Alleged $1b fraud: Suspected CBEX promoter surrenders to EFCC
One of the suspected promoters of Crypto Bridge Exchange (CBEX), Adefowora Abiodun Olanipekun, who was recently declared wanted by the Economic and Financial Crimes Commission (EFCC), has voluntarily surrendered to the commission to aid investigation.
This was as EFCC, Kano Zonal Directorate, began investigation of $86,500, €200 and 305,150 Saudi Arabia Riyal (SAR) confiscated by officers of the Nigeria Customs Service (NCS) at the Mallam Aminu Kano International Airport (MAKIA), Kano.
Meanwhile, Justice Jude Onwuegbuzie of the Federal Capital Territory (FCT) High Court, Apo, Abuja, yesterday, dismissed an application filed by former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, to reclaim a vast estate in Abuja comprising 753 duplexes and apartments.
Olanipekun, among the four individuals earlier declared wanted by the EFCC over alleged involvement in a fraudulent investment scheme valued at over $1 billion, turned himself in, yesterday, and expressed willingness to cooperate with investigators.
Accompanied by his lawyers, the suspect arrived at the EFCC headquarters about 4.00 pm. EFCC had declared Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Olanipekun wanted in connection with the scam linked to CBEX.
Last Thursday, the Federal High Court in Abuja granted the EFCC permission to arrest and detain six suspected CBEX promoters pending the conclusion of investigations and possible prosecution.
Justice Emeka Nwite issued the order following an ex parte motion filed by EFCC counsel, Fadila Yusuf. In granting the application, Nwite said: “I have listened to the submission of the learned counsel for the applicant (EFCC). I have also gone through the affidavit evidence and exhibits, along with the written address. I am satisfied that the application is meritorious and hereby grant it as prayed.”
The suspects named in the court order include Olanipekun, Oluwanisola, Uko, Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim, listed as first to sixth.
Counsel to the suspect, Babatunde Busari, said his client decided to submit himself for investigation to clear his name and correct the false narrative widely held in the media.
THE foreign currencies were discovered in an unaccompanied bag suspected to have been smuggled into the country and intercepted on Sunday, April 27, 2025 when a clearing agent, Sale Bala, attempted to retrieve the bag.
Upon physical inspection, Customs officers uncovered the currencies concealed in duvets and date packs tucked in the luggage. Further investigation led to the arrest of Bala and a second suspect, Abdullahi Tahir, who was reportedly tasked with receiving the bag after clearance.
The money was handed over to the EFCC by Chief Superintendent of Customs (CSC), Abdulahi Hashim, and received by Assistant Commander of the EFCC II, Aminu Bashir.
EFCC Spokesperson, Dele Oyewale, disclosed that the suspects and the seized funds were in the custody of the commission and would be charged to court upon conclusion of investigations.
On Saturday, April 26, the EFCC, Independent Corrupt Practices and other related offences commission (ICPC) and NCS jointly organised a sensitisation programme to educate all stakeholders about cash movement in and out of Nigeria on the legal requirements for the movement of cash, according to Nigerian laws.
THE Abuja estateon Plot 109, Cadastral Zone CO9, Lokogoma District, Abuja, measures 150,462.84m2. EFCC had secured an interim and subsequently a final forfeiture order of the property in favour of the Federal Government.
Although the estate was initially recovered from an unnamed former senior government official, Emefiele, through his lawyer, A.M. Kotoye, filed a motion as an interested party.
He sought an extension of time to apply to set aside the interim and final forfeiture orders made by the court on December 2 and December 24, 2024, respectively.
The former CBN governor contended that the entire forfeiture process was conducted without his knowledge and alleged that the EFCC published the interim forfeiture notice in an obscure section of the Punch newspaper, making it difficult for him to respond timely.
He argued that he had been standing trial in three separate criminal cases across different courts in Abuja and Lagos during the relevant period, making it practically impossible for him to discover the publication.
In his ruling, Justice Onwuegbuzie emphasised that while the principle of functus officio (a court becoming powerless after delivering judgment) was argued, the court retained the authority to review its decisions under appropriate circumstances.
The judge noted that Section 17(2) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, governs notice requirements in forfeiture proceedings.
