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Federal High Court Grants Bail to Two CBEX Promoters, Adjourns Trial

 



The Federal High Court in Abuja has granted bail to Awerosuo Otorudo and Chukwuebuka Ehirim, two alleged promoters of the collapsed investment scheme, Crypto Bridge Exchange (CBEX). Each defendant was granted bail in the sum of N10 million.

Justice Mohammed Umar, who presided over the case, ruled that each defendant must provide two sureties in like sum. The sureties must own property within the court’s jurisdiction equivalent in value to the bail amount, and their residences must be verified by the court registrar. The trial was adjourned to October 13.

This ruling followed a July 7 hearing on their bail application, which the Economic and Financial Crimes Commission (EFCC) had opposed. The EFCC had arraigned Otorudo and Ehirim on an amended three-count charge marked FHC/ABJ/CR/216/2025. The charges include operating illegal financial services and collecting public funds with promises of returns of up to 88 percent—all without appropriate regulatory approval.

Ruling on ST Technologies MD's Bail Application Scheduled for July 25

In a related case, Justice Umar scheduled July 25 to rule on the bail application of Adefowora Abiodun, Managing Director of ST Technologies International Limited. Abiodun faces charges connected to the same CBEX investment scam, with his company arraigned on an amended eight-count charge marked FHC/ABJ/CR/215/2025.

Abiodun’s lawyer, Babatunde Busari, urged the court to grant bail on lenient terms. He argued that the alleged offences are bailable and that his client had voluntarily turned himself in to the EFCC. Busari also cited Abiodun’s worsening health, revealing that he requires urgent eye surgery that has been delayed during his 80-day detention.

“He voluntarily surrendered to the EFCC. He also has a medical report indicating he needs immediate eye surgery, which hasn’t been possible due to his detention,” Busari stated. “We ask the court to consider bail, given that the monetary claim involved is around N20 million.”

However, EFCC counsel, Fatsuma Mohammed, opposed the bail request. She argued that the gravity of the charges and potential sentence—up to seven years—makes Abiodun a flight risk. “The severity of the penalty may motivate the defendant to flee,” she said. The judge ruled that Abiodun remain in EFCC custody until the next hearing.

CBEX and ST Technologies Under Investigation for Massive Investment Fraud

CBEX is one of several digital investment platforms under investigation for allegedly defrauding investors. Justice Emeka Nwite of a separate court had previously authorized the arrest of six CBEX operators, including Abiodun, over their suspected roles in the fraudulent scheme.

According to an ex-parte motion filed by the EFCC on April 23, CBEX and ST Technologies are alleged to have lured investors with promises of returns as high as 100 percent. Victims were instructed to convert digital currencies into USDT (Tether) and deposit funds into wallets controlled by the suspects.

Initially, investors were able to track their funds, but once deposits reportedly surpassed one billion dollars, the platform became inaccessible. EFCC investigations revealed that although ST Technologies was registered with the Corporate Affairs Commission, it lacked registration with the Securities and Exchange Commission (SEC)—a legal requirement for any investment firm.

The commission further claimed that the suspects vacated their known addresses in Lagos and Ogun States, making them difficult to trace. Based on its findings, the EFCC argued that a prima facie case of investment fraud had been established and called for continued custody of the suspects to ensure proper prosecution.


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