The Federal High Court in Abuja has granted bail to two promoters of the embattled Crypto Bridge Exchange (CBEX) over allegations of large-scale investment fraud.
Justice Mohammed Umar approved bail conditions for Avwerosuo Otorudo and Chukwuebuka Ehirim, setting the bond at N10 million each, with two sureties in like sum.
The sureties must possess property equivalent to the bail value within the jurisdiction of the court and undergo residence verification by the court registrar.
The defendants face a three-count amended charge brought by the Economic and Financial Crimes Commission (EFCC), alleging illegal financial operations and promises of returns up to 88% without required regulatory approval. The case, marked FHC/ABJ/CR/216/2025, was adjourned until October 13 for trial commencement.
“They were arraigned for unauthorized investment activities and collecting public funds on false pretenses,” the EFCC stated.
Bail Debate Intensifies for ST Technologies MD
In a related development, Adefowora Abiodun, Managing Director of ST Technologies International Limited, is seeking bail following an amended eight-count charge accusing him of fraud via CBEX. Abiodun and his company, named as first and second defendants under FHC/ABJ/CR/215/2025, pleaded not guilty on July 9.
Defense counsel Babatunde Busari argued for bail on humanitarian grounds, citing Abiodun’s medical need for urgent eye surgery and voluntary surrender to investigators.
“He’s been in detention for over 80 days,” Busari noted. “Our exhibits show he reported to the EFCC willingly for questioning.”
Busari also claimed the monetary claims total N20 million, and requested bail on liberal terms.
Opposing counsel Fatsuma Mohammed filed a counter affidavit and urged the court to deny bail, citing flight risk.
“Upon conviction, the sentence could reach seven years—a significant incentive to flee,” she argued.
Justice Umar adjourned ruling on Abiodun’s bail application to July 25, ordering his continued detention at EFCC custody.
CBEX at the Center of Billion-Dollar Crypto Scam
CBEX, a now-defunct digital investment platform, allegedly scammed investors out of over $1 billion in cryptocurrencies. Victims converted their assets into USDT stablecoins and deposited them into CBEX wallets, with the promise of unrealistic returns of up to 100%. The EFCC’s affidavit reveals that after initial access to the platform, users were locked out, unable to withdraw or access their investments.
Investigators discovered ST Technologies was registered with the Corporate Affairs Commission (CAC) but lacked licenses from the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC), rendering its investment operations illegal.
“Our cybercrimes unit found a prima facie case of investment fraud using a crypto front,” the EFCC said.
Justice Emeka Nwite, in a related case, had earlier authorized the arrest of six CBEX promoters, including Abiodun, Otorudo, and Ehirim.
A bail request made on June 30 for the trio was denied, with the court citing strong evidence and serious implications.
