The Federal High Court in Abuja has adjourned ruling on the bail applications of three detained promoters of Crypto Bridge Exchange (CBEX) accused in a $1 billion fraud case. The decision, expected on June 30, comes after arguments from both the Economic and Financial Crimes Commission (EFCC) and defence counsel on Wednesday.
Justice Emeka Nwite set the date after EFCC’s counsel, Fadila Yusuf, and defence lawyers adopted their motions and presented their arguments.
On April 24, Justice Nwite had granted the EFCC permission to detain six CBEX operators pending investigation into the alleged fraud. The suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
According to court filings, the EFCC said, “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”
As of Wednesday’s hearing, Abiodun, Otorudo, and Ehirim were already in EFCC custody. Abiodun’s lawyer, Babatunde Busari, said they filed a bail application on May 20 and were ready to proceed, despite only receiving the EFCC’s counter affidavit earlier that day.
“We have a pending application dated 20th May, 2025 and filed same date. We are ready to proceed my lord,” Busari stated.
He argued the EFCC has detained Abiodun for over 40 days—far exceeding the 14-day statutory period without a formal charge.
Busari maintained, “Abiodun voluntarily surrendered himself to the commission” and that there was no substantial reason to assume he would flee if granted bail. He cited constitutional provisions and sections of the Administration of Criminal Justice Act (ACJA) to support his case.
Otorudo, representing the 5th and 6th defendants, made a similar argument, stating, “The 5th and 6th defendants voluntarily surrendered themselves to the investigation since April 25, and that up till date, they were still in custody without being admitted to bail.”
He emphasized that the charges were bailable and added, “We have four paragraphed affidavit in support. We also have two exhibits in urging my lord to grant the application.”
EFCC’s Yusuf, however, opposed all bail requests. “Our submission is that this prayer has been overtaken by event as a charge has already been filed before this honourable court and we urge you to so hold,” she stated, referring to Abiodun’s application.
Yusuf stressed the gravity of the alleged offense, saying, “It is in fact more than a budget of about 10 states joined together my lord,” noting that petitions from more victims were still being received.
The EFCC claimed the suspects used their company, ST Technologies International Limited, in partnership with CBEX, to lure people into investing in cryptocurrency schemes that promised returns of up to 100%. Once over $1 billion had been deposited, the platform allegedly became inaccessible to investors.
The EFCC said, “That following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.”
Further investigation reportedly revealed that although ST Technologies was registered with the Corporate Affairs Commission (CAC), it had no registration with the Securities and Exchange Commission (SEC) for investment operations.
Justice Nwite is expected to deliver his ruling on the bail applications on June 30.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
