Drama In Court As CBEX Scam Promoters Secure Bail In High-Profile Fraud Case

The Federal High Court 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) over a suspected multi-billion naira investment scam.....KINDLY READ THE FULL STORY HERE▶

Justice Mohammed Umar, in a ruling delivered on Monday, admitted Avwerosuo Otorudo and Chukwuebuka Ehirim to bail in the sum of ₦10 million each, with two sureties in the same amount. The judge further ordered that each surety must own verifiable property within the court’s jurisdiction and have their residences confirmed by the court registrar.

The EFCC had arraigned the duo on a three-count amended charge (marked FHC/ABJ/CR/216/2025) bordering on illegal financial activities and operating unlicensed investment schemes. Prosecutors alleged that Otorudo and Ehirim used CBEX to solicit funds from Nigerians, promising up to 88% returns without regulatory approval from the Central Bank of Nigeria (CBN) or the Securities and Exchange Commission (SEC).

Justice Umar adjourned the case to October 13, 2025, for the commencement of trial.

Third Defendant Awaits Bail Ruling

In a related case, the court scheduled July 25 to rule on the bail application of Adefowora Abiodun, the Managing Director of ST Technologies International Limited—allegedly the main vehicle used in perpetrating the CBEX scam. Abiodun faces an amended eight-count charge (FHC/ABJ/CR/215/2025), including obtaining money under false pretences, money laundering, and operating an unlicensed financial institution. His company is listed as the second defendant.

During the bail hearing, Abiodun’s lawyer, Babatunde Busari, urged the court to grant bail on medical grounds, citing a serious eye condition requiring urgent surgery that had been delayed by his 80-day detention. Busari emphasized that Abiodun voluntarily reported to the EFCC and that the amount linked to his case is around ₦20 million.

EFCC Opposes Bail, Citing Flight Risk

However, EFCC counsel Fatsuma Mohammed opposed the application, arguing that the gravity of the offence and the possible seven-year sentence made the defendant a flight risk.

“This is a grave offence involving billions in digital assets,” she said, adding that the EFCC had concluded investigations and was prepared for trial.

Justice Umar reserved his ruling and ordered that Abiodun remain in EFCC custody.

Background: How CBEX Collapsed

EFCC investigations into CBEX began in April 2025 after receiving multiple petitions and intelligence reports. The accused were allegedly using CBEX to lure investors to convert their digital assets into USDT, which were then deposited into wallets controlled by the suspects.

Initially, the platform allowed investors to track their funds in real-time. But following deposits reportedly exceeding $1 billion, CBEX became inaccessible, triggering panic among users. EFCC’s findings revealed that while ST Technologies International Limited was registered with the Corporate Affairs Commission (CAC), it lacked necessary investment operation approvals from both the CBN and SEC.

EFCC Tracks Down Key Suspects

On April 24, 2025, Justice Emeka Nwite of a sister court granted EFCC permission to arrest and detain six key CBEX operators:

• Adefowora Abiodun

• Adefowora Oluwanisola

• Emmanuel Uko

• Seyi Oloyede

• Avwerosuo Otorudo

• Chukwuebuka Ehirim

EFCC stated that these individuals went into hiding, vacating known addresses in Lagos and Ogun States.

The Commission claimed its cybercrime unit had established a strong prima facie case against the suspects, including evidence of massive fund transfers and a platform shutdown shortly after collecting investor money. In earlier hearings, Justice Nwite declined bail requests, citing the compelling nature of evidence against the defendants.

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