Abuja, Nigeria— The Federal High Court in Abuja has granted bail to two detained promoters of the collapsed Crypto Bridge Exchange (CBEX), a digital investment platform under investigation for alleged large-scale financial fraud.
The decision, delivered on Monday by Justice Mohammed Umar, granted ₦10 million bail each to Avwerosuo Otorudo and Chukwuebuka Ehirim, with two sureties each in like sum. The sureties, the court ruled, must own property valued at the bail amount within the jurisdiction of the court. The court also ordered that the addresses of the sureties be verified by the court registrar.
The ruling followed a separate bail application filed by the duo after an earlier application was denied by Justice Emeka Nwite, who initially presided over their detention at the request of the Economic and Financial Crimes Commission (EFCC).
CBEX, a crypto-investment platform operated by ST Technologies International Limited, allegedly vanished with digital assets worth over a billion dollars, leaving thousands of investors unable to recover their funds. The EFCC, acting on intelligence received in April 2025, launched a probe into the platform’s sudden disappearance and alleged fraudulent operations.
According to the EFCC, the defendants had lured investors with promises of unrealistic returns on investment—as high as 100 percent—while requiring them to convert assets into stablecoins (USDT) and deposit them into CBEX-controlled wallets. Initially, victims were allowed to monitor their investments, but access was later revoked, and the platform became permanently inaccessible.
Further investigations revealed that ST Technologies, while registered with the Corporate Affairs Commission, was not licensed by the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria (CBN) to operate as an investment firm.
Six individuals were named as key suspects in the scheme, namely: Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The EFCC subsequently secured a warrant of arrest and remand order through an ex parte motion filed by counsel Fadila Yusuf, citing the defendants’ disappearance from known addresses and potential flight risk.
Justice Nwite, ruling on June 30, denied initial bail requests for Otorudo and Ehirim, stating that the weight of the evidence presented by both parties supported the need for continued detention. However, the duo filed a separate bail application before Justice Umar, which was heard on July 7 and decided on July 21.
Both men currently face a three-count amended charge marked FHC/ABJ/CR/216/2025, bordering on illegal financial operations and unlicensed investment activities. The court has fixed October 13, 2025, for the commencement of full trial.
Meanwhile, in a related proceeding, the EFCC arraigned ST Technologies International Limited and its Managing Director, Adefowora Abiodun, on an eight-count amended charge marked FHC/ABJ/CR/215/2025, filed on July 9. The charges include obtaining money by false pretence, money laundering, and operating an unlicensed financial institution.
At the most recent hearing, defence counsel Babatunde Busari urged the court to grant bail to Abiodun on liberal terms, arguing that the defendant had voluntarily submitted himself for investigation and was in urgent need of eye surgery. A medical report was submitted to support the claim.
EFCC counsel Fatsuma Mohammed, however, opposed the bail request, citing a counter-affidavit and stressing the risk of flight. She informed the court that the investigation was complete and the prosecution was ready to proceed, advocating for an expeditious trial rather than bail.
Justice Umar adjourned ruling on Abiodun’s bail application to July 25, ordering that the defendant remain in EFCC custody pending a decision.
As proceedings unfold, the case continues to underscore Nigeria’s ongoing struggle to regulate digital investment platforms and hold operators accountable. The EFCC has reaffirmed its commitment to prosecuting financial crimes and protecting investors from fraudulent schemes.
By Adeola Olaniya | July 21, 2025
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