The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) approval to arrest and detain six individuals linked to Crypto Bridge Exchange (CBEX) over an alleged investment scam exceeding one billion dollars.

Justice Emeka Nwite issued the ruling after EFCC’s counsel, Fadila Yusuf, filed and moved an ex-parte motion.

The judge ruled that the suspects could be detained while the investigation continues and possible prosecution is pursued.

“I have listened to the submission of the learned 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,” Justice Nwite stated.

The six individuals named in the case are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

In her ex-parte motion filed on April 23, Yusuf sought two orders: the issuance of a warrant of arrest and the remand of the defendants in EFCC custody pending the conclusion of investigations.

She argued that the EFCC is empowered by law to prevent and detect financial crimes, and that actionable intelligence had been received linking the suspects to serious criminal conduct.

According to her, “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 affidavit submitted to the court stated that in April 2025, intelligence was received regarding a fraudulent investment scheme operated by the suspects.

The fraud was allegedly committed through their firm, ST Technologies International Limited, using the CBEX platform.

The EFCC detailed in its affidavit: “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 adverts and lured unsuspecting members of the public to invest cryptocurrencies on CBEX investment platform.”

The suspects allegedly promised returns of up to 100%, luring investors to convert their digital assets into USDT (a stablecoin), which were then deposited into wallets controlled by the accused.

The agency noted: “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.”

Investigations further revealed that ST Technologies International Limited, although registered with the Corporate Affairs Commission (CAC), was not licensed by the Securities and Exchange Commission (SEC) for investment operations.

Additionally, EFCC investigators found that the suspects had vacated their last known addresses in Lagos and Ogun States.

Due to these findings, the commission argued that the suspects should be placed on a red alert list to facilitate their apprehension and ensure they face justice.

According to the EFCC, “investigation into the allegation against the defendants revealed a prima facie case of investment scam.”

The commission emphasized that granting the application would serve the interest of justice.

A Federal High Court in Lagos has ordered the temporary forfeiture of over 1,500 computers, 4,000 mobile phones, several vehicles, and dozens of other items confiscated during the EFCC’s recent bust of a major cybercrime syndicate.

The items were recovered during the December 10, 2024 operation, dubbed “Eagle Flush,” which led to the arrest of 792 individuals—including 193 foreign nationals and 599 Nigerians—at the Big Leaf Building on Victoria Island, Lagos.

The EFCC said the group was allegedly involved in cryptocurrency scams, computer-related fraud, money laundering, and romance fraud.

Some of those apprehended have already been charged in court, with the company Genting International also named as a defendant in proceedings involving Chinese and Filipino suspects.

EFCC counsel, Bima Isah, moved an ex parte application seeking the interim forfeiture of the assets, citing intelligence that pointed to “a large-scale fraud operation involving foreign nationals in Lagos.”

The anti-graft agency told the court that Genting International Co. Limited helped finance the syndicate’s operations, and that the assets were “reasonably suspected to be proceeds of unlawful activity.”

Justice Deinde Dipeolu, after considering the EFCC’s application, granted the request.

The judge said the application, filed under Section 44(2)(b) of the 1999 Constitution and Section 17 of the Advance Fee Fraud Act of 2006, had merit.

He further ordered that the EFCC publish the forfeiture notice in a national newspaper, giving interested parties 14 days to appear in court and prove why the listed items should not be permanently forfeited to the Federal Government.

Among the assets seized are 3,399 SIM cards (1,122 MTN, 316 9mobile, 1,277 Airtel, 684 Glo), 194 routers, 129 air conditioning units, 40 refrigerators, 14 inverters, and 7 generators.

Also included are 205 sofas, 501 bunk beds, 754 mattresses, 10 microwaves, 2 whiteboards, 16 inverter batteries, 43 CPUs/monitors, and a variety of household and office equipment like a ring light, toaster, blender, and spiral dough mixer.

In an affidavit attached to the application, EFCC investigator Kaina Garba stated that the seizure was necessary to prevent the suspects or their associates from tampering with or disposing of the assets, which were used to commit cybercrimes.

“That upon investigation, preliminary investigation revealed that an organized crime syndicate of Chinese nationals operating under the name and style of the Respondent is recruiting and training Nigerian youths in computer-related fraud and other cyber-fraud-related activities,” the affidavit noted.

It further explained, “That investigation revealed that upon the Respondent recruiting and training the Nigerian youths, a computer system and a mobile phone with a dedicated and specially configured line is assigned to each recruit wherein they are trained to study and master all kinds of scripted formats which involves dating, romance and investment scam fraud.”

The EFCC stated that based on intelligence, it executed a coordinated sting operation on December 10 at No. 7 Oyinjolayemi Street, Victoria Island, believed to be the syndicate’s base of operations.

“That in the course of the investigation, operatives of the Applicant took inventories of items recovered from the said premises suspected to be instrumentalities of the criminal activities of the Respondent and its alter egos,” the affidavit continued.

“That several foreign nationals, as well as Nigerians, totalling 761 suspects, were arrested and brought to the office of the Commission for investigation.

“That the suspected leaders and financiers of this criminal syndicate, up until the filing of this application still at large but are being trailed by the Operatives of the applicant.”

The EFCC also said that investigations are ongoing, particularly to identify and arrest the main figures behind the fraud operations.

In granting the interim forfeiture, Justice Dipeolu ruled “I have read the motion and attachments and find sufficient merit in the application. Consequently, the motion succeeds and is hereby granted.”

The Nigeria Labour Congress (NLC) on Thursday took its grievances directly to the doorstep of the Federal Capital Territory (FCT) Minister, Nyesom Wike, as it shut down operations at his office in protest over the failure to implement the N70,000 minimum wage for Area Council workers, teachers, and health personnel.

Protesters, in their numbers and wielding placards, marched from the Labour House in Abuja’s Central Area to the Minister’s office at Area 11, defiantly chanting anti-government songs to amplify their demands.

Tensions flared when armed policemen stationed at the main entrance locked the gate, effectively barricading the demonstrators from gaining access.

Undeterred, the workers insisted they would not retreat until the Minister personally addressed them.

Despite the blockade, the labour group stood its ground.

“We are not leaving here until Wike addresses us,” one of the protest leaders declared, as chants of “thief, thief” echoed through the air when Mandate Secretary, Lawrence Garki, stepped forward in an attempt to speak to the angry crowd.

He was swiftly rebuffed by the protesters, who made clear that only the Minister’s presence would suffice.

Adding another layer to their demands, the NLC is also calling for the removal or resignation of the six Area Council Chairmen, accusing them of apathy toward the workers’ plight.

As at the time of filing this report, the standoff continues, with demonstrators refusing to back down from the main gate, determined to make their voices heard.