By Emamuzo Iboma
The Economic and Financial Crimes Commission (EFCC) has been given permission by the Federal High Court in Abuja to detain and arrest six people who are suspected of being responsible for a $1 billion cryptocurrency investment scam.
On Thursday, April 24, Justice Emeka Nwite rendered the decision following her consideration of an ex parte motion submitted by EFCC attorney Fadila Yusuf. The motion, filed on April 23, asked for remand orders and arrest warrants for the defendants.
The suspects, Adefowora Olanipekun, Adefowora Oluwanisola, Chukwuebuka Ehirim, Emmanuel Uko, Seyi Oloyede, and Avwerosuo Otorudo, are accused of masterminding the scam through two companies: ST Technologies International Limited and Crypto Bridge Exchange (CBEX).
According to the EFCC, the scheme promised investors up to 100% returns on digital assets converted to USDT (Tether). After more than $1 billion in investments were made, the platform abruptly shut down, preventing any withdrawals, even though early participants could monitor their money through customized dashboards.
“Victims later discovered the platform was a scam,” the EFCC stated in an affidavit presented to the court.
The Securities and Exchange Commission (SEC) has yet to grant ST Technologies the required authorization to provide investment services in Nigeria, despite the company’s registration with the Corporate Affairs Commission (CAC).
According to reports, the suspects fled from their known residences in Ogun State and Lagos. Yusuf pleaded with the court to issue arrest warrants so that the people could be added to a red notice list for prosecution and tracking across international borders.
Following an examination of the motion, affidavit, and supporting documentation, Justice Nwite rendered a decision in support of the EFCC.
“I am of the view, and I so hold, that the application is meritorious. Consequently, the application is granted as prayed,” the judge declared.
