Nigeria’s EFCC Authorizes Arrest of Six CBEX Promoters Over Alleged ₦1.3 Trillion Ponzi Scheme

A federal high court in Abuja has granted Nigeria’s Economic and Financial Crimes Commission (EFCC) permission to arrest six individuals linked to the Crypto Bridge Exchange (CBEX) case. Judge Emeka Nwite approved the request following an ex parte application by EFCC counsel Fadila Yusuf.

The suspects—Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chuk—are wanted in connection with an alleged ₦1.3 trillion ($2.8 billion) Ponzi scheme. The EFCC’s public notice describes CBEX as a fraudulent investment platform operating under the guise of cryptocurrency trading.

This development marks Nigeria’s latest crackdown on crypto-related financial crimes, following previous enforcement actions against unlicensed exchanges and pyramid schemes. The case highlights growing regulatory scrutiny of digital asset operations in Africa’s largest economy.