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Tag: CBEX

  • CBEX promoters granted N10m bail each

    CBEX promoters granted N10m bail each

    The Federal High Court in Abuja has granted a bail to two of the detained Crypto Bridge Exchange (CBEX)’s promoters in the sum of N10 million each with two sureties each in like sum.

    Those admitted to bail by Justice Mohammed Umar are Awerosuo Otorudo and Chukwuebuka Ehirim.

    Justice Umar, in a ruling, ordered that the sureties must have property worth the bail sum within the jurisdiction of the court.

    He directed that the residence of the sureties must be verified by the registrar of the court.

    The judge subsequently adjourned the matter until Oct. 13 for commencement of trial.

    The News Agency of Nigeria (NAN) reports that Justice Umar had, on July 7, adjourned for ruling on their bail application, after it was argued by the defendants’ lawyer, Justice Otorudo, and opposed by EFCC’s counsel, Fadila Yusuf.

    The development followed their arraignment by the anti-graft agency on three-count charge over allegations bordering on illegal financial operations and unlicensed investment activities.

    They were arraigned on amended three-count charge marked:

    In the charge marked: FHC/ABJ/CR/216/2025, the defendants were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.

    In a related development, Justice Umar has also fixed July 25 for ruling on the bail application filed by Adefowora Abiodun, Managing Director of ST Technologies International Limited, allegedly using another company, CBEX, to perpetrate investment scam.

    Justice Umar fixed the date after his bail application was argued, following Abiodun and his company’s arraignment on amended eight-count charge marked: FHC/ABJ/CR/215/2025.

    While Abiodun is the 1st defendant, ST Technologies International Limited is named as 2nd defendant in the amended charge dated July 9.

    ‎The allegations, in the earlier charge, bordered on alleged case of obtaining by false pretense, money laundering and carrying on the activities of other financial institutions without having the required license from the Central Bank of Nigeria (CBN) and Security and Exchange Commission (SEC).

    They, however, pleaded not guilty to the amended counts.

    The defendants’ lawyer, Babatunde Busari, informed the court of a bail application dated and filed on Abiodun ‘s behalf on June 30.

    Busari urged the judge to admit his client to bail on liberal terms.

    He said the charge showed that the alleged offences against his client were bailable.

    Besides, he said two critical exhibits attached to their application showed that Abiodun voluntarily submitted himself to the commission for investigation.

    “He (Abiodun) came to us as counsel and we took him to the commission.

    “He also has a medical report that shows that the 1st defendant requires urgent eye surgery and that has not been possible for him for the past 80 days that he has been in detention.

    “We, therefore, urge the court to admit the defendant on bail as the total of the monetary claim Is about N20 million naira,” he said.

    Busari prayed the court to release Abiodun to him for the purpose of bail.

    But EFCC’s lawyer, Fatsuma Mohammed, vehemently opposed the bail plea, saying a counter affidavit dated July 7 was filed in respect of the motion.

    The lawyer urged the court to refuse bail and order for expeditious trial of the case, adding that investigation had been concluded “and we are ready for trial.”

    “Is it a bailable offence?” the judge asked.

    Responding, Mohammed said: “The section consequent to which the defendant is being charged, upon conviction, is seven years and it is enough number of years which is enough for him to try to run.”

    Justice Umar,who adjourned the matter until July 25 for ruling, ordered Abiodun to be remanded in the EFCC’s custody pending ruling on bail application.

    NAN reports that CBEX was one of several digital platforms that collapsed after allegedly collecting billions of naira from unsuspecting investors.

    NAN reports that Justice Emeka Nwite of a sister court had, on April 24, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.

    The judge, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

    The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
    Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

    In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.

    She said the EFCC had a statutory duty of prevention and detection of financial crimes through investigation.

    Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

    NAN reports that Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant) and Chukwuebuka Ehirim (6th defendant) had been in the EFCC custody on investigation.

    Justice Nwite had, also on June 30, declined to grant the bail application filed by the three detained alleged promoters of CBEX.

    The judge, in a ruling, held it was obvious that from the totality of the affidavit evidence of both parties, it was glaring that the character of evidence against the defendants was strong.

    He also held that due to the nature of the case, the EFCC obtained an order of remand of the defendants by court of competent jurisdiction.

    The EFCC, in the affidavit in support of the motion ex-parte filed before Justice Nwite, said sometimes in April 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.

    It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX), perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

    The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.

    “That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.

    “That the victims were initially given full access to the platform to monitor their investment.

    “That following deposits valued at over one Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.

    “That the victims later discovered that the said scheme is a scam.

    “That during the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), it was not registered with the security and Exchange Commission (SEC) for investment purposes.

    “That it was also discovered during investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”

    The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.

    According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam. It said it would be in the interest of justice to grant the application.

  • Arraignment of additional CBEX promoter suffers set back

    Arraignment of additional CBEX promoter suffers set back

    The arraignment of Adefowora Abiodun, the Managing Director, ST Technologies International Limited, also know as Crypto Bridge Exchange (CBEX), was on Thursday, stalled at the Federal High Court in Abuja.

    ‎Abiodun, who was billed to be arraigned before Justice Mohammed Umar by the Economic and Financial Crimes Commission (EFCC), was conspicuously absent in court.

    The EFCC had, in a charge marked: FHC/ABJ/CR/215/2025, preferred a five counts against Abiodun and his company as 1st and 2nd defendants.

    ‎The charge, dated June 4, was filed on June 10 by anti-graft agency’s lawyer, Fadila Yusuf.

    ‎The allegations bordered on alleged case of obtaining by false pretense, money laundering and carrying on the activities of other financial institutions without having the required license from the Central Bank of Nigeria (CBN) and Security and Exchange Commission (SEC).

    ‎When the matter was called, Abiodun was not in court and EFCC’s lawyer,  M.B. Baraya, told the court that the 1st defendant and the commission’s officers were on their way.

    ‎He sought  a standdown of the matter and the judge granted the application.

    ‎After other matters were taking, and the case was recalled, the defendant was still not in court.

    ‎Abiodun’s lawyer, Babatunde Busari, then told the court that Baraya informed him that the EFCC officers, escorting the defendant, had a delay on the road.

    ‎Responding, Baraya stated that though the matter was slated for arraignment, when he made a phone call to his office, he was informed that the team was “experiencing a delay as a result of the ongoing Call to Bar event in the area”.

    ‎He therefore sought an adjournment. ‎But Busari drew the attention of the court to a bail application already filed on behalf of his client.

    “In as much as we cannot tell the prosecution how to do their case, I wish to draw you lordship attention to our application for bail,” he said.

    ‎He said it was predicated primarily on  the health of the defendant. ‎According to the lawyer, he (Abiodun) has been in the EFCC custody for over 70 days. ‎Justice Umar said Busari’s application was not ripe for ruling.

    “I have not assumed jurisdiction on the case,” he said.

    ‎The judge then asked the parties to take another date for hearing. ‎But Busari begged the court for a standdown, which the judge refused. ‎Busari, however, prayed the court to give a short date for an adjournment.

    “Can we take a short date my lord. The sister case came up on Monday and the ruling was adjourned until July 18.

    “We pleaded passionately to your lordship,” he said.

    ‎Justice Umar subsequently adjourned the matter until July 18 for defence application.

    ‎The offence, the prosecution said is contrary to  the provisions of Section 158(1) of the Investment and Security Act, 2007 and punishable under Sect’on 158 (2) of the same Act.

  • Senate investigates operations of ponzi schemes in Nigeria

    Senate investigates operations of ponzi schemes in Nigeria

    Senate has mandated its Committees to conduct a comprehensive investigations and public hearing on the operations of ponzi schemes in Nigeria and report back in four weeks.

    The committees are Capital Market, Banking, Insurance and Other Financial Institutions, Anti-Corruption and Financial Crimes and ICT and Cybercrime.

    This followed the adoption of a motion on “Investigative hearing into the operations of Ponzi Schemes in Nigeria, with particular reference to the recent Crypto Bullion Exchange (CBEX) incident” at plenary on Wednesday.

    The motion was sponsored by Sen. Abiru, Adetokunbo (APC-Lagos) and Sen.Osita Izunaso (APC-Imo).

    Adetokunbo, presenting the motion said that the economic well-being and financial security of Nigerian citizens were essential pillars of national stability and growth.

    He said that it was the duty of the government to protect the populace from exploitative, predatory and fraudulent financial practices and schemes that threaten their livelihoods.

    He expressed concerns on rapid proliferation and alarming rise of unregulated and fraudulent investment schemes commonly known as Ponzi or pyramid schemes.

    He listed such as MMM Nigeria in 2016, MBA Forex in 2020 that had repeatedly defrauded millions of Nigerians.

    This, he said was causing severe financial hardship and in some cases driving victims to depression, family breakdowns and even suicide.

    “The recent case of Crypto Bullion Exchange (CBEX), a digital investment platform which lured millions of Nigerians with the promise of outrageous returns, before suddenly collapse, resulted in investors losing more than N1.3 trillion making it one of the most devastating financial scams in the country’s history.”

    He said that the CBEX incident was not an isolated case, but part of an existing and growing pattern of unregulated and fraudulent schemes leveraging technology and social media to deceive the public.

    According to him, the schemes often employ tactics such as referral commissions, celebrity endorsements and fake testimonials to build credibility and drive recruitment.

    He said that it was worrisome that CBEX operated for an extended period without facing sanctions by either the Securities and Exchange Commission (SEC).

    He added that not even the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), or the Economic and Financial Crimes Commission (EFCC) sanctioned the operators of these ponzi schemes.

    Adetokunbo said that the growing sophistication of such fraudulent platforms, combined with high youth unemployment, widespread poverty, low levels of financial literacy and a lack of access to formal investment opportunities” make the Nigerian population increasingly vulnerable to such schemes”.

    According to him, Section 88(1) (a) and (b) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), empowers the National Assembly to conduct investigations into “any matter to which it has power to make laws.

    He also said that constitutional powers empowered the Senate to investigate failure of regulatory agencies to monitor and prevent the CBEX fraud and to propose necessary legislative or administrative reforms to forestall future occurrences.

    He said lack of coordinated oversight, real-time monitoring and strict enforcement by relevant agencies had created an enabling environment for such schemes to flourish

    He noted that this had eroded public trust in legitimate financial institutions and posed systemic risks to the economy.

    Adetokunbo said there was need for urgent public education to prevent further exploitation of unsuspecting citizens given increasing sophistication of Ponzi scheme operators and its devastating consequences of their actions.

    The motion, which was described as apt and germane, received overwhelming support from lawmakers such as senators Mohammed Monguno(APC-Borno),Adamu Alero (APC-Kebbi) Solomon Adeola (APC-Ogun) and Abdul Ningi (PDP-Bauchi) among others.

    President of the Senate, Godswill Akpabio said that the motion concerned all and that stringent measures and punishment should be put in place and meted to perpetrators of the schemes going forward.

    He also placed emphasis on the need to educate citizens to be weary of the ponzi schemes.

  • Investment scam: EFCC docks 2 CBEX operators

    Investment scam: EFCC docks 2 CBEX operators

    The Economic and Financial Crimes Commission (EFCC) on Monday, arraigned two of the detained Crypto Bridge Exchange (CBEX)’s operators at the Federal High Court in Abuja.

    The defendants, Awerosuo Otorudo and Chukwuebuka Ehirim, were arraigned before Justice Mohammed Umar on allegations bordering on illegal financial operations and unlicensed investment activities.

    They were arraigned on amended three-count charge marked: FHC/ABJ/CR/216/2025.

    They were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.

    When the matter was called, EFCC counsel, Fadila Yusuf, informed the court that the case was fixed for arraignment and that an amended charge had been filed.

    She prayed the court to substitute the earlier one with the amended charge filed on July 7.

    “We still rely on all the proof of evidence and other documents filed to prove our case,” she said.

    The defendants’ lawyer, Justice Otorudo, did not oppose the application and the judge ordered that the charge be read to them for them to take their plea.

    Otorudo and Ehirim, however, pleaded not guilty to the three counts.

    Yusuf applied that the defendants be remanded in a correctional centre pending the hearing and conclusion of the case.

    But the defence lawyer urged the court to consider a bail application filed on June 30 on his clients’ behalf.

    He argued that the defendants had not been previously convicted and had cooperated with the EFCC since being taken into custody on April 25.

    Otorudo argued that the defendants voluntarily submitted themselves for investigation upon learning that the EFCC was looking for them.

    “Since they did not interrupt the investigation process, it is evidence that they will not jump bail,” he told the court.

    He also argued that the charges against them were bailable and that there was no evidence showing that members of the public deposited funds with the defendants.

    He said counts two and three carry a punishment of up to five years imprisonment or an option of a fine.

    He further told the court that despite a publication on the EFCC’s website, alleging the defendants obtained one billion dollars by false pretence, there was “no such charge” before the court.

    Yusuf, in response, opposed the application.

    The EFCC’s lawyer, who said a counter affidavit had been filed in respect of the application, told the court that charges could be amended at any stage prior to judgment.

    She urged the court to weigh the seriousness of the alleged offences and consider whether the defendants would appear for trial if granted bail.

    “They only submitted after the court forced them to do so. If granted bail, they might not be found again because we have not seen others till date,” she argued.

    When the judge indicated readiness to pick a date for ruling on the bail application, the defence lawyer prayed the court to allow the defendants remain in EFCC custody.

    But Yusuf objected, arguing that having been arraigned, the defendants were now in court custody.

    Justice Umar, who ordered the duo to be remanded in Kuje Correctional Centre pending the ruling, adjourned the matter until July 18.

    In account one, the defendants were alleged to have, between January 2024 and May 2025, invited the public to deposit funds either for a fixed period or payable on call through Crypto Bridge Exchange (CBEX), promising returns of up to 88 per cent.

    The commission said they did this without obtaining written consent from the Securities and Exchange Commission (SEC).

    It said the act violates Section 1 of the Investment and Securities Act, 2025, and is punishable under Section 96(5).

    In count two, the EFCC alleged that the defendants, while not being a bank or authorised entity, invited the public via advertisements to deposit funds with CBEX.

    The alleged offence is said to contravene Section 44(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020, and is punishable under Section 44(2).

    Count three accused them of operating a specialised financial service, specifically an investment management scheme on CBEX, without a valid licence.

    This offence, the EFCC said, is contrary to Sections 57(1) and (2) of BOFIA, 2020, and punishable under Section 57(5).

    Justice Emeka Nwite of a sister court had, on April 24, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.

    The judge, who gave the order after the EFCC’s lawyer, Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

    The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

    Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

    In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.

    She said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

    Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

    Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant) and Chukwuebuka Ehirim (6th defendant) had been in the EFCC’s custody on investigation.

    Justice Nwite had, also on June 30, declined to grant the bail application filed by the three detained promoters of CBEX.

    Justice Emeka Nwite, in a ruling, held it was obvious that from the totality of the affidavit evidence of both parties, it was glaring that the character of evidence against the defendants was strong.

    Justice Nwite also held that due to the nature of the case, the EFCC obtained an order of remand of the defendants by court of competent jurisdiction.

    The EFCC, in the affidavit in support of the motion ex-parte filed before Justice Nwite, said sometimes in April 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.

    It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

    The agency said the preliminary investigation into the intel revealed the following:

    “That Messrs.Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making advert and lured unsuspecting members of public to invest crypto currencies on CBEX investment platform.”

    The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.

    “That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.

    “That the victims were initially given full access to the platform to monitor their investment.

    “That following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.

    “That the victims later discovered that the said scheme is a scam.

    “That during the course of investigation, it was discovered that the said ST Technologies International Limited though registered with the Corporate Affairs Commission (CAC), it was not registered with the security and Exchange Commission (SEC) for investment purposes.

    “That it was also discovered during investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”

    The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.

    According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam. It said it would be in the interest of justice to grant the application.

  • Again, SEC sounds warning on CBEX operations in Nigeria

    Again, SEC sounds warning on CBEX operations in Nigeria

    The Securities and Exchange Commission (SEC) says the Crypto Bridge Exchange (CBEX), operating under the corporate identity of ST Technologies International Ltd., remains banned in Nigeria.

    SEC, in a public notice issued on Wednesday, said that CBEX, also known as Smart Treasure/Super Technolog, had not been registered by the commission.

    The commission, however, advised the public to refrain from patronising or transacting any investment related business with the CBEX.

    The notice read, “The attention of the Securities and Exchange Commission has been drawn to media reports indicating that CBEX (Crypto Bridge Exchange), operating under the corporate identity of ST Technologies International Ltd, also known as Smart Treasure/Super Technology, has resumed operations across Nigeria.

    “According to the reports, CBEX promoters are demanding $200 from their subscribers with balances above $1,000 and $100 from those with less than $1,000 balances before withdrawals can be processed.

    “Unequivocally, neither CBEX nor ST Technologies International Ltd (or Smart Treasure/Super Technology) is registered with the commission or authorised to offer investment related services to the Nigerian public.

    “As a matter of fact, enforcement action has already been initiated against CBEX and its promoters following its previous unauthorised investment activities.

    “The commission is collaborating with relevant Law Enforcement Agencies to properly investigate CBEX/ST Technologies International Ltd. and will take appropriate actions in line with the provisions of the Investments and Securities Act 2025.

    “The Nigerian public is accordingly advised to REFRAIN from patronising or transacting with CBEX /ST Technologies International Ltd. (Smart Treasure or Super Technology) as they risk losing their funds.”

    The SEC advised the public to verify the registration status of investment platforms through the commission’s dedicated portal, www.sec.gov.ng/cmos, before transacting.

    It added that SEC remains committed to protecting investors and maintaining market integrity.

  • EFCC files charge against detained CBEX promoters

    EFCC files charge against detained CBEX promoters

    The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against two of the detained promoters of Crypto Bridge Exchange (CBEX) over allegations bordering on investment fraud to the tune of over one billion dollars.

    The two, in the charge marked: FHC/ABJ/CR/216/2025 and filed by EFCC lawyer, Fadila Yusuf, are Avwerosuo Otorudo and Chukwuebuka Ehirim listed as 1st and 2nd defendants.

    The commission, in the charge filed June 10 at the Federal High Court in Abuja, alleged that the two promoters were not duly incorporated under the Companies and Allied Matters Act (CAMA) nor licenced as a fund or portfolio manager by the Security and Exchange Commission (SEC).

    In the charge, the anti-graft agency accused the defendants of performing a transaction, between January 2024 and May 2025, for the purpose of administering a scheme with CBEX, an unregistered company.

    It said the offence is contrary to Section 158(1) of the Investment and Security Act, 2007 and punishable under Section 158 (2) of the same Act.

    Count two alleged that the duo, between January 2024 and May 2025, while not being a bank or person authorised to take deposit, invited the public through advertisement to deposit funds with CBEX contrary to Section 44(1) of the Banks and other Financial Institution Act, 2020 and punishable under Section 44 (2) of the same Act.

    In count three, the EFCC alleged that Otorudo and Ehirim, between the same period, carried on specialised business of other financial institution to wit: investment management scheme on CBEX, without a valid licence.

    The commission said the offence is contrary to Section 57(1) and (2) of the Banks and other Financial institution Act, 2020 and Punishable under Section 57 (5) of the same Act.

    The case is yet to be assigned to a judge.

    Justice Emeka Nwite had, on April 24, given the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the alleged fraud.

    The judge, who gave the order after the EFCC’s lawyer, Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

    The six suspects include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

    In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.

    She said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

    Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the suspects for proper investigation and prosecution of this case.”

    Olanipekun, Otorudo and Ehirim were said to have voluntarily surrendered themselves for investigation at the EFCC’s office after the court ruling.

    Alleged $1bn fraud: Court to rule on detained CBEX operators’ bail June 30

    Meanwhile, the Federal High Court in Abuja on Wednesday, adjourned the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX) in the alleged over one billion dollars fraud until June 30 for ruling.

    Justice Emeka Nwite fixed the date after counsel for the Economic and Financial Crimes Commission (EFCC), Fadila Yusuf, and the defence lawyers adopted their processes and argued their case for and against the application.

    Justice Nwite had, on April 24, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.

    The judge, who gave the order after the EFCC’s lawyer, Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

    The six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

    Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

    In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.

    She said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

    Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

    Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant) and Chukwuebuka Ehirim (6th defendant) had been in the EFCC’s custody on investigation.

    Upon resumed hearing on Wednesday, Babatunde Busari, who appeared for Abiodun, and Justice Otorudo, who represented Otorudo and Ehirim, informed the court that they had filed bail applications on their clients’ behalf.

    “We have a pending application dated 20th May, 2025 and filed same date. We are ready to proceed my lord,” Busari said.

    Otorudo equally told the court that he filed a bail application on behalf of 5th and 6th defendants (Otorudo and Ehirim) dated May 8 but filed May 9.

    Busari said though they were in receipt of the EFCC’s counter affidavit this morning, they were ready to proceed.

    “We will reply to the counter affidavit on points of law my lord,” he said.

    Busari said the bail application was brought pursuant to Sections 34, 35, 36, 41 and 46 of the constitution (as amended) and Sections 159, 259, 296 and 298 of the Administration of Criminal Justice Act (ACJA), 2015.

    He said the application sought an order granting Abiodun bail on liberal terms from the EFCC’s custody pending the preferment of charge if any against him.

    He said it also sought an interim order compelling the EFCC to produce him before the court for the purpose of the court granting him bail from commission’s custody as guaranteed by relevant sections of the law.

    Busari, while giving the grounds for the application, said the court  on April 24, issued an arrest warrant and a remand order against Abiodun and other persons in respect of CBEX.

    The lawyer, however, said that prior to April 24, Abiodun had, through his counsel, reached out to the EFCC on April 22 that he was ready to surrender himself for investigation, and that on April 28, he turned himself in for investigation.

    He said Abiodun, who is suffering from a severe ailment, had since been in custody of the anti-graft agency without bail since April 28, more than the statutory prescribed 14 days.

    He said the EFCC latched on to the facts that the order of the court did not prescribe time and could detain Abiodun for as long they wanted in breach of his right.

    Besides, he argued that no charge had been field against him for any infraction of the law in any competent court of law.

    Busari said though the prosecution served then with a counter affidavit earlier in the morning, he based his argument on two points of law.

    The lawyer argued that in the entirety of the counter affidavit, there was no averment that controvert Abiodun’s affidavit in support of the bail application, citing two previous cases to back his submission.

    Again he argued that though the totality of the EFCC’s counter affidavit was hinged on the arguement that Abiodun might likely jump bail, he reminded that Abiodun voluntarily surrendered himself to the commission.

    Besides, he argued that the country’s legal system recognises the presumption of a suspect as innocent until proven guilty and that the assumption that he might likely jump bail should not be a basis for bail denial.

    He said his detention for about 40 days contradicted Sections 295 and 296 of ACJA which stipulated 14 days for a remand order and another 14 days extension.

    The lawyer urged the court to grant their prayers.

    On his part, counsel to the 5th and 6th defendants, Otorudo also argued in the same vein.

    He said his application sought an order varying the earlier order granting the EFCC leave to arrest and detain his clients pending conclusion of investigation or possible arraignment/trial.

    The lawyer, who gave six grounds, said the 5th and 6th defendants voluntarily surrendered themselves to the investigation since April 25, and that up till date, they were still in custody without being admitted to bail.

    He said if granted bail, the applicants are willing and ready to be available for further investigation and attend court whenever it required.

    “We have four paragraphed affidavit in support. We also have two exhibits in urging my lord to grant the application.

    “By way of adumbration, we submit that my lord at this point will consider whether there are material facts to show whether the applicants will be available for trial,” he said.

    Otorudo disagreed with the EFCC’s argument on the severity of the charge.

    “We submit that the charge annexed as exhibit, in its totality, does not raise any severe offence that will deter the applicants from not .being granted bail.”

    He argued that the offences they are being charged with are bailable ones.

    He, therefore, prayed the court to use its discretion in their favour.

    Responding, Yusuf vehemently opposed their application bail.

    She said in response to Abiodun’s application, a five paragraph counter affidavit was filed with three exhibits.

    The EFCC’s lawyer observed that Abiodun, in his prayer, sought a bail pending the preferment of a charge against him.

    “Our submission is that this prayer has been overtaken by event as a charge has already been filed before this honourable court and we urge you to so hold,” she said.

    She also urged the court to discounbtenance the 5th and 6th defendants’ application for bail.

    According to Yusuf, all the defendants in this matter are being charged for offence of obtaining over N1 billion dollars, more than some states’ budgets in Nigeria.

    “It is in fact more than a budget of about 10 states joined together my lord,” she said.

    She said the commission was still receiving petitions from victims of the alleged fraud.

    The lawyer said though granting bail is at the discretion of the court, this should be done judiciously and judicially.

    “We urge my lord not to grant this application,” she concluded.

    EFCC, in the affidavit in support of the motion ex-parte, said sometimes in April 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.

    It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

    The agency said the preliminary investigation into the intel revealed the following:

    “That Messrs.Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making advert and lured unsuspecting members of public to invest crypto currencies on CBEX investment platform.”

    The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.

    “That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.

    “That the victims were initially given full access to the platform to monitor their investment.

    “That following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.

    “That the victims later discovered that the said scheme is a scam.

    “That during the course of investigation, it was discovered that the said ST Technologies International Limited though registered with the Corporate Affairs Commission (CAC), it was not registered with the security and Exchange Commission (SEC) for investment purposes.

    “That it was also discovered during investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”

    The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.

    According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam.

    It said it would be in the interest of justice to grant the application.

  • We will not relent – EFCC releases update on CBEX fraud

    We will not relent – EFCC releases update on CBEX fraud

    The Economic and Financial Crimes Commission (EFCC) has said it is making progress in its ongoing investigations of the alleged monumental fraud involving many actors in the infamous Crypto Bridge Exchange (CBEX) fraud.

    TheNewsGuru.com (TNG) reports the EFCC to have said on Wednesday that it is gaining important ground in its search for eight wanted persons implicated in the fraud.

    The commission in a statement disclosed the eight wanted persons as: Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, Adefowora Abiodun Olanipekun, Johnson Okiroh Ofienolu, Israel Mbalika, Joseph Michiro Kabera and Serah Michiro.

    The EFCC, however, confirmed that Ellie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information that does not support his inclusion in the wanted person’s list.

    The statement reads: “As part of its ongoing investigations of the alleged monumental fraud involving many actors in the infamous Crypto Bridge Exchange, CBEX, fraud, the Economic and Financial Crimes Commission, EFCC, is gaining important ground in its search for eight wanted persons implicated in the fraud.

    “The eight wanted persons are: Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, Adefowora Abiodun Olanipekun, Johnson Okiroh Ofienolu, Israel Mbalika, Joseph Michiro Kabera and Serah Michiro.

    “Ellie Bitar of CBEX Solutions Ltd., who was earlier declared wanted, has since been removed from the list owing to new information that does not support his inclusion in the wanted person’s list.

    “The Commission is making good progress in its investigations. Law enforcement agencies across the world are collaborating with it in tracking and arresting all the wanted persons. The EFCC will not relent in bringing every actor involved in the fraudulent dealings to book”.

  • CBEX: SEC blows hot, vows to deal with promoters of Ponzi schemes

    CBEX: SEC blows hot, vows to deal with promoters of Ponzi schemes

    The Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes.

    SEC’s Director-General, Dr Emomotimi Agama, gave the warning in a notice issued on Sunday in Abuja.

    He said the commission was working closely with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant government agencies to investigate and prosecute violators.

    According to Agama, the recently enacted Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered investment schemes.

    He urged celebrities, influencers, and bloggers to avoid endorsing such ventures or face legal consequences.

    “The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Agama stated.

    “We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities.”

    He reiterated that the SEC had the capacity, expertise, and legal backing to combat Ponzi schemes and protect the investing public.

    “We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he added.

    Agama cited the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, as a wake-up call.

    He described CBEX’s promises of doubling investments within a month and its false claims of global partnerships as clear indicators of fraud.

    “The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law,” he said.

    He urged Nigerians to always verify the authenticity of any investment opportunity with the SEC before committing funds, cautioning that “if it sounds too good to be true, it probably is.”

    Agama reaffirmed the commission’s commitment to investor protection and market development, encouraging citizens to consult licensed professionals and avoid get-rich-quick schemes.

    “The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early.

    “These proactive measures are designed to prevent large-scale frauds like CBEX from recurring,” he said.

    He concluded by highlighting the significance of the ISA 2025, describing it as a major step forward in securing the Nigerian investment landscape and building a resilient financial market.

  • Ponzi schemes: Our mumu never do? – By Francis Ewherido

    Ponzi schemes: Our mumu never do? – By Francis Ewherido

    In 1980 or 1981, I learnt a very important lesson that shaped my life. My father had given me “pocket money” and money for provisions for the new term. My brother, Ufuoma, escorted me to Igbudu Market, Warri, Delta State, to buy provisions. When we got to the market, we saw women doing “try your luck” (amateur gambling). Then greed got the better of me. I thought that I could double my provision money and buy more provisions. I decided to stake N1, then N2… (N1 could buy you five tins of sardine at 20k each then). Then Ufuoma noticed that the women were manipulating the table to ensure that I lost each round. He became insistent that we should leave. I would plead with him to allow me one more time. We were conversing in Urhobo and the women understood.  They would manipulate the table to ensure I won the next time. I would tell Ufuoma to allow me continue because I was winning. I wanted to win back the money I lost. Then I would go on a losing streak, then win intermittently. It continued until I had N2 left. We left and walked home. I almost died of hunger that term.

    But the experience was a blessing in disguise. Even as a young teenager, I saw the danger of greed. Forty-five years later, I have never gambled again. Then I learnt that greed is not enough to stop you from being scammed. Desperation can also make you vulnerable to scammers. So, you need to cure yourself of desperation. Later in life I started reading books on personal finance and financial literacy. I learnt that you should not put your money in any business you do not understand. You must acquire the knowledge of how the business operates and generates money or you get your fingers burnt. Acquiring the knowledge is no guarantee that it must be successful all the time, but it increases your probability of succeeding. A life devoid of greed, desperation and having knowledge of what you are investing in is a sure way of avoiding being scammed.

    Why I am going into this long introduction. You must have read about the latest collapse of a Ponzi scheme in Nigeria called CBEX, a digital trading platform with a Nigerian affiliate called Smart Treasure, which started from Ibadan. Last weekend, people who invested in the scheme could no longer access the platform or do transactions. In all depositors have allegedly lost 1.3trillion (about $847m)! Now, let us examine the three ways I have applied to stay safe since 1981. One, zero greed. I wiped greed out of my life after that my experience. I was greedy; that’s why those women at Igbudu Market scammed me. If you are not greedy, you make it very difficult for anybody to dupe you. The highest genuine returns on investments in Nigeria that I know are between 14 per cent to 20 per cent. These are the usual ROI (returns on investment). Of course, there are exceptional cases where people make more money. Someone bought a property. Less than a year later, someone who needed the property urgently offered almost double the amount he paid for the property. Of course, he sold it.

    Investors buy stocks and a short while later, something occurs and the stock price skyrockets. But these are not every day cases. In the case of most Ponzi schemes, they promise investors 100 per cent returns within a month. How is that possible? One hundred per cent ROI within a month? Which business is the company doing with your money? It doesn’t make sense. Don’t you ask questions, investigate or use common sense? Only greedy, desperate or dumb people put their money in such investments.

    Two, desperation. Many people are desperate to make quick money without regards for money making principles that have endured over time. Some people blame their desperation on the current hardship. I beg to disagree sir/ma. Some people have always been desperate to make quick money. This is not the first Ponzi schemes in Nigeria. There have been probably over a 100 Ponzi schemes in Nigeria in the last decade. Some, like MMM, were popular while some were less popular. Either way, Nigerians lost billions of Nigeria due to greed, desperation and ignorance. Tomorrow, another Ponzi scheme will crop up and people will invest and lose their hard earned money again.

    I learnt that CBEX originated in China, but you cannot rule out Nigerian collaborators. Who rented the office in Ibadan? And it looks like the CBEX people are not done with their “investors” They have told investors to pay between $100 and $200 to verify their names on the platform so that payment can commence. These guys are blood-sucking demons. I learnt another valuable lesson from a friend: Cut your losses and know when to do so.

    Three, education. Before investing your money in any business, you should learn about what you are investing your money in, and if you are investing through third parties, understand their business. I remember when I wanted to start investing in stocks, I spent money attending seminars where I was taught technical and fundamental analyses of stocks. When the stock market collapsed, like many other Nigerians, I lost money but it was not necessarily due to lack of knowledge. I remember some stocks I avoided because of my knowledge of stock analysis. One was a company that was into confectionary then. Their bread was good and my family favourite. Then I noticed a gradual depreciation in their service delivery. When their shares were listed in the stock exchange, it rose to N3.50. I avoided it like a plague. The share dropped to 50k before the company was eventually delisted from the stock exchange. There are other stocks like that I avoided because of my knowledge of stock analysis then.

    Now, who are the owners and directors of CBEX?  They are not yet known. All we have heard is that CBEX is from China. Yet people entrusted CBEX with thousands of dollars. Some people sold houses and other assets to invest. No now! It doesn’t make sense. In the past, even some microfinance banks and finance houses of owners and directors we knew packed up and people lost billions of naira, not to talk of Ponzi schemes with faceless promoters.   Wise up.

    In the meantime, the Economic and Financial Crimes Commission (EFCC), has assured the investors that the commission will help them recover their money. It said it is already on the matter. It has spread its dragnet. That would be great, but my worry is that is the money still there? The way Ponzi schemes like this work is that they scarcely do any trading. They rely on new “investors” to subscribe. They use the money to pay those whose payments are due. They continue with the false narrative of trading until they drag enough “investors” and cash into their dragnet. They cash out and the platform collapses, leaving investors weeping and gnashing their teeth, while some commit suicide or die of heart attack and stroke. I hope EFCC will deliver as it promised.

  • REVEALED! Names, faces behind CBEX massive fraud

    REVEALED! Names, faces behind CBEX massive fraud

    The names behind CBEX digital platform that defrauded many Nigerians have been exposed.

    What many saw as a fast track to wealth has ended in financial ruin for thousands of Nigerians who invested in CryptoBridge Exchange (CBEX), a now-defunct cryptocurrency investment scheme.

    The fraudulent platform, which masqueraded as a legitimate digital asset exchange, reportedly collapsed in April, locking out investors and vanishing with an estimated N1.3 trillion.

    Early signs of the collapse were noticed when investors could no longer access their profiles, signaling they had been locked out without warning. Despite initial skepticism, it became clear that CBEX had crumbled, leaving behind heartbreak, confusion, and financial devastation.

    The Economic and Financial Crimes Commission (EFCC) has since begun investigating the scheme and its operators, vowing to recover funds lost by unsuspecting investors. The Securities and Exchange Commission (SEC) also stepped in, declaring on Thursday that CBEX was never registered to operate within Nigeria’s capital market.

    “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange,” the SEC stated via X, formerly Twitter.

    According to the SEC, CBEX promoted false narratives of legitimacy to attract public investments, promising unrealistic returns within short timeframes. However, the scheme failed to honour withdrawal requests and abruptly shut down its physical locations, intensifying suspicions of fraud.

    CBEX operated in Nigeria under the guise of ST Investment Co., Ltd, reportedly owned by 55-year-old British national Harold David Charles. Through strategic media publications in late January, Charles was introduced to the Nigerian public as an investment guru. These publications emphasized a supposed partnership between ST Investment and CBEX, claiming the alliance would offer a safe and efficient digital asset environment.

    While CBEX itself was never registered in Nigeria, it was floated by ST Technologies International, which held a Corporate Affairs Commission (CAC) registration and an anti-money laundering certificate from EFCC’s Special Control Unit Against Money Laundering (SCUML). Other affiliated names included Smart Treasure and Super Technology—interestingly, all sharing the initials “S.T.”

    Prominent among CBEX’s local promoters were Adefowora Abiodun and Oluwanisola Adefowora, suspected to be either siblings or a couple. They spearheaded campaigns and seminars encouraging Nigerians to abandon salaried jobs and invest in CBEX.

    Other figures associated with the scheme included Seyi Oloyede, Emmanuel Uko, and Victor Solomon—who was named team lead in a promotional video but has since gone incommunicado.

    Targeting Schools and Gaining Public Trust

    Beyond hotel seminars and roadshows, CBEX promoters sought public trust through sponsorships. On February 10, the scheme sponsored an inter-house sports event at MAXFEM International Schools, Lagos. The school’s “Yellow House” was renamed “ST CBEX House” in exchange for a N400,000 sponsorship.

    Speaking to reporters, the school’s owner, Olufemi Stephen Oguntola, said he had no prior knowledge of CBEX. The connection was facilitated through a friend, who himself reportedly lost $10,000 to the scheme. Oguntola admitted to not conducting any background checks before accepting the sponsorship.

    The sponsor, identified as Temitayo Oke from Ibadan, has since gone underground. His phone has remained unreachable, and he has not responded to calls or messages.

    As the investigation continues, the CBEX collapse serves as a stark reminder of the risks associated with unregulated investment platforms, particularly in the fast-evolving crypto space. Regulatory agencies urge the public to verify the legitimacy of any financial investment with authorized bodies before committing their funds.