A Federal High Court in Abuja has authorised the Economic and Financial Crimes Commission (EFCC) to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged investment fraud amounting to over one billion dollars.

Justice Emeka Nwite, who issued the order on Thursday after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion, stated that the detention would be pending the conclusion of the investigation into the alleged offenses and possible prosecution.

“I have listened to the submission of the learned counsel for the applicant (EFCC). I have also reviewed the affidavit evidence, including the exhibits, 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,” the judge held.

The six suspects listed as the 1st to 6th defendants are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

In the ex-parte motion filed on April 23 by Yusuf, the EFCC sought an order from the court to issue warrants of arrest for the defendants and an order remanding the defendants in custody pending the conclusion of the investigation into the alleged offenses and possible prosecution.

The lawyer stated four grounds for the motion, noting that the EFCC has a statutory duty to prevent and detect financial crimes through investigation. She also mentioned that there was intelligence received by the office of the commission’s chairman regarding the defendants, concerning various criminal offenses.

She said: “The defendants are at large, and a warrant of arrest is required to apprehend them for proper investigation and prosecution of this case.”

In the affidavit supporting the motion, the EFCC stated that in April 2025, it received intelligence about an alleged investment scheme fraud involving the defendants.

It was alleged that the defendants and their company, ST Technologies International Limited, in collaboration with another company, Crypto Bridge Exchange (CBEX), orchestrated the fraud. The case was assigned to the EFCC’s Cybercrimes Section for investigation.

The agency revealed that preliminary investigations into the intelligence revealed:
“That Messrs. Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, through their company, ST Technologies International Limited, promoted another company, Crypto Bridge Exchange (CBEX), by advertising and luring unsuspecting members of the public to invest in cryptocurrencies on the CBEX investment platform.”

The EFCC also stated that the defendants promised unrealistic returns of up to 100% on investments.
“That the victims were made to convert their digital assets into USDT stablecoin for deposit into the suspects’ crypto wallet.
“That the victims were initially given full access to the platform to monitor their investments. However, following deposits worth over $1 billion by the victims, the CBEX investment platform became inaccessible, and they could no longer withdraw their investments.
“That the victims later discovered that the scheme was a scam.”

During the investigation, it was discovered that although ST Technologies International Limited was registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

The EFCC also uncovered that the defendants had moved out of their last known addresses in Lagos and Ogun states. The agency added that a warrant of arrest was necessary to place the defendants on a red watch list so they could be traced and apprehended to face the charges against them.

According to the commission, the investigation into the allegations revealed a prima facie case of investment fraud, and it would be in the interest of justice to grant the application.

The National Assembly has taken a swipe at Pastor Tunde Bakare over his recent criticism of the country’s legislature, describing it as biased.

Bakare, the serving overseer of The Citadel Global Community Church, had on Sunday condemned the Senate’s suspension of Senator Natasha-Akpoti Uduaghan; the National Assembly’s ratification of the emergency rule in Rivers State.

“The two main contenders in the ongoing institutional immorality Olympics are the executive and the legislature,” he said.

But on Tuesday, the Chairman, Senate Committee on Media and Public Affairs, Yemi Adaramodu, said the cleric was biased and crossed the line in his commentary.

“While the Senate respects the right of every citizen – regardless of station – to express views on the state of the nation, we are constrained to respond when such commentary crosses the line into unwarranted invective and misleading assertions that risk eroding public trust in democratic institutions,” the statement by Adaramodu read.

Adaramodu said, “such commentary crosses the line into unwarranted invective and misleading assertions that risk eroding public trust in democratic institutions”.

“We view his corrosive criticisms of the National Assembly as a biased and political ecumenical homily,” the statement read.

“The challenges facing our country require dialogue anchored on truth, mutual respect, and a commitment to nation-building, not polarizing rhetoric that undermines confidence in our democratic institutions.”

“We are confident that, in time, with a nuanced review of the performance of the 10th national assembly — within the context of the exigencies of this time and season — Pastor Bakare may, at some point in the future, commend us for acting in the best interest of the people of Nigeria, in line with our constitutional mandate,” the Senator added.

The West African Examinations Council has revoked the licences of 574 secondary schools in Nigeria.

WAEC announced that the affected schools were found to have committed examination malpractices.

The examination body also stated that the schools will not be allowed to conduct examinations even as the 2025 West African Senior School Certificate Examination, commences from Thursday, April 24, 2025.

This was disclosed by the Head of WAEC’s National Office, Dr. Amos Dangut, during a press briefing on Thursday at the headquarters of the examination body in Lagos.

Dangut said WAEC had forwarded the list of the affected schools to the Nigerian government.

“This year, we have shared with them a total of 574 schools that have had their recognition withdrawn, and that is also going to be the same for all examining bodies.

“So, these are those that have got their license revoked as far as the examination centre is concerned. So we will not conduct examinations there. We don’t know them as far as conducting examinations,” Dangut said.

For the forthcoming 2025 WASSCE, Dangut stated that 1,973,253 candidates registered for the examination from 23,554 schools.

He added that 979, 228 males and 994, 025 females would take part in the examination.

The Punch