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.”

..calls for the release of revitalization fund

..plans emergency meeting to reject money
… accuses Minister of double standard

The Academic Staff Union of Universities (ASUU) has faulted the federal government’s claims of releasing 50 Billion Naira to the union as Academic Earned Allowance (AEA) meant for the settlement of members of the body’s outstanding indebtedness.

ASUU said it is yet to receive any correspondence from the government relating to the widely reported release of 50 Billion as an earned allowance.

It noted that even if the reported 50 Billion were to be true, ASUU’s demand is for proper funding of the university system with the immediate implementation of the 2009 agreement bordering on the release of 220 billion naira annually as revitalization fund, and not for the release of a partly 50 Billion that fall far below expatriation.

A highly dependable source who spoke with our correspondent during a visit to the ASUU Secretariat, located within the University of Abuja campus in Giri, Gwagwalada, on an anonymous condition because he is not authorized to speak on behalf of the union, revealed that some members of the body have frowned on the claims by the federal government to have released 50 Billion Naira to the union as Earned Allowance.
He disclosed that the leadership of ASUU is already studying the development and would soon make its position public.
He, however, stated that ASUU National President, Prof. Emmanuel Osodeke is deeply concerned over the media reports on the issue, adding that 50 Billion is grossly inadequate and wasn’t part of the demands of the union.

According to him, the union’s position is that the government should, as a matter of urgency, release 220 Billion naira annually as a universities revitalization fund and also provide about 150 billion as Earned Allowance owed to members of the union.
He further revealed that feelers from the members of the National Executive Council (NEC), the union will outrightly reject the 50 Billion Naira said to have been released as earned allowance, if it becomes clear that such money was released to the union.
The source who enjoys the privilege of attending ASUU’s NEC meetings, noted that the union is unhappy with how the government ignored it and broke the news of the release of the money to the media, whereas it’s yet to receive any Correspondence from the Ministry of Education patterning to the release of such money.
He said ASUU believed that the Minister of Education, Dr. Tunji Alausa, was playing politics over the implementation of the 2009 agreement entered into between ASUU and the federal government.
Our source also faulted the widely reported release of 50 Billion Naira; saying that 50 Billion has never been part of its demands. ” The ideal thing is that the government should release the agreed funds for the Universities revitalization project. What we asked for as earned allowance is about 150 Billion Naira. So, how did they arrive at the 50 Billion that is said to have been released to us?’ Do not make any mistake, we will reject this. We wants need assessment projects in the universities to go on.
The projects, when completed will improve the teaching and learning environment at the campuses and solve the problem of decaying infrastructure “.

The Minister of State for Defence, Dr Bello Muhammad Matawalle, hosted a delegation from the United States Embassy, led by Colonel Tom Brooks, the US Defence Attaché in Nigeria, at the Ministry of Defence in Abuja on Wednesday.

This was according to a statement by the minister’s Personal Assistant for Media, Ahmad Dan-Wudil.

The statement noted that yhe discussions centred on deepening the existing military-to-military cooperation between the Nigerian Armed Forces and their US counterparts.

The meeting, held at the Ship House headquarters, underscored both nations’ commitment to enhancing defence collaboration.

Ambassador Gabriel Tanimu Aduda, the Permanent Secretary of the Ministry of Defence, alongside directors and senior military officers, also attended the talks.