Nigerian Court Approves Arrest of Six CBEX Promoters Over Alleged $1 Billion Ponzi Scheme
The Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six individuals accused of orchestrating a $1 billion Ponzi scheme through the now-defunct Crypto Bridge Exchange (CBEX).
Justice Emeka Nwite issued the order following an ex parte motion filed by EFCC counsel Fadila Yusuf. The suspects—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—are alleged to have used their company, ST Technologies International Limited, to promote CBEX and lure unsuspecting investors with promises of up to 100% returns within 30 days. …….CONTINUE READING
According to the EFCC, victims were instructed to convert their digital assets into the stablecoin USDT and deposit them into wallets controlled by the suspects. Initially, investors could monitor their funds, but after deposits exceeding $1 billion, the CBEX platform became inaccessible, preventing withdrawals and revealing the operation as a scam.
The EFCC’s investigation revealed that while ST Technologies was registered with the Corporate Affairs Commission (CAC), it lacked authorization from the Securities and Exchange Commission (SEC) to operate as an investment firm. The EFCC is collaborating with international agencies, including Interpol, to track and apprehend the suspects, who are currently at large.
This development underscores the Nigerian government’s commitment to combating financial fraud and protecting investors from fraudulent schemes.
