The Federal High Court in Abuja has granted bail to two promoters of the now-defunct Crypto Bridge Exchange, CBEX, while another key suspect remains in detention pending a bail ruling.
Justice Mohammed Umar of the Federal High Court admitted Awerosuo Otorudo and Chukwuebuka Ehirim to bail in the sum of ₦10 million each.
The court ruled that each defendant must provide two sureties who own verifiable property of equal value within the court’s jurisdiction.
The sureties’ residences are also subject to verification by the court registrar. Trial has been adjourned to October 13, 2025.
Otorudo and Ehirim were arraigned by the Economic and Financial Crimes Commission, EFCC, on a three-count amended charge marked FHC/ABJ/CR/216/2025.
They are accused of operating illegal investment schemes and promising returns of up to 88 percent to unsuspecting investors without approval from the Central Bank of Nigeria or the Securities and Exchange Commission.
In a related matter, the EFCC also arraigned Adefowora Abiodun, Managing Director of ST Technologies International Limited, who allegedly masterminded the CBEX scheme.
Abiodun was charged alongside his company in an eight-count amended charge (FHC/ABJ/CR/215/2025), involving offenses including obtaining by false pretense, money laundering, and illegal financial operations.
Abiodun, who has been in detention for 80 days, pleaded not guilty. His counsel, Babatunde Busari, appealed to the court for bail, presenting a medical report that indicated Abiodun needs urgent eye surgery.
“He voluntarily submitted to the EFCC for investigation. We respectfully urge the court to grant him bail in the interest of justice,” Busari argued.
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However, EFCC prosecutor Fatsuma Mohammed opposed the application, arguing that the seriousness of the alleged offenses makes the suspect a flight risk.
“The charge carries up to seven years’ imprisonment. That is sufficient incentive for the defendant to abscond,” she said.
Justice Umar postponed ruling on the bail application to July 25 and ordered that Abiodun be held in EFCC custody in the meantime.
CBEX, one of several high-profile digital investment platforms that collapsed in early 2025, is accused of defrauding Nigerians of more than $1 billion.
According to the EFCC, CBEX lured investors by promising up to 100% returns on stablecoin deposits, specifically USDT (Tether).
Investors were granted access to a digital platform to monitor their returns, but soon found themselves locked out, unable to withdraw their funds.
Further investigations revealed that ST Technologies, while registered with the Corporate Affairs Commission, lacked the required investment licensing from the SEC.
The EFCC stated that CBEX’s operations were purely fraudulent, structured to deceive users into converting their assets into crypto wallets operated by the suspects.
Justice Emeka Nwite, in an earlier ruling dated April 24, 2025, had granted EFCC’s request to detain six suspects in the case, including Abiodun, Otorudo, and Ehirim.
On June 30, Justice Nwite declined a bail application for the trio, citing strong evidence against them and concerns over their willingness to appear in court.
The EFCC also revealed that the accused had moved out of their known addresses in Lagos and Ogun States during the course of investigation, prompting the issuance of warrants to place them on a red watch list.
NAN
