A Nigerian Federal High Court sitting in Abuja has granted bail to two alleged promoters of Crypto Bridge Exchange (CBEX), a digital investment platform accused of defrauding investors of vast sums.
Justice Mohammed Umar approved bail for Avwerosuo Otorudo and Chukwuebuka Ehirim in the sum of ₦10 million (approx. £5,000) each, with two sureties apiece who must possess property of equivalent value within the court’s jurisdiction. The judge instructed that the sureties’ residences be verified by the court registrar.
Both men had earlier been arraigned by Nigeria’s Economic and Financial Crimes Commission (EFCC) on charges linked to illegal financial operations and unlicensed investment services, after allegedly offering investors up to 88% returns without regulatory approval.
Their trial is scheduled to begin on 13 October.
In a related case, Adefowora Abiodun, Managing Director of ST Technologies International Ltd., also facing similar charges involving CBEX, is awaiting a separate ruling on his bail request. His hearing is adjourned to 25 July. Abiodun and his company are accused of obtaining funds through false pretences and operating an unlicensed financial institution.
Defence counsel Babatunde Busari appealed for leniency, citing Abiodun’s cooperation with authorities and urgent medical needs requiring eye surgery. The EFCC, however, urged the court to deny bail, warning of potential flight risk given the gravity of the offences, which carry up to seven years’ imprisonment.
CBEX is one of several now-defunct online investment schemes that allegedly lured unsuspecting Nigerians with promises of high returns before shutting down operations and locking investors out of their funds.
Previous court proceedings revealed that over $1 billion in digital assets had been deposited into the platform, which later became inaccessible. Investigators allege the platform lacked authorisation from Nigeria’s Central Bank and the Securities and Exchange Commission.
Earlier this year, the EFCC secured permission to detain six CBEX operators, including Abiodun, Otorudo and Ehirim, after claiming they had gone into hiding. The agency described the fraud as a significant cybercrime incident, alleging that victims were required to convert funds into cryptocurrency for deposit into suspect-controlled wallets before being shut out of their investments.
