On April 24, 2025, the Federal High Court in Abuja issued a critical ruling directing the arrest and remand of six individuals allegedly involved in the collapse of the cryptocurrency investment platform CBEX—a scheme accused of defrauding Nigerian investors of over $1 billion.

Justice Emeka Nwite granted the order following an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) against Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others.

According to EFCC allegations, the accused used a firm called ST Technologies to promote CBEX, enticing Nigerians with the promise of extraordinary returns—claims as high as 100% gains. Investors were encouraged to convert their digital assets into the stablecoin USDT, with the resulting funds funneled into wallets controlled by the suspects. Once the platform amassed more than $1 billion, it abruptly shut down, leaving investors unable to access their funds and revealing the venture to be a well-coordinated fraud.

During the court session, EFCC lawyer Fadila Yusuf detailed the commission’s case, emphasizing that the arrest warrants and remand orders are essential to ensure that the defendants remain in custody while investigations continue under the Administration of Criminal Justice Act. She noted that the operation involved international collaborators and highlighted the urgency of preventing the suspects from evading justice.

After reviewing the EFCC’s submissions and accompanying documents, Justice Nwite found sufficient merit in the application. He approved the issuance of arrest warrants and ordered that the defendants be remanded in the custody of the commission pending the full investigation and any subsequent prosecution.

This decisive judicial action marks a significant step in Nigeria’s fight against sophisticated financial scams, underscoring the commitment of law enforcement agencies to protect investors and dismantle fraudulent schemes in the digital asset space.