The trial of two promoters of Crypto Bridge Exchange (CBEX) over allegations of investment fraud was stalled on Monday due to the absence of the prosecution lawyer.
Justice Mohammed Umar had scheduled the trial for Awerosuo Otorudo and Chukwuebuka Ehirim, following their bail in July. However, only the defendants’ counsel appeared in court, while the Economic and Financial Crimes Commission (EFCC) had earlier filed a letter requesting an adjournment.
Consequently, Justice Umar adjourned the matter to November 5 for the commencement of the trial.
The court had previously granted the duo bail of N10 million each, with two sureties in like sum. They face an amended three-count charge over allegations of illegal financial operations and unlicensed investment activities, including promises of up to 88 per cent returns to unsuspecting investors without regulatory approval. The defendants pleaded not guilty to all counts.
CBEX was among several digital platforms that reportedly collapsed after collecting billions of naira from the public.
Earlier, Justice Emeka Nwite of a sister court had authorized the EFCC to arrest and detain six operators of CBEX, pending the conclusion of investigations and possible prosecution. The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
