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The Federal High Court in Abuja, on Monday ordered the remand of two operators of the cryptocurrency platform, Crypto Bridge Exchange (CBEX), Awerosuo Otorudo and Chukwuebuka Ehirim, over an alleged fraudulent investment scheme.
The judge, Mohammed Umar, remanded Messrs Otorudo and Ehirim at the Kuje Correctional Centre till 18 July scheduled for ruling on their bail application.
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Mr Umar issued the remand order after the defendants were arraigned by the Economic and Financial Crimes Commission (EFCC) on three amended counts of unauthorised financial operations and unlicensed investment activities.
Before the defendants entered their pleas, EFCC counsel Fadila Yusuf, requested and obtained the judge’s permission to withdraw the earlier filed charges and replace them with the amended versions filed on 7 July.
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The defendants pleaded not guilty when the charges were read to them on Monday.
Bail hearing
Following the defendants not-guilty pleas, defence lawyer J E Otorudo, moved his client’s bail application dated 30 June.
Urging the judge to grant them bail, the lawyer argued that the defendants’ alleged offences are bailable.
He also they had no prior convictions, while maintaining that they are presumed innocent.
Mr Otorudo added that there was no proof showing members of the public deposited funds with the defendants. He said counts two and three carry maximum punishments of five years’ imprisonment or a fine.
He added that defendants had cooperated with the EFCC since their arrest on 25 April. According to him, they voluntarily submitted themselves to the commission when they learned they were under investigation. He also assure that the defendants would not jump bail.
“Since they did not interfere with the investigation process, it is evident that they will not jump bail,” he told the court.
He also criticised the EFCC for its public statement alleging that the defendants obtained one billion dollars by false pretence, noting that “there is no such charge before the court.”
In response, the prosecution lawyer, Ms Yusuf, opposed the bail application, referencing a counter-affidavit the agency filed against the bail request.
She urged the court to consider the gravity of the offences and the risk of flight.
He said contrary to the defence’s claim, the defendants “only submitted after the court forced them to do so”.
“If granted bail, they might not be found again because we have not seen others to date,” the prosecuting lawyer said.
After listening to the parties, the judge indicated its interest to remand the defendants in EFCC custody pending his ruling. But the prosecution lawyer opposed the suggestion, noting that the defendants, having been formally arraigned, could no longer be kept in EFCC custody.
The judge then ordered that the defendants be remanded in Kuje Correctional Centre in Abuja and fixed 18 July for ruling on the bail application. It implies that baring any unforeseen development, the defendants will remain in custody till 18 July, if their bail application succeeds.
EFCC’s investigations
An affidavit filed by the EFCC, according to the News Agency of Nigeria (NAN), intelligence gathered by the agency in April 2025 linked the defendants to a fraudulent investment scheme.
The EFCC said the scheme was executed through ST Technologies International Limited, operated by the suspects, using the CBEX platform. The case was assigned to EFCC’s cybercrimes section for investigation.
Preliminary findings revealed that the defendants and their associates promoted CBEX through advertisements that encouraged unsuspecting members of the public to invest in cryptocurrency on the platform. They allegedly promised returns of up to 100 per cent.
The EFCC said investors were directed to convert their digital assets into USDT (a stablecoin) and deposit them into crypto wallets linked to the suspects. Victims were initially allowed to monitor their investments on the platform. However, after deposits reportedly exceeded one billion dollars, the platform became inaccessible, and withdrawals were blocked.
The commission said the arrangement was later discovered to be a scam. It further stated that although ST Technologies was registered with the Corporate Affairs Commission, it was not licensed by the Securities and Exchange Commission to operate as an investment entity.
The EFCC also found that the defendants had vacated their last known addresses in Lagos and Ogun States. The agency said it sought a warrant of arrest to place the defendants on a red watch list to enable their tracking and apprehension.
It added that there was sufficient evidence to show that the defendants had a case to answer and that granting its application was in the interest of justice.
Earlier bail refusal by another judge
Earlier on 24 April, judge Emeka Nwite granted the EFCC pre-trial permission to arrest and detain six CBEX operators over their alleged involvement in the investment fraud.
The order, granted following an ex parte motion by EFCC counsel Fadila Yusuf, allowed the commission to detain them pending the conclusion of investigations and possible prosecution.
Then, on June 30, he refused to grant bail to the defendants. In his ruling that day, the judge said the evidence presented by the EFCC was strong, noting that the defendants were initially remanded based on a valid court order obtained by the commission.
He also observed that at the time the bail application was filed, no formal charge had been entered against the defendants. Although a charge was later filed, it was still awaiting assignment to a judge.
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The six suspects listed as targets of the order were Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Others were Awerosuo Otorudo and Chukwuebuka Ehirim.
However, in the new amended charges, only Otorudo and Ehirim were named.
The new charges
In charge number FHC/ABJ/CR/216/2025, the EFCC alleged that Otorudo and Ehirim, between January 2024 and May 2025, invited members of the public to deposit money for a fixed term or payable on call through Crypto Bridge Exchange (CBEX), promising up to 88 per cent return on investment without obtaining written consent from the Securities and Exchange Commission. The alleged act violates Section 1 of the Investment and Securities Act, 2025, and is punishable under Section 96(5) of the same Act.
Count two accuses the defendants of not being a bank or licensed entity, yet they invited the public through advertisements to deposit funds with CBEX. Their actions violate Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and are punishable under Section 44(2).
In the third count, the EFCC alleged that the duo carried out specialised financial services, specifically, an investment management scheme, on the CBEX platform without a valid licence. This, the EFCC said, violates Sections 57(1) and (2) of the same Act and is punishable under Section 57(5).
