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EFCC Secures Arrest Warrant For Six CBEX Promoters Over ‘$1bn Fraud‘
A federal high court in Abuja has granted permission to the Economic and Financial Crimes Commission (EFCC) to arrest and detain six Crypto Bridge Exchange (CBEX) promoters over allegations of investment fraud to the tune of over one billion dollars.
Emeka Nwite, the presiding judge, gave the order following an ex parte application moved by Fadila Yusuf, counsel to the EFCC.
In the application by the EFCC, the six suspects are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
The commission sought an order of the court for a warrant of arrest of the defendants.
They also prayed the court for “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution”.
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.
In the affidavit in support of the motion, the EFCC said preliminary investigation into the intel revealed that the defendants “using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making adverts and lured unsuspecting members of the public to invest crypto cryptocurrencies on the CBEX investment platform”.
The EFCC said the defendants promised an unrealistic return on investment of up to 100 percent.
“The victims were made to convert their digital assets into a stablecoin of USDT for onward deposit into the suspects’ crypto wallet,” Yusuf said.
“The victims were initially given full access to the platform to monitor their investment.
“Following the deposits valued at over $1 billion by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.
“The victims later discovered that the said scheme is a scam.
“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 Securities and Exchange Commission (SEC) for investment purposes.
“It was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun states.”
The anti-graft agency said obtaining a warrant of arrest was necessary in order to place the defendants on a watch list, enabling authorities to trace and apprehend the suspects to face the charges brought against them.
Nwite granted the request for a warrant of arrest and remand, adding that the order was necessary to enable the commission to apprehend the defendants and conclude its investigation.
“I have listened to the submission of the learned counsel for the applicant,” Nwite said.
“I have also gone through the affidavit evidence with exhibits thereto, 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.”
Daniel Bwala, special adviser to President Bola Tinubu on policy communication, says former Vice-President Atiku Abubakar should accept that presidency may not be his destiny.
Bwala spoke on Monday during an interview on TVC, where he addressed issues surrounding political succession and the future of opposition politics in the country.
He asked Abubakar to embrace reality and collaborate with President Tinubu in building the country.
“If I have the opportunity to meet him face to face, what I will tell him is just this: ‘Your Excellency, Alhaji Atiku Abubakar, you have to believe in destiny,’” Bwala said.
“God gives power to whomsoever He chooses. And it seems from the facts on the ground that it may not have been the will of God for you to govern Nigeria.”
He advised the former presidential candidate of the Peoples Democratic Party (PDP) to align himself with Tinubu’s administration to leave a lasting legacy, “even if it is realised through another person”.
“There are many other ways you can contribute. Since you have been a friend to President Bola Tinubu for many years, come together and bring your contribution towards the Nigeria that both of you wanted to create for the Nigerian people,” he said.
“Your legacy will be that in your political dying days, you will be able to achieve some of your dreams, albeit through your friend.
“But if he insists that he wants to run and he wants to become the president, as we have already seen it playing out, his political ending might not be as palatable as he’s thinking.
“Right now, from his political family, he has lost substantial people, probably 60 to 70 percent.”
Bwala added that younger politicians who once followed Abubakar are now determined to seek power in their own right and have shown no signs of retreating.
The presidential aide’s remarks come amid a gale of defections from opposition parties to the All Progressives Congress (APC).
There are speculations that some governors of the opposition parties may soon join the APC.
In March, Abubakar said he was unsure about contesting the 2027 presidency, adding that there must be a viable platform.
The Nigerian Postal Service (NIPOST) says it will no longer accept cash payments at its post office counters nationwide from July 1, as part of new reforms aimed at modernising the agency.
In a statement on Monday, Franklin Alao, NIPOST’s director of corporate communications, said the transition to a cashless system is one of several initiatives under a reform agenda themed “Change of Renewed Hope Berths at NIPOST Shores”.
Alao said the new direction aligns NIPOST with global best practices, the demands of Nigeria’s growing digital economy, and President Bola Tinubu’s renewed hope agenda.
“Beginning July 1, 2025, all Post Offices counters nationwide will no longer accept cash payments for their services. Customers will be required to use approved electronic channels for all transactions,” the statement reads.
“This is a crucial step in our modernization journey — one that ensures safer, faster, and more transparent service delivery.”
The director said the core of the transformation is NIPOST’s dedication to evolving into a modern postal service guided by innovation, accountability, value creation, and a commitment to service excellence.
“We are assuring Nigerians of a revitalised NIPOST that delivers superior service and embraces the future,” he said.
Alao announced plans to introduce a performance-based reward and recognition system to encourage excellence, alongside disciplinary measures aimed at promoting integrity within the agency.
NIPOST expressed appreciation to Bosun Tijani, minister of communications, innovation and digital economy, for his “unwavering support and leadership”.
The organisation also commended Isaac Kekemeke, the newly appointed chairman of the NIPOST board, and Tola Odeyemi, the postmaster general and chief executive officer (CEO), for their efforts in driving reforms, improving staff welfare, and boosting capacity development.
NIPOST added that with the initiatives, the postal service aims to position itself as a forward-looking, tech-driven institution playing a central role in Nigeria’s digital advancement by “Connecting Nigeria, Delivering Solutions, and Improving Lives”.
The Economic and Financial Crimes Commission (EFCC) has denied a viral report claiming it disclosed the reasons behind the detention of controversial social media commentator VeryDarkMan (VDM).
The activist was detained on Friday after visiting a Guaranty Trust Bank (GTB) branch in Abuja with his mother to address alleged unauthorised withdrawals from her account.
Human rights lawyer Deji Adeyanju later revealed that VDM’s arrest followed a petition filed by a magistrate in Abuja.
However, on Monday, BBC Pidgin quoted Dele Oyewale, EFCC spokesperson, as saying the activist was arrested based on petitions filed by some individuals who had grievances against him.
When asked if the petitions were related to GTB, Oyewale was quoted to have said the complaints came from different individuals and that the EFCC has a responsibility to protect them.
“We arrested him to respond to a series of allegations raised against him by some petitioners,” Oyewale was quoted as saying.
“We will release him once he meets the bail conditions, and we will take the case to court as soon as possible. We are law-abiding.”
Following his detention, supporters and associates of VeryDarkMan took to social media to campaign for his freedom.
Former Labour Party presidential candidate Peter Obi condemned VDM’s arrest, calling it a “disregard for the rule of law and human rights”.
Atiku Abubakar, the former vice-president, expressed his disappointment with the “continued detention” of the activist without formal charges, describing it as a “violation of his constitutional rights and a sign of growing authoritarianism” in the country.
Davido also joined the outcry, praising the widespread support for VeryDarkMan as “proof that genuine activism impacts lives”.
However, shortly afterward, the commission denied speaking with BBC Pidgin.
The EFCC, which has stayed quiet about the activist’s detention and is yet to respond to TheCable Lifestyle’s inquiries, dismissed the BBC Pidgin report as “fake news” in a post via X.