The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against two detained promoters of the Crypto Bridge Exchange (CBEX), over an alleged investment fraud scheme amounting to over $1 billion.
The charge, marked FHC/ABJ/CR/216/2025, was filed on June 10 at the Federal High Court, Abuja, by EFCC counsel Fadila Yusuf. The accused are identified as Avwerosuo Otorudo and Chukwuebuka Ehirim.
According to the EFCC, the duo were neither incorporated under the Companies and Allied Matters Act (CAMA) nor licensed as fund or portfolio managers by the Securities and Exchange Commission (SEC).
The anti-graft agency alleged: “The defendants performed transactions between January 2024 and May 2025 for the purpose of administering a scheme with CBEX, an unregistered company.”
The agency added that the offence contravenes Section 158(1) of the Investment and Securities Act, 2007, and is punishable under Section 158(2) of the same Act.
In count two, the EFCC claimed: “Between January 2024 and May 2025, the defendants, while not being a bank or authorised persons, invited the public through advertisements to deposit funds with CBEX,” in violation of Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 44(2).
In count three, the commission alleged that during the same period, Otorudo and Ehirim “carried on the specialised business of other financial institutions—specifically an investment management scheme—without a valid licence,” contrary to Section 57(1) and (2) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57(5).
As of now, the case has not yet been assigned to a judge.
Earlier on April 24, Justice Emeka Nwite granted the EFCC permission to arrest and detain six CBEX operators over their alleged roles in the fraud. The court’s order followed an ex parte motion filed by the EFCC, seeking custody of the suspects pending the conclusion of the investigation and potential prosecution.
The six detained individuals are Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.