Breaking: EFCC Launches Manhunt for CBEX Promoters in Explosive $1 Billion Scam

The Federal High Court in Abuja has issued a warrant for the arrest and remand of six individuals allegedly behind the fraudulent cryptocurrency scheme known as Crypto Bridge Exchange (CBEX), which is said to have swindled Nigerians out of over $1 billion.

Justice Emeka Nwite granted the order on Thursday after reviewing an ex parte motion brought forward by the Economic and Financial Crimes Commission (EFCC). The motion targets Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others linked to the collapsed investment scheme.

According to the EFCC, the suspects operated through a front company, ST Technologies International Limited, to promote CBEX and lure victims with promises of unrealistic returns—up to 100% profit on crypto investments.

EFCC spokesperson Dele Oyewale reaffirmed the agency’s commitment to recovering the stolen funds, amounting to ₦1.3 trillion, in collaboration with Interpol and other international law enforcement bodies.

During the court session, EFCC counsel Fadila Yusuf requested the arrest and remand of the suspects, emphasizing the cross-border nature of the fraud. She explained that although the suspects remain at large, the EFCC is actively pursuing leads and working to uncover the full extent of the scam.

Yusuf disclosed that victims were persuaded to convert their crypto assets into USDT (a stablecoin), which were then transferred into wallets controlled by the fraudsters. Once the funds—reportedly exceeding $1 billion—were secured, the CBEX platform suddenly went offline, locking out investors from accessing or withdrawing their assets.

The EFCC also clarified that while ST Technologies was registered with the Corporate Affairs Commission (CAC), it lacked the necessary SEC (Securities and Exchange Commission) license to legally operate as a financial investment platform.