The Federal High Court in Abuja has issued a warrant for the arrest and remand of six individuals linked to the now-defunct cryptocurrency investment scheme, Crypto Bank Exchange (CBEX).
CBEX is currently under investigation for allegedly defrauding Nigerian investors of over $1 billion (approximately ₦1.3 trillion).
Justice Emeka Nwite granted the order on Thursday, following an ex parte motion brought before the court by the Economic and Financial Crimes Commission (EFCC). The suspects named in the suit include Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others, all accused of orchestrating a massive fraudulent investment operation under the guise of CBEX.
According to EFCC counsel Fadila Yusuf, the accused used a company called ST Technologies International Limited to promote CBEX and lure unsuspecting Nigerians with promises of unrealistic returns—reportedly up to 100%. Yusuf noted that the accused allegedly converted investors’ digital assets into the stablecoin USDT, which was then funnelled into cryptocurrency wallets under the suspects’ control.
The EFCC stated that once over $1 billion had been collected, the CBEX platform suddenly became inaccessible, effectively locking investors out of their funds and exposing the operation as a scam. The funds, the Commission noted, were not held in any Nigerian account, further complicating the investigation.
Yusuf emphasised that ST Technologies was registered with the Corporate Affairs Commission (CAC), but not licensed by the Securities and Exchange Commission (SEC) to operate any financial or investment platform, making its operations illegal.
The EFCC is now collaborating with Interpol and other international partners to track and apprehend the suspects, with plans to place them on a Red Notice list to facilitate cross-border arrests. The Commission has also pledged to work toward recovering funds for affected victims.
While granting the EFCC’s motion, Justice Nwite said the court found merit in the Commission’s application, ordering the issuance of arrest warrants and the remand of the suspects in EFCC custody pending the conclusion of the investigation and possible prosecution.
