Court Grants N10m Bail To Two CBEX Promoters
The Federal High Court in Abuja has granted bail to two promoters of the defunct Crypto Bridge Exchange (CBEX), Avwerosuo Otorudo and Chukwuebuka Ehirim, in the sum of ₦10 million each.
Justice Mohammed Umar, who presided over the matter, ruled that each defendant must provide two sureties with properties valued at the bail sum within the court’s jurisdiction.
The court registrar is to verify the residences of the sureties.
The court adjourned the case to October 13 for the commencement of trial.
Otorudo and Ehirim were arraigned by the Economic and Financial Crimes Commission (EFCC) on July 7 on an amended three-count charge bordering on illegal financial operations and unauthorised investment activities.
They allegedly collected public funds and promised up to 88% returns without proper regulatory approval. The case is marked FHC/ABJ/CR/216/2025.
In a related case, Justice Umar also fixed July 25 to rule on a bail application filed by Adefowora Abiodun, Managing Director of ST Technologies International Limited, accused of using CBEX to perpetrate an investment scam.
Abiodun and his company were arraigned on an amended eight-count charge (FHC/ABJ/CR/215/2025) involving obtaining by false pretence, money laundering, and operating without licenses from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC). Both pleaded not guilty.
Abiodun’s lawyer, Babatunde Busari, urged the court to grant bail on liberal terms, noting that Abiodun had voluntarily presented himself to the EFCC and required urgent eye surgery after 80 days in custody.
“We urge the court to grant the defendant bail as the alleged monetary claim is about ₦20 million,” Busari said, offering to stand as surety.
EFCC counsel, Fatsuma Mohammed, opposed the application, arguing that the offence carries a seven-year jail term and that Abiodun posed a flight risk. She urged the court to deny bail and commence trial immediately.
Justice Umar ordered that Abiodun remain in EFCC custody pending ruling on the bail application.
CBEX was one of several collapsed digital platforms accused of scamming investors out of billions of naira.
Earlier on April 24, Justice Emeka Nwite granted EFCC permission to arrest and detain six CBEX operators pending investigation.
They include Abiodun, Oluwanisola Adefowora, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In a motion filed April 23, the EFCC said the suspects had gone into hiding and needed to be placed on a red notice.
Investigations revealed that ST Technologies, though registered with CAC, was not authorised by the SEC for investment activities.
The suspects allegedly lured victims by promising returns of up to 100%, requiring them to convert digital assets into USDT and deposit them into CBEX crypto wallets. Victims later lost access to the platform and their investments.
Over $1 billion was reportedly deposited before the scheme collapsed.
Justice Nwite had earlier refused bail to Abiodun, Otorudo, and Ehirim, citing the strength of the evidence against them.
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.
