Abuja, April 24, 2025 – The Federal High Court sitting in Abuja on Thursday ordered the arrest and remand of six promoters of CBEX, the recently failed Ponzi scheme.
Justice Emeka Nwite, the Presiding Judge, gave the order following the an ex parte motion filed by the Economic and Financial Crimes Commission (EFCC) alleging that the scheme operators perpetrated over $1 billion fraud.
It alleged that the defendants used a company called ST Technologies to promote CBEX through which it lured Nigerians to invest in CBEX.
The EFCC also alleged that over N1.3 trillion was lost by some Nigerians who invested in the scheme.
The six defendants are Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others.
