The Federal High Court in Abuja has approved the Commission on Economic and Financial Crimes (EFCC) to allow the arrest and detention of six salesmen from six cryptocurrency bridge exchanges (CBEXs) suspected of investment fraud, involving more than $1 billion.
EFCC lawyer Fadila Yusuf has filed a partisan motion, which Judge Emeka Nwite issued on Thursday, April 24. The judge noted that the detention would be conducted before the conclusions of the investigation and the potential prosecution of the alleged crime.
“I have listened to the applicant’s study attorney submission (EFCC). I have also passed the affidavit evidence, which includes the exhibition as well as the written address. I think, I think, the application is meritorious. Therefore, the application is awarded prayer,”
The six suggestions for naming in the case are Adefora Abiodun Olnipekun, Adefora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avorosuo Otorudo and Chukwuebuka Ehirim, who were listed as the first to sixth person.
In a motion filed on April 23, the EFCC sought two court orders: one ordering the defendant to issue an arrest warrant and the other to remand in EFCC custody before the investigation is completed.
Yusuf explained that the EFCC has a legal obligation to prevent and detect financial crimes, and the defendants are believed to be involved in various criminal offenses. She said that because the defendant is large, a warrant must be arrested and proper investigation and prosecution cannot be carried out without the captive.
The EFCC investigation began in April 2025, after receiving information about alleged fraud. The agency claims that the defendant and his company, ST Technologies International Limited, operate the CBEX platform as an investment opportunity. The victims were tempted to invest in cryptocurrencies through the platform and promised a return of up to 100%. After depositing more than a billion dollars in deposits, the victims found that they could no longer access the platform or withdraw their investments, and eventually realized that the plan was a scam.
Further investigations revealed that despite registering St Technologies International Limited on the Company Affairs Commission (CAC), they were not registered with the Securities and Exchange Commission (SEC) for investment purposes. The agency also found that the defendant had left the last known address in Lagos and Ogun State.
The EFCC requires the arrest warrant to place the defendant on the red watch list to facilitate his captives. The committee also said that it has established ostensible cases of investment fraud and that approval of the application would be in the interest of justice.
