Court Grants EFCC's Request To Arrest, Detain 6 CBEX Staff

• The request of the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters has been granted
• Justice Emeka Nwite of the Federal High Court in Abuja gave the EFCC the go-ahead to arrest and detain the CBEX staff members on Thursday, April 24, 2025
• The EFCC’s lawyer, Fadila Yusuf, had earlier moved an ex parte motion to the effect, seeking two prayers from the court

Legit.ng journalist, Adekunle Dada has over 8 years of experience covering metro, government policy, and international issues

FCT, Abuja - Operatives of the Economic and Financial Crimes Commission (EFCC) have been given the go-ahead to arrest and detain six promoters of the Crypto Bridge Exchange (CBEX) over alleged investment fraud to the tune of over one billion dollars.

Justice Emeka Nwite of the Federal High Court in Abuja on Thursday gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex parte motion to the effect.

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As reported by Vanguard, the six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim as 1st to 6th defendants, respectively.

The EFCC sought two prayers in the motion ex parte dated and filed on April 23 by its counsel, Yusuf.

The anti-graft agency sought an order from the honourable court for the issuance of a warrant of arrest for the defendants.

The commission also prayed to the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of the investigation of the alleged offences and possible prosecution”.

The lawyer argued that the EFCC has a statutory duty to prevent and detect financial crimes through investigation.

“The defendants are at large, and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

The judge said the detention would be pending the conclusion of the investigation of the alleged offences and possible prosecution.

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Giving his order, the judge said:

“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.”

CBEX: EFCC, SEC take action against Ponzi schemes

Earlier, Legit.ng reported that EFCC said CBEX investors are going to get their money back.

The Securities and Exchange Commission (SEC) said it will commence investigation as to where the operators are and hunt them down.

The two federal government agencies have vowed to hunt down operators of Ponzi schemes across the country.

CBEX: 4 Steps to take if you submitted NIN

Meanwhile, Legit.ng reported that some significant issues were raised by people who invested and lost money on CBEX, a Ponzi scheme disguised as an investment trading platform that recently crashed.

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CBEX investors have cried out that they were asked to upload two photos for account verification while trying to withdraw their funds.

To upload their NIN slip or passport details and another photo of them holding the same ID card

Source: Legit.ng