By John Moses
The Economic and Financial Crimes Commission (EFCC) has filed criminal charges against two individuals linked to an alleged investment scam involving more than $1 billion through the unregistered crypto firm, Crypto Bridge Exchange (CBEX).
In a three-count charge submitted to the Federal High Court in Abuja, the anti-corruption agency accused Avwerosuo Otorudo and Chukwuebuka Ehirim of operating without proper authorisation under Nigerian financial laws. The charges, filed on 10 June and marked FHC/ABJ/CR/216/2025, were brought forward by EFCC prosecutor Fadila Yusuf.
According to the EFCC, the accused were neither registered under the Companies and Allied Matters Act (CAMA) nor licenced by the Securities and Exchange Commission (SEC) to manage investment funds or act as portfolio managers.
Between January 2024 and May 2025, the two men allegedly solicited funds from the public via CBEX—an entity not recognised by financial regulators—as part of an unlicensed investment scheme. This action, the EFCC states, violates several sections of Nigeria’s Investment and Securities Act and the Banks and Other Financial Institutions Act (BOFIA).
Specifically, the first count accuses them of engaging in investment management without regulatory approval. The second alleges they unlawfully invited the public to deposit funds without being authorised to operate as a bank. The third charge states they operated a specialised financial service illegally, punishable under Section 57(5) of BOFIA 2020.
The case has yet to be assigned to a presiding judge.
In April, Justice Emeka Nwite granted the EFCC permission to detain six suspects associated with CBEX, pending further investigation and potential prosecution. The suspects include Otorudo and Ehirim, as well as Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
According to the EFCC, three of the suspects, including the two now facing formal charges, voluntarily surrendered following the court order.
