The Federal High Court sitting in Abuja has granted bail to two alleged promoters of the controversial Crypto Bridge Exchange (CBEX), following their arraignment by the Economic and Financial Crimes Commission (EFCC) on charges related to a suspected multi-billion naira investment scam.
Justice Mohammed Umar, in his ruling on Monday, admitted Avwerosuo Otorudo and Chukwuebuka Ehirim to bail in the sum of ₦10 million each, with two sureties in like sum.
The Judge also ordered that each surety must own verifiable property within the jurisdiction of the court, and that the residences of the sureties must be confirmed by the court registrar.
He adjourned the trial to October 13, 2025, for commencement of hearing.
Naijaonpoint reports that the duo was earlier arraigned by the Economic and Financial Crimes Commission (EFCC) on a three-count amended charge marked: FHC/ABJ/CR/216/2025, bordering on illegal financial operations and running unlicensed investment schemes.
The prosecution alleges that Otorudo and Ehirim, through CBEX, collected public funds from Nigerians, luring them with promises of up to 88% returns on investment, without any regulatory approval from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).
Third Defendant, Abiodun, Awaits Bail Ruling
In a related development, the court has fixed July 25 to rule on the bail application filed by Adefowora Abiodun, the Managing Director of ST Technologies International Limited—allegedly the primary entity used to carry out the CBEX scam.
Abiodun, alongside his company, was arraigned on an amended eight-count charge marked: FHC/ABJ/CR/215/2025, which includes allegations of obtaining money under false pretences, money laundering, and operating as an unlicensed financial institution.
Abiodun is the 1st defendant in the matter, while ST Technologies International Limited is listed as the 2nd defendant. The charges were dated July 9, 2025.
Defence Argues For Bail On Medical Grounds
Naijaonpoint understands that the counsel to the defendant, Babatunde Busari, urged the court to grant bail on liberal terms, citing Abiodun’s medical needs.
Busari tendered a medical report stating that Abiodun has a critical eye condition that requires urgent surgery, which has been delayed due to his 80-day detention.
“He voluntarily submitted himself for investigation through our office, and the monetary value in contention is about ₦20 million,” Busari added.
He pleaded with the court to release Abiodun into his legal custody, promising that his client would not jump bail.
EFCC Opposes Bail, Cites Risk of Flight
However, EFCC’s counsel, Fatsuma Mohammed, objected, urging the court to refuse bail.
She argued that the severity of the offence and the potential punishment, seven years imprisonment, could prompt the defendant to abscond.
“The defendant is a flight risk. This is a grave offence involving billions in digital assets. Investigation has been concluded, and we are ready for trial,” she said.
Justice Umar reserved ruling on the bail application and ordered that Abiodun be remanded in EFCC custody pending the decision.
Naijaonpoint reports that investigations into CBEX began in April 2025, following multiple petitions and intelligence reports regarding the company’s operations.
EFCC revealed that the accused used Crypto Bridge Exchange to lure investors to convert their digital assets into USDT and deposit them in wallets controlled by the suspects.
Initially, investors could monitor their investments in real time. But following alleged deposits valued at over $1 billion, the CBEX platform became inaccessible, raising red flags and panic among victims.
It was discovered during investigations that ST Technologies International Ltd, although registered with the Corporate Affairs Commission (CAC), had no registration with the SEC or CBN for investment operations.
Justice Emeka Nwite, presiding over a sister court, had earlier granted EFCC permission on April 24 to arrest and detain six CBEX operators. The suspects include:
- Adefowora Abiodun
- Adefowora Oluwanisola
- Emmanuel Uko
- Seyi Oloyede
- Avwerosuo Otorudo
- Chukwuebuka Ehirim
The EFCC maintained that the defendants were at large and had vacated their known addresses in Lagos and Ogun States.
EFCC Claims Strong Evidence
In support of the motion ex-parte filed before Justice Nwite, EFCC said its cybercrime section had established a prima facie case of investment fraud against the suspects. The anti-graft agency argued that the defendants had moved significant investor funds and disappeared once their platform crashed.
During a previous hearing, Justice Nwite declined to grant bail to the detained suspects, noting that “the weight of evidence against them is strong.”
The EFCC claimed that one of the tactics used was promising returns as high as 100%, which led many Nigerians to invest life savings into CBEX, only to be locked out with no access to their funds.