Multi-Billion Dollar Fraud: CBEX Promoters Face Imminent Arrest by EFCC
Headline: The Federal High Court Orders Arrest of Six Accused in $1 Billion CBEX Scam Targeting Nigerians
The Latest: In a shakeup linked to the infamous CBEX cryptocurrency scam, six suspected promoters are facing potential legal action. Here's the rundown:
The Court's VerdictJustice Emeka Nwite, presiding at the Federal High Court in Abuja, granted the Economic and Financial Crimes Commission (EFCC) an ex parte order on April 25, 2025, authorizing the arrest and detention of six individuals linked to the Crypto Bridge Exchange (CBEX) fiasco.
The SuspectsThe implicated suspects are:- Adefowora Abiodun Olanipekun (also cited as Adefowora Olanipekun in some sources).- Adefowora Oluwanisola.- Emmanuel Oku.- Seyi Oloyede.- Avwerosuo Otorudo.- Chukwuebuka Ehirim.
The AllegationsThese suspects, operating through ST Technologies International Limited, are said to have promoted CBEX as an enticing investment platform, luring victims with the allure of up to 100% returns, leading to estimated losses of over $1 billion.
The EFCC's AppealThe EFCC petitioned the court for two primary demands:1. Arrest warrants for the six promoters.2. Remand in EFCC custody pending investigation and prosecution.
Wanted DeclarationsThe EFCC publicly declared four of the six suspects wanted, disclosing their last known addresses in Lagos and Ibadan and soliciting public assistance in locating them.
The Broader PictureThis crackdown marks the EFCC's initiative to address crypto-related fraud in Nigeria amid growing concerns about the misuse of digital assets nationwide. Stay tuned for further updates on this developing story.
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- Joint Enforcement - Breaking Down Barriers to Combat Ponzi Schemes - As the CBEX case moves forward, the collaboration between law enforcement agencies like the EFCC and regulatory bodies such as the Securities and Exchange Commission (SEC) shines a spotlight on the importance of united efforts to combat fraudulent practices in the finance and technology sectors in Nigeria.
