Nigeria’s EFCC green lights arrest for 6 CBEX promoters

A federal high court in Nigeria, Abuja, has given the Economic and Financial Crimes Commission (EFCC) permission to arrest and retain six Crypto Bridge Exchange (CBEX) heist promoters. 

Emeka Nwite, the judge in charge, made the decision after Fadila Yusuf, a lawyer for the EFCC, asked for it outside of court.

EFCC Declares Six CBEX Promoters Wanted Over ₦1.3 Trillion Ponzi Scheme

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… pic.twitter.com/61iyX5NZEK

— NaijaWide Media (@Naijawide01) April 25, 2025

The application shows that the EFCC suspects six people. Their names are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. They are all being held responsible for over $1 billion worth of investment fraud.

Defendants used their company to promote CBEX through ads 

In the document supporting the motion, the EFCC said that the preliminary investigation into the information showed that the defendants used their company, ST Technologies International Limited, to promote another CBEX by making ads and misleading people into investing in crypto coins on the CBEX investment platform.

The EFCC said that the defendants promised an unrealistic return on investment of up to 100% in their ads. At first, the victims had full access to the platform to keep an eye on their money. But later on, they lost access to the CBEX investment site and could no longer get their money back from the investments they made.

“The victims were made to convert their digital assets into a stablecoin of USDT for onward deposit into the suspects’ crypto wallet,” Yusuf said.

In addition, during the investigation, it was found that ST Technologies International Limited was listed with the Corporate Affairs Commission (CAC). However, it was not listed with the Securities and Exchange Commission (SEC) for investment purposes.

It was also found that the suspects had moved out of their last known address in Lagos and Ogun states. Therefore, the anti-graft office said that they needed to get an arrest warrant in order to put the defendants on a watch list. This would allow the authorities to trace and apprehend the suspects to face the charges brought against them.

Emeka Nwite, in his ruling said, “I have listened to the submission of learned counsel for the applicant. I have also examined the affidavit evidence and the exhibits attached, 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.”

Nigeria SEC signs new rules as crypto scams are identified to be more professional

Nigeria’s SEC made a new rule, according to the ISA 2025 that President Bola Tinubu signed, it is now illegal for any organization to run an online forex trading platform or offer related services without first registering with the commission.

In a statement, it said, “By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.”

In the US FBI’s Internet Crime Complaint Center (IC3), the 2024 report draws a harsh picture. Last year, Americans reported more than 859,000 cases of hacking, which cost a record $16.6 billion, which is 33% more than in 2023.

Online fraud has grown into a global, industrial-scale business, with $16.6 billion in losses and more than 2,000 complaints on average daily. They have advanced past one-time fake emails. 

There are now international scam groups, identity theft powered by AI, and investment schemes that look like VC-backed startups. There are also specialized “customer service” reps, social media teams, and even performance bonuses for scammers who make a certain amount of money. 

Seniors, crypto investors, and even real estate buyers are now on the frontlines of digital deception. 

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