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EFCC Obtains Court Permission to Arrest, Charge Alleged Promoters of CBEX Scheme
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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.
News
ADC Unveils Presidential Campaign Council, Names Ibrahim-Imam As Chairman, Dele Momodu As Head, Media/Publicity
The African Democratic Congress (ADC), has unveiled its Presidential Campaign Council for the 2027 election, describing the structure as “lean” in response to the economic realities facing Nigerians.
The council, approved by the party’s presidential candidate, former Vice President Atiku Abubakar, will be chaired by Kashim Ibrahim-Imam, with former Kaduna State Governor, Nasir El-Rufai, serving as Deputy Chairman.
Senator Austin Akobundu will serve as Director-General and Campaign Manager, with responsibility for translating the campaign’s strategy into coordinated action.
The council will have six Deputy Directors-General overseeing various operational directorates, while 30 directors have been assigned specific responsibilities.
In a statement on Thursday, Phrank Shaibu, Director of Strategic Communication of the ADC Presidential Campaign Council and Senior Special Assistant on Public Communication to Atiku, said the structure was deliberately kept “lean” to reflect the economic circumstances confronting Nigerians.
“When families are struggling with food prices, transport costs and shrinking incomes, a campaign asking for their trust must show discipline in how it operates,” Shaibu said.
Dele Momodu will head the Media and Communications Directorate, while Dino Melaye will lead Contact and Mobilisation.
Mohammed Hayatudeen will chair the Policy Team, working with Professor Mohammed Sagagi and other members, including Professor Kingsley Moghalu, while Chief John Oyegun will chair the Campaign Advisory Board.
Shaibu said the campaign structure was designed to be focused on work, with clearly defined responsibilities for every directorate and assignment for every director.
“Our measure of success will be how clearly we address the cost of living, unemployment, insecurity and declining purchasing power—and how effectively we organise to make Nigeria affordable again,” he said.
The council is expected to coordinate the ADC’s presidential campaign activities ahead of the 2027 general election.
News
Tinubu Extends Europe Vacation, Due Back at Weekend
President Bola Tinubu has extended his “working vacation” in Europe by a few days and is expected to return to Nigeria at the weekend, the Presidency said on Monday.
The announcement came as Vice President Kashim Shettima represents the President at the 81st United Nations General Assembly in New York, where he is scheduled to deliver Nigeria’s national statement.
Tinubu departed Nigeria on August 30 to begin his working vacation in London. After spending one week in the United Kingdom, he proceeded to Paris, France, where he held meetings with French President Emmanuel Macron and businessman Vincent Bolloré.
Bolloré’s media interests include Canal+, MultiChoice and Universal Music Group.
A statement signed on Monday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, said Tinubu has remains in touch with developments at home and continued to direct the affairs of government despite being away from Nigeria.
One of the major decisions taken by the President during the period was his directive for an independent investigation into the deaths of 37 suspected illegal miners in Minna following their detention by the Nigeria Security and Civil Defence Corps.
The deaths had raised concerns over the circumstances surrounding the detention and treatment of the miners, prompting the President to order an independent probe.
Tinubu’s decision to extend his stay abroad means he will not personally attend the opening of the high-level segment of the UN General Assembly in New York. Shettima, who departed Abuja on September 20, is representing the President at the global gathering and will present Nigeria’s national statement.
The Presidency said the Vice President’s representation was part of the arrangements for Tinubu’s absence from the country.
With Shettima now in New York, the Secretary to the Government of the Federation, Senator George Akume, will continue to represent the President at some official functions.
The Presidency said Tinubu had also delegated the Vice President to represent him at official functions while he was away, while Akume had similarly stepped in at other engagements.
The President’s extended stay in Europe also comes amid increased political activities at home ahead of the 2027 general elections.
According to the Presidency, the Director-General of the Presidential Campaign Council, Senator Abubakar Yari, has been leading notable leaders of the ruling party in consultations with prominent traditional rulers across the country.
The consultations form part of ongoing political engagements as the administration moves towards the next electoral cycle.
The Presidency also reacted strongly to criticism over Tinubu’s decision not to attend the UN General Assembly personally.
It described as irresponsible what it called a “baseless insinuation” by former Vice President Atiku Abubakar and a United States-based lobbying firm headed by an ex-convict regarding the President’s non-attendance at the global gathering.
The Presidency maintained that Nigeria would be adequately represented by Shettima, who will deliver the country’s national statement.
Tinubu’s latest trip began as an official working vacation, during which the President combined his leave with selected diplomatic, business and governmental engagements.
His meeting with Macron in Paris provided an opportunity for discussions on bilateral relations, while his engagement with Bolloré focused on business and investment interests involving Nigeria.
News
Let Nigerians Breathe, Reduce Fuel Price, Atiku Tells Tinubu
Former Vice President Atiku Abubakar has urged President Bola Tinubu to take immediate steps to reduce the cost of petrol, saying Nigerians are struggling with the combined impact of high energy, transportation and food prices.
Atiku made the call on Friday in Abuja during a press briefing on fuel prices, palliatives and the rising cost of living. His comments came amid renewed concerns over the effect of higher petrol prices on households and businesses.
The African Democratic Congress (ADC) presidential candidate said the removal of petrol subsidy in May 2023 placed additional pressure on families, workers, farmers and businesses.
He said the effect of higher petrol prices was not limited to motorists, as increased transportation and logistics costs had also pushed up the prices of food and other essential goods.
“When government makes energy expensive, it makes life expensive,” Atiku said.
The former vice president recalled that he had previously called for government intervention to reduce petrol prices, but said Tinubu had dismissed the proposal as showing “serious ignorance” of governance and the economy.
Atiku questioned whether the Nigeria Labour Congress (NLC), petroleum marketers, manufacturers and ordinary Nigerians who had raised concerns about rising costs could all be described as ignorant.
“When workers, producers, marketers and ordinary families are all raising the alarm, government must listen,” he said.
He said the government should be prepared to review its policies when their consequences become difficult for citizens to bear, adding that rising production costs were putting further pressure on manufacturers while families were finding it harder to afford basic goods.
Atiku also argued that government revenue and GDP figures did not necessarily reflect the economic reality facing ordinary Nigerians.
“If government receives more Naira while the citizen’s naira buys less food, less fuel, less electricity and less transportation, then bigger government revenues mean little to the family struggling to survive,” he said.
The ADC candidate urged Tinubu to use the remaining eight months of his first term to reduce the burden on Nigerians and consider any measure capable of lowering petrol prices, even if the proposal came from a political opponent.
“What matters to me is that Nigerians pay less,” Atiku said. “A sensible idea does not become a bad idea because it came from your opponent.”
He also offered to make his policy framework available to the Tinubu administration, saying Nigerians should not have to wait for a new government before benefiting from policies that could provide relief.
“If you need the framework, I will provide it. Implement it under your government. Give it whatever name you choose. Take the credit,” he said.
“I ask for only one thing: Let Nigerians breathe.”






