An Abuja Federal High Court has granted bail to two promoters of the collapsed Crypto Bridge Exchange (CBEX), Avwerosuo Otorudo and Chukwuebuka Ehirim, amid ongoing prosecution by the Economic and Financial Crimes Commission (EFCC) over an alleged N1 billion cryptocurrency investment scam.
Justice Mohammed Umar, on Friday, admitted both defendants to bail in the sum of N10 million each, with two sureties in like sum.
The sureties, according to the court, must own verifiable properties within the court’s jurisdiction. The matter was adjourned until October 13 for commencement of trial.
Otorudo and Ehirim are standing trial on a three-count charge of operating illegal financial services and unlicensed investment schemes, including promises of up to 88 percent returns without regulatory approvals.
The EFCC, in the amended charge (FHC/ABJ/CR/216/2025), alleged that the duo lured unsuspecting members of the public to invest in CBEX with unrealistic return promises, violating Nigeria’s financial regulations.
In a related development, the court also heard a bail application filed by Adefowora Abiodun, Managing Director of ST Technologies International Limited, another firm allegedly used to perpetrate the same fraudulent CBEX scheme. Justice Umar fixed July 25 for ruling on Abiodun’s bail plea.
Abiodun and his company were arraigned on an amended eight-count charge (FHC/ABJ/CR/215/2025) bordering on money laundering, obtaining money under false pretences, and operating as a financial institution without licences from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
Defence counsel, Babatunde Busari, pleaded with the court to admit Abiodun to bail on medical grounds, revealing that his client requires urgent eye surgery after over 80 days in detention. Busari also argued that the alleged N20 million monetary claim against Abiodun involved bailable offences.
However, EFCC counsel, Fatsuma Mohammed, opposed the application, stressing the severity of the offence and the potential for flight risk.
She noted that the charges carry a possible sentence of up to seven years and urged the court to refuse bail and proceed with trial.
Justice Umar ordered Abiodun’s continued remand in EFCC custody pending the ruling.
CBEX, according to EFCC investigations, operated a deceptive scheme that promised up to 100% return on digital asset investments. Investors were allegedly encouraged to convert funds into USDT (a stablecoin) and deposit them into CBEX-controlled wallets.
After collecting deposits running into over $1 billion, the platform reportedly became inaccessible, leaving investors stranded.
EFCC also revealed that although ST Technologies International Limited was registered with the Corporate Affairs Commission, it was never licensed by SEC for investment operations.
Investigations showed that the promoters vacated their last known addresses in Lagos and Ogun states after the scheme collapsed.
Justice Emeka Nwite of a sister court had earlier granted EFCC’s request to arrest six CBEX operators in April.
He later declined bail for three of the suspects, including Abiodun, citing the weight of evidence and the nature of the offence.
The anti-graft agency insists that a prima facie case of fraud and money laundering has been established against the defendants, as the scam has devastated numerous investors across Nigeria.
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