The Federal High Court in Abuja has granted bail to two promoters of the collapsed investment platform, Crypto Bridge Exchange (CBEX), in the sum of N10 million each.
Justice Mohammed Umar ruled in favour of Awerosuo Otorudo and Chukwuebuka Ehirim, admitting them to bail with two sureties each in like sum.
Justice Umar 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 judge adjourned the trial to October 13.
This decision followed the July 7 hearing on their bail application, which had been opposed by the Economic and Financial Crimes Commission (EFCC). The EFCC arraigned the defendants on an amended three-count charge marked FHC/ABJ/CR/216/2025. The charges include illegal financial operations and collecting public funds with promises of up to 88 percent return on investment, all without regulatory approval.
In a related development, Justice Umar fixed July 25 for ruling on the bail application of Adefowora Abiodun, the Managing Director of ST Technologies International Limited, who is also facing charges related to the alleged CBEX investment scam. He and his company were arraigned on an amended eight-count charge marked FHC/ABJ/CR/215/2025.
Abiodun’s counsel, Babatunde Busari, urged the court to grant bail on liberal terms, arguing that the offences are bailable and that his client voluntarily submitted to the EFCC. Busari also cited medical grounds, noting Abiodun’s urgent need for eye surgery which had been delayed due to his detention over the past 80 days.
“He (Abiodun) came to us as counsel and we took him to the commission. He also has a medical report that shows that the 1st defendant requires urgent eye surgery and that has not been possible for him for the past 80 days that he has been in detention. We, therefore, urge the court to admit the defendant on bail as the total of the monetary claim is about N20 million naira,” he said.
EFCC counsel Fatsuma Mohammed opposed the bail, citing the severity of the charges. She warned that Abiodun posed a flight risk, stating, “The section consequent to which the defendant is being charged, upon conviction, is seven years and it is enough number of years which is enough for him to try to run.” Justice Umar ordered Abiodun to remain in EFCC custody pending the July 25 ruling.
CBEX is among several digital platforms that collapsed after allegedly defrauding investors of large sums. Justice Emeka Nwite of a sister court had earlier granted the EFCC authority to arrest six CBEX operators, including Abiodun, over their alleged involvement in the fraud.
The EFCC, in its motion ex-parte filed April 23, told the court it was investigating an alleged investment scheme fraud involving CBEX and ST Technologies International Limited.
It claimed the platform promised unrealistic returns of up to 100 percent and instructed victims to convert digital assets into USDT for deposit into the suspects’ crypto wallets.
According to the commission, victims initially had access to monitor investments, but after deposits exceeding one billion dollars, the platform became inaccessible.
Investigations revealed that 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 vacated 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.
