The Federal High Court in Abuja on Monday, has refused the bail applications of three promoters of the now-collapsed and fraudulent cryptocurrency investment scheme known as “CBEX” following their detention in connection with an alleged $1 billion scam targeting Nigerian victims.
Justice Emeka Nwite rejected the bail application in a ruling on Monday.
Nairametrics previously reported that the legal team for the three suspects, Babatunde Busari and Justice Otorudo, sought bail from Justice Emeka Nwite over the alleged prolonged detention of their clients at the Economic and Financial Crimes Commission (EFCC) facility.
Nairametrics also previously reported on April 24, 2025, that the court had ordered the arrest and remand of six promoters of “CBEX” following an EFCC ex parte motion.
The six affected suspects are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim (1st to 6th defendants).
The Commission alleged that the defendants used a company called ST Technologies to promote CBEX, luring Nigerians to invest.
Legal Dispute
At the previous court session, EFCC counsel Fadila Yusuf informed the court of a motion ex parte( for arrest) relating to investigations into CBEX and the Commission’s intention to prosecute the suspects in accordance with the Administration of Criminal Justice Act.
The EFCC added that after victims deposited over $1 billion, the CBEX platform became inaccessible, preventing users from withdrawing their investments and revealing the operation to be a scam.
In response, Justice Nwite stated that after reviewing the EFCC’s submissions and court documents, he found merit in the application and consequently granted the motion as prayed.
At the previous court session, Babatunde Busari, who stood in for Abiodun, asked the court to grant his client bail on “liberal terms.”
Justice Otorudo, who represented Otorudo and Ehirim, also called for the bail of his clients on liberal terms.
What transpired in court
In his ruling on Monday, Justice Nwite held that from the totality of the affidavit evidence of both parties, it was glaring that the character of evidence against the CBEX promoters is strong.
- Justice Nwite also observed that the EFCC had obtained an order of remand of the defendants by the court of competent jurisdiction.
- The judge further observed that at the time of the application for bail by the CBEX promoters, there was no charge formally filed against the applicants.
“In view of the foregoing and taking cognisance of the nature of the case and particularly, a charge has been filed against applicants, I am of the view and I so hold that interest of justice will be met by taking this application to the court where the charge is pending for the court to take the arraignment of the applicants and hearing the bail application simultaneously.
“Hence, the application is refused,” the judge ruled.
Justice Nwite also dismissed the defence argument that Abiodun is indisposed and hence needed medical attention, adding that the detaining authority can take him to the hospital for adequate medical attention.
