By Joe Udo
ABUJA (CONVERSEER) – The Federal High Court sitting in Abuja has granted bail to two of the detained promoters of Crypto Bridge Exchange (CBEX), Avwerosuo Otorudo and Chukwuebuka Ehirim, who are standing trial over their alleged involvement in a multi-billion naira cryptocurrency investment scam.
Justice Mohammed Umar, in a ruling on Monday, admitted the duo to bail in the sum of ₦10 million each, with two sureties in like sum. The judge directed that the sureties must possess verifiable property worth the bail amount within the court’s jurisdiction and ordered the court registrar to verify the sureties’ residences.
The court has fixed 13 October 2025 for the commencement of trial.
Otorudo and Ehirim were arraigned alongside others 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, unlicensed investment schemes, and obtaining money by false pretence. The EFCC alleged that the defendants collected public funds and promised returns of up to 88 per cent without approval from regulatory authorities.
The duo is among six individuals accused of promoting CBEX, an unregistered digital investment platform that reportedly collapsed after collecting large sums from unsuspecting investors. According to the EFCC, CBEX lured victims with false promises of high returns, demanding deposits in digital assets such as USDT (Tether), before locking investors out of their accounts and rendering the platform inaccessible.
In a related development, the court also heard a bail application filed by Adefowora Abiodun, Managing Director of ST Technologies International Limited, who is also standing trial over his alleged role in the CBEX fraud.
Abiodun, arraigned on an amended eight-count charge marked FHC/ABJ/CR/215/2025, is accused of using ST Technologies in collaboration with CBEX to defraud investors. The EFCC claims that the company was neither licensed by the Central Bank of Nigeria (CBN) nor the Securities and Exchange Commission (SEC) to operate as a financial institution.
Abiodun’s lawyer, Babatunde Busari, pleaded with the court to grant his client bail on health grounds, stating that the defendant had voluntarily submitted himself to the EFCC and required urgent eye surgery. Busari also noted that the alleged offences were bailable and involved a claim of approximately ₦20 million.
However, the EFCC’s counsel, Fatsuma Mohammed, opposed the application, arguing that the charges carry a seven-year sentence upon conviction and that the seriousness of the offence posed a flight risk. Justice Umar adjourned the ruling on Abiodun’s bail application to 25 July and ordered that he remain in EFCC custody in the interim.
NAN reports that Justice Emeka Nwite of the same Federal High Court had earlier, on April 24, authorised the EFCC to arrest and detain six suspects linked to CBEX following an ex-parte motion. The suspects named include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
According to the EFCC, over one billion dollars in digital assets was reportedly moved through the platform before it became inaccessible. Investigations revealed that the suspects operated without required licences and changed addresses in an attempt to evade arrest.
The Commission maintains that it has established a prima facie case against the defendants and is prepared to proceed with full trial.
The CBEX case is one of several high-profile prosecutions involving digital asset investment frauds that have shaken investor confidence in Nigeria’s emerging cryptocurrency landscape.
