The Federal High Court in Abuja on Monday granted bail to two detained promoters of Crypto Bridge Exchange in the sum of N10 million each, with two sureties each in like sum.
Justice Mohammed Umar granted bail to Avwerosuo Otorudo and Chukwuebuka Ehirim, with the condition that the sureties must own property worth the bail sum within the jurisdiction of the court.
He further ordered that the addresses of the sureties be verified by the court registrar.
CBEX is a digital platform that became defunct after collecting billions of naira from investors.
Following widespread public outcry after the platform mysteriously disappeared along with investors’ funds, the Economic and Financial Crimes Commission (EFCC) approached Justice Emeka Nwite on April 24, seeking an order to arrest and detain six CBEX promoters over alleged fraud.
Justice Nwite granted the request after the EFCC filed an ex parte motion. He ruled that the suspects be detained pending the conclusion of investigations and potential prosecution.
The six suspects named in the application are Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, listed as 1st to 6th defendants respectively.
In the motion ex parte dated April 23, and filed by EFCC counsel, Fadila Yusuf, the Commission stated four grounds for its application. Yusuf noted that the EFCC has a statutory mandate to prevent and detect financial crimes through investigations.
She submitted that “the defendants are at large and a warrant of arrest is required to apprehend them for proper investigation and prosecution.”
According to an affidavit filed in support of the motion, the EFCC said it received intelligence in April 2025 about an alleged investment scheme fraud involving the defendants.
It alleged that the defendants and their company, ST Technologies International Limited, used another company, Crypto Bridge Exchange, to carry out the fraudulent scheme.
The EFCC stated that the defendants promised unrealistic returns on investments—up to 100 per cent.
“That the victims were made to convert their digital assets into a stablecoin, USDT, for onward deposit into the suspects’ crypto wallet.
“That the victims were initially given full access to the platform to monitor their investments.
“That after deposits valued at over one billion dollars were made, the CBEX investment platform became inaccessible, and the victims could no longer withdraw their funds.
“That the victims later discovered that the said scheme was a scam.
“That during the course of investigation, it was discovered that ST Technologies International Limited, though registered with the Corporate Affairs Commission, was not licensed by the Securities and Exchange Commission to operate as an investment firm.
“That it was also revealed that the defendants had vacated their last known addresses in Lagos and Ogun States.”
The EFCC stated that a warrant of arrest was necessary to place the defendants on the red watch list to facilitate their apprehension and prosecution.
The Commission asserted that its investigation established a prima facie case of investment fraud and that granting the application would serve the interest of justice.
Following the court’s order, Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant), and Chukwuebuka Ehirim (6th defendant) were detained in EFCC custody for investigation.
The trio applied for bail before Justice Nwite on June 30, but the application was denied.
In his ruling, Justice Nwite held that from the totality of the affidavit evidence presented by both parties, the weight of evidence against the defendants was strong.
He also noted that, due to the nature of the case, the EFCC had obtained a remand order from a competent court.
Meanwhile, Otorudo and Ehirim filed a separate bail application before Justice Umar.
At the last hearing on July 7, the court reserved ruling after hearing arguments from their counsel, Justice Otorudo, and opposition from EFCC counsel, Fadila Yusuf.
In delivering his ruling on Monday, Justice Umar granted bail to the duo but adjourned the matter until October 13, for the commencement of trial.
The two defendants were arraigned by the EFCC on an amended three-count charge, marked FHC/ABJ/CR/216/2025, bordering on illegal financial operations and unlicensed investment activities.
They were accused of collecting public funds and promising up to 88 per cent returns on investment without obtaining the necessary regulatory approval.
In a separate proceeding, the EFCC arraigned the 1st defendant, ST Technologies International Limited, and its Managing Director, Adefowora Abiodun (2nd defendant), on an amended eight-count charge dated July 9 and marked FHC/ABJ/CR/215/2025.
Justice Umar fixed July 25 for ruling on Abiodun’s bail application after hearing submissions following the defendants’ arraignment.
The charges include allegations of obtaining money by false pretence, money laundering, and operating a financial institution without a licence from the Central Bank of Nigeria or registration with the SEC.
The defendants pleaded not guilty to the amended charges.
Defence counsel, Babatunde Busari, informed the court of a bail application filed on behalf of Abiodun on June 30 and urged the court to grant bail on liberal terms.
Busari argued that the charges were bailable and that Abiodun had voluntarily submitted himself to the EFCC for investigation.
He also presented a medical report showing that the defendant had an urgent eye condition requiring surgery, which he had been unable to access during 80 days in detention.
“We, therefore, urge the court to admit the defendant to bail, noting that the total monetary value of the claims is around N20 million,” Busari said.
He prayed the court to release Abiodun to him for the purpose of bail.
However, EFCC counsel, Fatsuma Mohammed, strongly opposed the bail application, citing a counter-affidavit filed on July 7.
She urged the court to refuse bail and instead order an expeditious trial, stating that investigation was concluded and the prosecution was ready.
When asked by the judge whether the offence was bailable, Mohammed responded: “The section under which the defendant is charged carries a sentence of seven years upon conviction, which is sufficient to create a flight risk.”
Justice Umar subsequently adjourned the matter to July 25, for ruling and ordered that Abiodun remain in EFCC custody pending the outcome of the bail application.
The Punch
