam

A Federal High Court sitting in Abuja has issued a warrant for the arrest and detention of six promoters of the collapsed cryptocurrency investment platform, Crypto Bridge Exchange (CBEX), over an alleged $1 billion scam targeted at Nigerian investors.

Justice Emeka Nwite granted the orders on Thursday, following an ex parte application filed by the Economic and Financial Crimes Commission (EFCC).

Those named in the EFCC’s motion include: Adefowora Abiodun Olanipekun, Emmanuel Oku, and four other individuals accused of using a company, ST Technologies International Limited, to promote CBEX and solicit cryptocurrency investments from unsuspecting Nigerians.

In the court, EFCC counsel Fadila Yusuf requested an order authorising the Commission to detain the suspects pending the conclusion of investigations and possible prosecution. She told the court the defendants were not yet in custody and explained that the syndicate involved foreign collaborators and digital wallets outside Nigeria’s banking system.

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Read also: How CBEX wiped off investors’ N1.3trn in nine months

According to the EFCC, the suspects allegedly lured investors by promising returns as high as 100% on cryptocurrency deposits, primarily in stablecoin USDT. Over $1 billion in digital assets was reportedly collected before the CBEX platform became inaccessible, successfully locking out thousands of investors.

The anti-graft agency said that ST Technologies, while registered with the Corporate Affairs Commission (CAC), is not licensed by the Securities and Exchange Commission (SEC) to operate as an investment firm.

The EFCC also noted that a Special Control Unit Against Money Laundering (SCUML) certificate obtained by the company does not grant legal permission to offer investment services.

Justice Nwite, after reviewing the Commission’s application, ruled in favour of issuing arrest warrants and granted the request to remand the suspects in EFCC custody once apprehended.

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The EFCC seeks to place the accused persons on Interpol’s Red Notice watchlist as part of broader efforts to recover investors’ funds and prosecute those involved in the alleged scam.

Read also: CBEX, affiliates not registered to operate as Digital Assets Exchange -SEC

CBEX, operated by foreign nationals in partnership with Nigerian promoters, collapsed in April 2025. The platform had promised 100% returns within 30 days, drawing in a large number of users who later lost access to their accounts with reports indicating that the scheme required users to deposit additional funds to regain account access shortly before shutting down, triggering widespread public outcry.

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The House of Representatives has since cautioned celebrities and influencers against promoting unregistered investment platforms, citing the CBEX case as a warning.

Investigations into the full extent of the scheme are ongoing.