Court Denies Bail To CBEX Promoters Over Alleged $1bn Crypto Scam
A Federal High Court in Abuja has rejected the bail applications of three promoters of the collapsed cryptocurrency scheme, CBEX, who are being detained by the Economic and Financial Crimes Commission (EFCC) over an alleged $1 billion fraud targeting Nigerian investors.
Justice Emeka Nwite gave the ruling on Monday, turning down the request filed by the defendants’ lawyers, Babatunde Busari and Justice Otorudo, who argued that their clients had been held too long in EFCC custody.
The EFCC alleged that the suspects operated through a company called ST Technologies, used to lure unsuspecting Nigerians into investing in CBEX.
After collecting over $1 billion, the platform allegedly became inaccessible, leaving investors stranded.
Justice Nwite, after reviewing the EFCC’s documents, ruled that the Commission had provided sufficient grounds to continue the detention.
Meanwhile, in a related development, a prosecution witness told a Federal High Court in Lagos that he was offered a $7,000 bribe to give unauthorised access to Premium Trust Bank’s internal systems.
Ajayi Michael Folaseye, who works in the bank’s IT department, appeared before Justice Alexander Owoeye as the first prosecution witness in the trial of two bank employees, Kehinde Odeyemi and Matthew Adeniyi Damilola.
Ajayi testified that on May 5, 2023, Odeyemi, an internal auditor, approached him during office hours and suggested they could make money through a “side gig”. She allegedly requested a generic IP address used within the IT department.
“I told her no such generic IP existed and that I only had a personal IP address assigned to me,” he said.
Ajayi said she initially offered him $5,000 in cash, then increased the offer to $7,000 when he refused, promising delivery from the bank’s head office.
He said he attempted to report the incident to his supervisor, Kenneth Nwaeze.
Odeyemi and Damilola are standing trial alongside Samson Latshin Dakup, Bolaji Omotosho Yinka, and Sunday Badeniyi Okunola on a seven-count charge of conspiracy to steal.
The EFCC, represented by Rotimi Oyedepo (SAN), Bilkisu Buhari, and Hannatu Kofaransa, is prosecuting the case through its Lagos Zonal Directorate 1.
Titilope Adako is a talented and intrepid journalist, dedicated to shedding light on the untold stories of Osun State and Nigeria. Through incisive reporting, she tackles a broad spectrum of topics, from politics and social justice to culture and entertainment, with a commitment to accuracy, empathy, and inspiring positive change.
