Court Grants ₦10M Bail to Two CBEX Promoters

The Federal High Court in Abuja has granted bail to two promoters of the defunct Crypto Bridge Exchange (CBEX), accused of orchestrating a large-scale investment scam. Justice Mohammed Umar on Monday granted bail to Avwerosuo Otorudo and Chukwuebuka Ehirim in the sum of ₦10 million each, with two sureties in like sum.

The court directed that the sureties must own properties within its jurisdiction equivalent in value to the bail amount. Their addresses are also to be verified by the court registrar.

CBEX, a digital investment platform, allegedly defrauded investors of over one billion dollars before abruptly shutting down. The Economic and Financial Crimes Commission (EFCC) had earlier approached Justice Emeka Nwite in April seeking an arrest and detention order for six promoters of the scheme.

Justice Nwite granted the ex parte application, ordering the detention of the suspects — Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim — pending the conclusion of investigations.

According to court filings, the EFCC alleged that the suspects used ST Technologies International Limited, in collaboration with CBEX, to lure victims into an investment scheme promising up to 100% returns. Victims were asked to convert funds into USDT and deposit them into wallets controlled by the suspects. While early access was granted to monitor investments, the platform eventually became inaccessible, leading to massive losses.

Investigations revealed that ST Technologies was not licensed by the Securities and Exchange Commission (SEC) and had no authorization to operate as an investment firm. The suspects had also vacated their known addresses in Lagos and Ogun States, prompting the EFCC to seek arrest warrants and place them on a red watch list.

Following their arrest, Otorudo and Ehirim had their initial bail applications denied by Justice Nwite, who cited the weight of evidence against them and the seriousness of the allegations. However, the duo later filed a separate application before Justice Umar, who granted them bail and adjourned the matter to October 13 for trial.

They are currently facing a three-count amended charge (FHC/ABJ/CR/216/2025) involving illegal financial operations and unauthorized investment activities. The EFCC accused them of promising returns as high as 88% without proper regulatory approvals.

In a separate but related proceeding, the EFCC arraigned ST Technologies and its Managing Director, Adefowora Abiodun, on an eight-count amended charge (FHC/ABJ/CR/215/2025) bordering on obtaining money by false pretence, money laundering, and operating an unlicensed financial institution.

Abiodun, represented by defence counsel Babatunde Busari, pleaded not guilty and requested bail on liberal terms, arguing that he voluntarily submitted to the EFCC for investigation. Justice Umar has fixed July 25 to rule on his bail application.