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.

The Vice Chairman of Agege Local Government  Area in Lagos State, Mr Oluwagbenga Abiola,  has withdrawn his interest to vie for the chairmanship position of the LG in the upcoming July 12, 2025 council election.

Abiola said he stepped down for Abdulganiyu Obasa, son of the Speaker of the Lagos State House of Assembly, Mudashiru Obasa.

Abiola, who is a political protégé of  the Speaker, says his decision was borne out of his loyalty to Obasa, denying that he was forced to step down.

Speaking to the News Agency of Nigeria on Wednesday in Lagos, Abiola affirmed his loyalty to the party and to Speaker Obasa.

Speaking to the News Agency of Nigeria on Wednesday in Lagos, Abiola reaffirmed his commitment to the party and to Speaker Obasa.

He emphasised that his withdrawal was a voluntary and conscious choice in support of Obasa’s son.

On Monday, Agege stakeholders had urged Obasa to allow his son, Abdulganiyu, to contest the council chairmanship, citing the Speaker’s significant contributions to the development of Agege and his long-standing political influence in the area.

In response to rumours that he had been pressured to withdraw, Abiola made it clear that he remained deeply appreciative of Obasa’s role in his political career.

He further pledged his full support for the Speaker’s leadership, stating that he would never act against the party’s direction or Obasa’s guidance.

“I will never go against my leader, Mudashiru Ajayi Obasa. This is the man who made me,” Abiola stated. “He appointed me Special Assistant on Media when he became Speaker in 2015.

In 2016, I was appointed Sole Administrator of Agege LGA, thanks to his recommendation to the governor. That appointment made me the youngest council boss in Lagos State at the time.

“In 2017, I became Secretary to the Local Government, and in 2021, Vice Chairman — all through the party’s and Speaker’s support. So, why would I oppose a man who built me politically and helped me grow in experience and influence?”

Although Abiola admitted to having aspired to the chairmanship, he made it clear that he respected the party’s collective decision.

“Yes, I aspired. Every Vice Chairman dreams of becoming Chairman. But the party has spoken, and I fully agree. Leaders and stakeholders have united. They’ve asked the Speaker to allow his son to contest, and I respect and support that,” he stated.

Abiola also expressed his commitment to serving the people, stating that he believed greater opportunities would come in the future.

“I trust my leader. He knows what’s best and can recommend me for even greater responsibilities when the time is right,” he said. “I’m still young and full of energy. I’ll work for the party and ensure we achieve victory.”

Abiola said he had instructed members of his Obasa Youth Alliance to fully support the party’s decision.

The West African Examinations Council has revoked the licences of 574 secondary schools in Nigeria.

WAEC announced that the affected schools were found to have committed examination malpractices.

The examination body also stated that the schools will not be allowed to conduct examinations even as the 2025 West African Senior School Certificate Examination, commences from Thursday, April 24, 2025.

This was disclosed by the Head of WAEC’s National Office, Dr. Amos Dangut, during a press briefing on Thursday at the headquarters of the examination body in Lagos.

Dangut said WAEC had forwarded the list of the affected schools to the Nigerian government.

“This year, we have shared with them a total of 574 schools that have had their recognition withdrawn, and that is also going to be the same for all examining bodies.

“So, these are those that have got their license revoked as far as the examination centre is concerned. So we will not conduct examinations there. We don’t know them as far as conducting examinations,” Dangut said.

For the forthcoming 2025 WASSCE, Dangut stated that 1,973,253 candidates registered for the examination from 23,554 schools.

He added that 979,228 males and 994,025 females would take part in the examination.

The Punch