The Federal High Court sitting in Abuja has postponed its decision on the bail requests of three detained executives associated with Crypto Bridge Exchange (CBEX) until June 30, 2025.
Justice Emeka Nwite announced the new date following the conclusion of arguments presented by both the Economic and Financial Crimes Commission (EFCC), represented by Fadila Yusuf, and the defence counsel for the accused.
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The matter traces back to April 24, when Justice Nwite granted the EFCC’s application to detain six CBEX operators on suspicion of large-scale fraud. The EFCC had secured the court’s ex-parte order to keep the suspects in custody while investigations and possible legal proceedings were ongoing.
Later, the commission issued a wanted notice for all six individuals, citing their alleged roles in a fraudulent investment scheme that reportedly exceeded $1 billion. The individuals named were Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
Filed on April 23, the EFCC’s ex-parte motion detailed four key reasons supporting the application, including the commission’s legal obligation to curb financial crimes. The affidavit filed along with the motion emphasized that the suspects were evading authorities and required arrest to advance investigations.
Eventually, three of the accused—Abiodun (1st defendant), Otorudo (5th defendant), and Ehirim (6th defendant)—turned themselves in to the EFCC and have remained in detention since.
According to the EFCC, the suspects and their firm, ST Technologies International Limited, operated CBEX to deceive investors with promises of unrealistic profits, reportedly as high as 100%. Victims were allegedly encouraged to convert various digital currencies into USDT, a stablecoin, which was then funneled into wallets controlled by the accused. After collecting more than $1 billion in deposits, access to the investment platform was abruptly cut off, leaving investors unable to retrieve their funds.
Further investigation, the EFCC stated, revealed that although ST Technologies was registered with the Corporate Affairs Commission, it lacked the required authorization from the Securities and Exchange Commission to carry out investment activities.
During Wednesday’s hearing, defence counsel Babatunde Busari, representing Abiodun, appealed for bail on constitutional grounds, highlighting that his client had willingly submitted himself to the authorities and had remained in custody beyond the legally permitted timeframe without formal charges.
Lawyers for Otorudo and Ehirim echoed similar arguments, emphasizing their clients’ voluntary surrender and expressing their readiness to assist with the investigation.
In contrast, EFCC lawyer Fadila Yusuf urged the court to deny bail, arguing that the defendants were facing serious charges, including defrauding investors of over $1 billion—an amount she noted surpasses the annual budgets of several Nigerian states. She pointed to the ongoing deluge of complaints from affected investors as further justification for continued detention.
Justice Nwite will deliver a ruling on the bail applications on June 30.
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