JUST IN: EFCC Set to Arrest CBEX Kingpins Over Sh*cking $1 Billion Scam

The Federal High Court in Abuja has issued a warrant for the arrest and remand of six individuals accused of orchestrating a fraudulent cryptocurrency scheme under the name “CBEX,” which allegedly defrauded Nigerian investors of over $1 billion.....KINDLY READ THE FULL STORY HERE▶

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

According to the EFCC, the suspects used ST Technologies International Limited to promote the CBEX platform, luring unsuspecting Nigerians with promises of massive investment returns.

EFCC spokesperson Dele Oyewale earlier affirmed the Commission’s commitment to recover the stolen funds—estimated at ₦1.3 trillion—through collaboration with Interpol and other global partners.

During Thursday’s proceedings, EFCC counsel Fadila Yusuf urged the court to approve the arrests and remand of the accused under the Administration of Criminal Justice Act, citing the international scope of the scam and its massive financial implications.

Yusuf told the court that the suspects have not yet been arrested but allegedly promoted CBEX through unrealistic promises of returns up to 100%. Investors were instructed to convert their cryptocurrency assets into USDT (Tether), which were then funneled into wallets controlled by the accused.

The scheme collapsed shortly after accumulating over $1 billion, leaving users unable to access or withdraw their funds.

Yusuf also stressed that none of the stolen funds were traced to Nigerian bank accounts, suggesting a complex international operation that will require time to fully uncover.

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