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

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.
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Court Fixes June 25 for Hearing of DSS vs Pat Utomi Shadow Govt Case

Justice James Omotosho of the Federal High Court in Abuja has ordered the service of court documents on the 2007 presidential candidate of the African Democratic Congress (ADC), Professor Pat Utomi, in relation to a suit pending over his alleged plan to establish a shadow government in the country.
The Department of State Services (DSS), in the suit, argued that not only is the planned shadow government an aberration, but it also constitutes a grave attack on the Constitution and a threat to the current democratically elected government.
Justice Omotosho granted an ex parte motion argued by the counsel for the DSS, Akinlolu Kehinde, ordering service of court documents on Utomi, listed as the sole defendant, at his Lagos address using courier service.
The judge subsequently adjourned the case to June 25 for hearing, before which Utomi is expected to have filed his defence.
In the suit instituted on May 13, the DSS expressed concern that such a structure, styled as a “shadow government,” if left unchecked, might incite political unrest, cause inter-group tensions, and embolden other unlawful actors or separatist entities to replicate similar parallel arrangements, all of which pose a grave threat to national security.
The plaintiff wants the court to declare the purported “shadow government” or “shadow cabinet” being planned by Utomi and his associates as “unconstitutional and amounts to an attempt to create a parallel authority not recognized by the Constitution of the Federal Republic of Nigeria, 1999 (as amended).”
The DSS is also seeking a declaration that “under Sections 1(1), 1(2) and 14(2)(a) of the Constitution, the establishment or operation of any governmental authority or structure outside the provisions of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) is unconstitutional, null, and void”.
The plaintiff wants the court to issue an order of perpetual injunction, restraining Utomi, his agents and associates “from further taking any steps towards the establishment or operation of a ‘shadow government,’ ‘shadow cabinet’ or any similar entity not recognized by the Constitution of the Federal Republic of Nigeria, 1999 (as amended).”
Among the grounds on which the plaintiff is hinging its prayers is that Section 1(1) of the Constitution declares its supremacy and binding force on all persons and authorities in Nigeria.
It added that Section 1(2) prohibits the governance of Nigeria or any part thereof except in accordance with the provisions of the Constitution.
According to the DSS, Section 14 (2Xa) states that sovereignty belongs to the people of Nigeria, from whom the government, through the Constitution, derives all its powers and authority.It is contending that Utomi’s proposed shadow government lacks constitutional recognition and authority, thereby contravening the aforementioned provisions.
The plaintiff further stated, in a supporting affidavit, that it is the principal domestic intelligence and security agency of the Federal Republic of Nigeria, statutorily mandated to detect and prevent threats to the internal security of Nigeria, including subversive activities capable of undermining national unity, peace, and constitutional order.
The DSS added that it is statutorily empowered to safeguard the internal security of Nigeria and prevent any threats to the lawful authority of the Federal Republic of Nigeria and its constituent institutions.It states that it has monitored, “through intelligence reports and open source material, public statements and interviews granted by the defendant, in which he announced the purported establishment of what he termed a ‘shadow government’ or ‘shadow cabinet’, comprising several persons that make up its ‘minister.’
“The ‘shadow government’ or ‘shadow cabinet’ is an unregistered and unrecognised body claiming to operate as an alternative government. Contrary to the provision of the Constitution of the Federal Republic of Nigeria, 1999 (as amended).“
The defendant (Utomi), through public statements, social media, and other platforms, has announced the formation of this body with the intent to challenge the legitimacy of the democratically elected government of Nigeria,” it said.
“Based on the intelligence gathered by the plaintiff, the activities and statements made by the defendant and his associates are capable of misleading segments of the Nigerian public, weakening confidence in the legitimacy of the elected government, and fuelling public disaffection.
“It is in the interest of justice, national security, and the rule of law for this honourable court to declare the existence and operations of the defendant unconstitutional and illegal,” it added.
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Why You Need to Focus on ICT for Future Careers, Glo Advises Girls

Digital solutions company, Globacom, has advised young girls to dream big and never to be deterred in the pursuit of their dreams and aspirations, promising that the company would always be behind them to power their ambitions.
Adeboye Adeniji, Vertical Head, Financial Institutions and HNI at Globacom, shared this encouraging insight with a select group of secondary school students during the 13th edition of the Girls in ICT Day observance in Lagos. The event, which had students from various secondary schools in Lagos, was organised by e-businesslife Communications Limited.
She called on girls not to see themselves as users of technology service, but to see and envision themselves as creators, leaders, and innovators.
“At Globacom, we know that when girls have the tools, the training, and the confidence, there is no limit to what you can achieve. Whether you dream of becoming a software engineer, a robotics expert, a cybersecurity analyst, or even the next big tech CEO – it’s all possible”, she said.
Warning the girls not to be discouraged from pursuing their dreams, Adeniji advised them not to let “anyone tell you tech is ‘only for boys’. You are smart enough. You are strong enough. And you have every right to dream as big as you want”.
She counselled the students to “keep learning, stay curious, ask questions, and never be afraid to try, because the future of technology in Nigeria isn’t just being built in labs and boardrooms but in classrooms”.
She promised that Globacom, a wholly owned Nigerian brand, will always be ready to support the dreams and aspirations of young people in Nigeria. “We believe in you, we support you, and we can’t wait to see how you’ll change the world” she added.
The convener of the yearly event, who is also the CEO of E-Business Life Communication Limited, Mrs Ufuoma Emuophedaro, while welcoming the students and guests to the event, noted that the “world of ICT holds limitless possibilities. It is a realm where creativity knows no bounds, innovation thrives, and dreams are transformed into reality through lines of code and digital solutions. Yet, despite its vast potential, the representation of women in this field remains disproportionately low.”
She said her effort is geared towards challenging the narratives, breaking down the barriers, defying stereotypes, and paving the way for a “future where every girl, regardless of background or circumstance, feels empowered to pursue her passion for technology.
“That means ensuring that women and girls have equal access to leadership training, career development, scholarships, and fellowships. It means addressing gender bias and challenging societal norms and stereotypes that discourage girls from pursuing ICT careers,” she noted.
Apart from lectures, round table discussion and a quiz, the students from the various schools also demonstrated their prowess in developing obstacle-avoiding robots. Though they were not perfect at it, but their commendable efforts indicated the growing interests of young girls in ICT and science.
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UTME 2025: South East Senators Query JAMB’s Notorious Glitches

The South East Senate Caucus has expressed worry over what it described as a ‘curious and highly suspicious’ JAMB examination glitch at some centres in Lagos and especially in the whole of Southeast in the last exam circle.
They blamed it on “injecting hateful politics and narrow parochial considerations in both policy enunciation and its implementations”.
In a statement on Saturday in Abuja by its Chairman, Senator Enyinnaya Abaribe (APGA, Abia South), the caucus said it would be disheartening and hopes not to contemplate such conspiracy theory “that there is a narrow agenda being pursued to deliberately shortchange and harm the future of our children”.
Though the caucus, after a careful assessment of the reports of the ugly incident, noted with cautious optimism the efforts being made to mitigate the near disaster, particularly the rescheduling of the examination, it, however, warns that a future reoccurrence will be unacceptable.
Nonetheless, Southeast senators, he added, welcomed the timely acceptance of fault as expressed through the open declaration of regrets and tearful apology by the Joint Admission and Matriculation Board (JAMB) management, particularly its registrar, Professor Ishaq Oloyede.
According to Senator Abaribe, the Southeast lawmakers hope and warn that such a display of penitence in public would not be an effort to mask a future sinister agenda aimed at harming the educational advancement of children of the southeast region.
Abaribe said: “The so-called glitch, as curious and suspicious as it was, is enough to erode confidence and dangerously lower national pride among the future generation.
“The relevant national education drivers must recognise the inherent danger of injecting hateful politics and narrow parochial considerations in both policy enunciation and its implementations.
“That the glitch happened in the whole of South East raises pertinent questions that must be answered by JAMB to assuage the growing frustrations and fears among the people of the region, particularly the children who are directly at the receiving end. We must pursue a Nigerian agenda and not a narrow one that will ultimately injure national unity.
“Education remains one of the most important bedrocks of any society’s advancement. It is one major index of development in every facet of life that can never be faulted. Education is a major pivot that triggers national development. Every child is entitled to it; therefore, we must not play roulette with it.
He said that the South East Senate Caucus is alert and under pressure as it unequivocally demands firm assurance from JAMB and other relevant national educational policy drivers that there will never be a recurrence of such a scandalous glitch in the future.