JUSTICE Emeka Nwite of the Federal High Court in Abuja has scheduled June 30 to deliver a ruling on the bail applications filed by three detained promoters of Crypto Bridge Exchange (CBEX), who are under investigation for an alleged fraud exceeding \$1 billion.
The decision follows arguments presented by the Economic and Financial Crimes Commission (EFCC) and the defence teams during a recent hearing. Justice Nwite had earlier, on April 24, authorized the EFCC to arrest and detain six individuals linked to CBEX based on a motion filed by EFCC counsel Fadila Yusuf, allowing their detention pending investigation and potential prosecution.
The six accused individuals are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim
At the latest hearing, lawyers representing Abiodun, Otorudo, and Ehirim argued for their clients’ release on bail.
Babatunde Busari, representing Abiodun, said his client voluntarily turned himself in to the EFCC on April 28—prior to the court’s remand order—and has been held for over 40 days without formal charges.
Busari argued that this prolonged detention violates constitutional rights and provisions under the Administration of Criminal Justice Act (ACJA), which limits detention without charge to 14 days, with a possible extension of another 14 days.
He requested the court grant bail on liberal terms and compel the EFCC to produce Abiodun in court.
Similarly, Otorudo, who represents both himself and Ehirim, urged the court to vary the previous remand order, noting that his clients also surrendered voluntarily on April 25 and remain in custody without bail.
He argued that the offences are bailable and the accused are willing to cooperate fully with further investigations and court proceedings.
In opposition, EFCC’s counsel Yusuf submitted a counter affidavit with three exhibits, opposing all bail requests.
She emphasized the gravity of the allegations, which involve over $1 billion—more than the budgets of several Nigerian states—and stated that the EFCC continues to receive petitions from alleged victims.
While acknowledging that bail is at the court’s discretion, Yusuf urged that such discretion be exercised with caution, given the severity of the case.
The court will announce its ruling on the bail applications on June 30.