The Federal High Court in Abuja has granted bail to two promoters of the collapsed investment platform Crypto Bridge Exchange (CBEX), each set at N10 million.
Justice Mohammed Umar ruled in favor of Awerosuo Otorudo and Chukwuebuka Ehirim, admitting them to bail with two sureties each in the same amount.
The judge ordered that the sureties must own property within the court’s jurisdiction equivalent to the bail sum, and their residences must be verified by the court registrar. The trial was adjourned to October 13.
This ruling followed a July 7 hearing on their bail application, which the Economic and Financial Crimes Commission (EFCC) opposed. The EFCC arraigned the defendants on an amended three-count charge (FHC/ABJ/CR/216/2025) that includes illegal financial operations and collecting public funds with promises of up to 88% returns on investment, all without regulatory approval.
In a related case, Justice Umar scheduled July 25 for ruling on the bail application of Adefowora Abiodun, Managing Director of ST Technologies International Limited, who is also facing charges linked to the alleged CBEX scam. He and his company were arraigned on an amended eight-count charge (FHC/ABJ/CR/215/2025).
Abiodun’s lawyer, Babatunde Busari, asked the court to grant bail on liberal terms, arguing the offenses are bailable and that his client voluntarily submitted to the EFCC. Busari also cited medical reasons, stating Abiodun urgently requires eye surgery, which has been delayed due to his 80-day detention.
“He (Abiodun) approached us as counsel and was taken to the commission. He has a medical report confirming the urgent need for eye surgery, which has not been possible during his detention. We urge the court to grant bail, as the monetary claim totals about N20 million,” Busari said.
EFCC’s counsel, Fatsuma Mohammed, opposed bail, citing the gravity of the charges and the risk of flight. She noted, “The charge carries a possible seven-year sentence, which is enough incentive for him to flee.” Justice Umar ordered Abiodun to remain in EFCC custody pending the July 25 ruling.
CBEX is one of several digital platforms that collapsed after allegedly defrauding investors of substantial sums. Earlier, Justice Emeka Nwite of a related court granted the EFCC authority to arrest six CBEX operators, including Abiodun, over their alleged involvement.
In an ex-parte motion filed April 23, the EFCC said it was investigating an alleged investment scheme fraud involving CBEX and ST Technologies International Limited. The platform reportedly promised unrealistic returns of up to 100% and instructed victims to convert assets into USDT before depositing into the suspects’ crypto wallets.
According to the commission, victims initially could monitor their investments, but after deposits exceeded $1 billion, the platform became inaccessible. Investigations showed ST Technologies was registered with the Corporate Affairs Commission but not with the Securities and Exchange Commission, as required for investment operations. The suspects allegedly abandoned their known addresses in Lagos and Ogun States.
The EFCC said a prima facie case of investment fraud had been established and urged the court to keep the suspects in custody to ensure justice.
