The Federal High Court in Abuja on Monday granted bail to two detained promoters of Crypto Bridge Exchange in the sum of N10 million each, with two sureties each in like sum.
Justice Mohammed Umar granted bail to Avwerosuo Otorudo and Chukwuebuka Ehirim, with the condition that the sureties must own property worth the bail sum within the jurisdiction of the court.
He further ordered that the addresses of the sureties be verified by the court registrar.
CBEX is a digital platform that became defunct after collecting billions of naira from investors.
Following widespread public outcry after the platform mysteriously disappeared along with investors’ funds, the Economic and Financial Crimes Commission approached Justice Emeka Nwite on April 24, seeking an order to arrest and detain six CBEX promoters over alleged fraud.
Justice Nwite granted the request after the EFCC filed an ex parte motion. He ruled that the suspects be detained pending the conclusion of investigations and potential prosecution.
The six suspects named in the application are Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, listed as 1st to 6th defendants respectively.
In the motion ex parte dated April 23, and filed by EFCC counsel, Fadila Yusuf, the Commission stated four grounds for its application. Yusuf noted that the EFCC has a statutory mandate to prevent and detect financial crimes through investigations.
She submitted that “the defendants are at large and a warrant of arrest is required to apprehend them for proper investigation and prosecution.”
According to an affidavit filed in support of the motion, the EFCC said it received intelligence in April 2025 about an alleged investment scheme fraud involving the defendants.
It alleged that the defendants and their company, ST Technologies International Limited, used another company, Crypto Bridge Exchange, to carry out the fraudulent scheme.
The EFCC stated that the defendants promised unrealistic returns on investments—up to 100 per cent.
“That the victims were made to convert their digital assets into a stablecoin, USDT, for onward deposit into the suspects’ crypto wallet.
“That the victims were initially given full access to the platform to monitor their investments.
“That after deposits valued at over one billion dollars were made, the CBEX investment platform became inaccessible, and the victims could no longer withdraw their funds.
“That the victims later discovered that the said scheme was a scam.
“That during the course of investigation, it was discovered that ST Technologies International Limited, though registered with the Corporate Affairs Commission, was not licensed by the Securities and Exchange Commission to operate as an investment firm.
“That it was also revealed that the defendants had vacated their last known addresses in Lagos and Ogun States.”
The EFCC stated that a warrant of arrest was necessary to place the defendants on the red watch list to facilitate their apprehension and prosecution.
The Commission asserted that its investigation established a prima facie case of investment fraud and that granting the application would serve the interest of justice.
