EFCC Declares Six CBEX Promoters Wanted Over ₦1.3 Trillion Ponzi Scheme • Court issues warrant of arrest
By Trek Africa Newspaper
The Economic and Financial Crimes Commission (EFCC) has declared six individuals wanted in connection with the ₦1.3 trillion Crypto Bridge Exchange (CBEX) Ponzi scheme. The suspects are:
•Adefowora Abiodun Olanipekun
•Adefowora Oluwanisola
•Emmanuel Uko
•Seyi Oloyede
•Avwerosuo Otorudo
•Chukwuebuka Ehirim
A Federal High Court in Abuja issued arrest warrants for these individuals following an ex parte application by the EFCC. The commission alleges that the suspects, operating under the guise of ST Technologies International Limited, promoted CBEX by luring unsuspecting investors to deposit their digital assets into the platform with promises of high returns. Investors were initially given access to monitor their investments, but the platform later became inaccessible, leading to significant losses.
The EFCC, in collaboration with Interpol, is intensifying efforts to apprehend the suspects and recover the stolen funds. Two individuals have already been arrested in connection with the scheme.
The Court on Thursday granted the prayers of EFCC to arrest and detain six promoters of CBEX over alleged investment fraud to the tune of over one billion dollars.
Justice Emeka Nwite, gave the order following an ex-parte motion to that effect moved by an EFCC’s lawyer, Fadila Yusuf.
Yusuf had told the court that their detention was necessary pending the conclusion of investigation of the alleged offences and possible prosecution.
“I have listened to the submission of the learner counsel for the applicant (EFCC).
“I have also gone through the affidavit evidence with exhibits thereto 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 judge said.
The six suspects Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively are at large.
In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency sought two prayers.
The commission sought an order of the honourable court for the issuance of warrant of arrest of the defendants.
It also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”
Stating the grounds for the request, the lawyer said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.
She said there was an intel to the office of the commission’s chairman against the defendant bothering on various criminal offences.
According to her, the applicant has a constitutional duty to investigate these crimes and enforce law and order.
Yusuf said 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.”
In the affidavit in support of the motion, the EFCC said sometimes in April, 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.
It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.
A Federal High Court in Abuja issued arrest warrants for the declared suspects
The EFCC is intensifying efforts to apprehend the suspects and recover the stolen funds
The agency said the preliminary investigation into the intel revealed the following:
“That Messrs. Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making advert and lured unsuspecting members of public to invest crypto currencies on CBEX investment platform.”
The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.
“That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.
“That the victims were initially given full access to the platform to monitor their investment.
“That following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.
“That the victims later discovered that the said scheme is a scam.
“That during the course of investigation, it was discovered that the said ST Technologies International Limited though registered with the Corporate Affairs Commission (CAC), it was not registered with the security and Exchange Commission (SEC) for investment purposes.
“That it was also discovered during investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”
The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.
According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam.
It said it would be in the interest of justice to grant the application.
