National

EFCC Obtains Court Permission to Arrest, Charge Alleged Promoters of CBEX Scheme

Published

11 months ago

April 25, 2025

Eric

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.

National

Nine Senators Announce Defection to ADC

Published

18 hours ago

March 12, 2026

Eric

Nine senators on Thursday announced their defection from their various parties to the African Democratic Congress (ADC).

Five of the senators dumped the Peoples Democratic Party (PDP), three left the Labour Party (LP), and one from the All Progressive Grand Alliance (APGA).

The defectors from PDP are Senators Dauda Yaroe, Lawal Usman, Ogochi Onawe, Aminu Tambuwal and Austin Akubondu.

The LP defectors are Senators Ireti Kingibe, Victor Umeh and Tony Nwoye.

Eight of the senators who dumped the PDP and LP cited leadership crises in their parties for their defection.

However, Senator Eyinnaya Abaribe said he dumped APGA because the party sacked him in September 2025.

National

Police Council Confirms Tunji Disu As Substantive IGP

Published

2 weeks ago

March 2, 2026

Eric

The National Police Council has confirmed Olatunji Disu as the substantive Inspector-General of Police.

His name is now to be sent to the Senate for screening.

President Bola Tinubu appointed Disu as the acting IGP on February 25, 2026, following the resignation of former IGP Kayode Egbetokun.

Tinubu, in a statement by the presidential spokesman, Bayo Onanuga, had said he would convene a meeting of the Nigeria Police Council to formally consider Disu’s appointment as substantive IGP, after which his name would be transmitted to the Senate for confirmation,” he said.

The former AIG assumed office as the acting Inspector-General of Police (IGP) last Wednesday.

Disu, 59, took over the reins as Nigeria’s new police chief at a brief ceremony at the Louis Edet House in Abuja, shortly after President Bola Tinubu decorated him as the acting IGP.

Until his appointment, Disu served as Assistant Inspector-General in charge of the Force Criminal Investigation Department (FCID) Annex, Alagbon, Lagos.

He was promoted to the rank of Assistant Inspector-General of Police last year.

National

JAMB Warns Against AI-Driven UTME Fraud, Vows Sanctions for Candidates, Parents

Published

2 weeks ago

March 1, 2026

Eric

The Joint Admissions and Matriculation Board (JAMB) has announced tough measures against candidates and parents found culpable in examination malpractice, warning that the era of leniency is over.

Speaking in Abuja on Saturday, the Registrar, Professor Ishaq Oloyede, said the Board was alarmed by recent discoveries of organised fraud networks targeting the Unified Tertiary Matriculation Examination (UTME). He described the trend as a serious assault on merit and fairness within Nigeria’s education system.

Oloyede explained that JAMB had over the years committed substantial financial and technological resources to preserving the credibility of its examinations, stressing that these measures were designed to protect millions of diligent candidates who rely solely on hard work.

Investigations, he disclosed, uncovered criminal groups deploying artificial intelligence tools to impersonate JAMB officials and extort unsuspecting candidates. More troubling, according to him, was the active participation of some candidates and their parents, who knowingly paid for illicit assistance.

“The students and their parents are willing collaborators and cannot be regarded as innocent,” the Registrar said.

He revealed that over 100 candidates were linked to the scheme, with 83 confirmed to have made payments across 25 states, indicating that the malpractice is neither regional nor isolated.
He said the Board had forwarded recommendations to the Minister of Education, including the cancellation of affected registrations.

Oloyede also refuted claims circulating in some quarters that JAMB had increased its registration fees, describing the allegation as false and urging the public to report any centre charging above the approved rate.

As part of immediate corrective steps, several Computer-Based Test centres have been sanctioned, with some suspended from further participation in the examination process.

Dismissing suggestions that the Board should negotiate with offenders, the Registrar maintained that criminal conduct must be addressed through lawful channels.
“Why should we now be negotiating with criminals?” he asked, noting that suspects who left the country after previous examinations would be referred to security agencies for due process.

He emphasised that paying for examination fraud constitutes a criminal offence, warning that ignorance would no longer be accepted as a defence. Membership in online groups offering illegal assistance, he added, could also attract penalties.

Addressing parents directly, Oloyede cautioned that financing malpractice undermines a child’s moral foundation and future prospects. Encouraging shortcuts, he noted, sends a dangerous message that dishonesty is an acceptable path to success.

The Registrar further confirmed that some school proprietors were among those arrested in connection with the fraud.

On JAMB’s capacity to confront increasingly sophisticated schemes, Oloyede expressed confidence in the Board’s upgraded technical systems and its collaboration with national security agencies. He stated that enhanced monitoring mechanisms now enable the detection of prohibited electronic devices during examinations.

He also expressed concern over the involvement of underage candidates in malpractice, attributing the trend partly to parental pressure and complicity.

While reiterating that JAMB’s core mandate is the administration of examinations, Oloyede appealed to the media to support efforts aimed at discouraging malpractice and promoting integrity within the education sector.