Court Adjourns Bail Ruling For CBEX Promoters To June 30

The Federal High Court in Abuja has postponed its ruling on the bail applications of three detained promoters of the Crypto Bridge Exchange (CBEX) until June 30.

Justice Emeka Nwite fixed the new date on Wednesday after hearing final arguments from both the prosecution, led by EFCC counsel Fadila Yusuf, and defence lawyers representing the accused.

On April 24, Justice Nwite had granted an ex-parte application by the Economic and Financial Crimes Commission (EFCC) to arrest and detain six CBEX operators over allegations of a multi-billion dollar investment fraud.

The EFCC subsequently declared the suspects wanted, accusing them of orchestrating a scheme that defrauded investors of over $1 billion. The six named individuals are Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

According to the EFCC, the accused, through their company ST Technologies International Limited and the CBEX platform, promised investors up to 100% returns. Victims were allegedly persuaded to convert their digital assets into USDT (a stablecoin), which was then transferred into wallets controlled by the suspects.

After receiving deposits amounting to over $1 billion, investors reportedly lost access to the platform and could no longer withdraw their funds. Investigations revealed the scheme to be fraudulent, and the EFCC noted that although ST Technologies was registered with the Corporate Affairs Commission, it lacked the necessary investment license from the Securities and Exchange Commission.

The three defendants currently in custody—Abiodun, Otorudo, and Ehirim—voluntarily turned themselves in following the EFCC’s public notice and have remained in detention since.

During Wednesday’s proceedings, Babatunde Busari, counsel to Abiodun, argued that his client should be granted bail, citing constitutional protections and the fact that he surrendered voluntarily and has not yet been formally charged.

Defence lawyers for Otorudo and Ehirim made similar arguments, assuring the court of their clients’ willingness to cooperate with investigators.

Opposing the bail requests, EFCC counsel Yusuf maintained that formal charges had already been filed, stressing the scale of the fraud—which she said exceeds the annual budgets of several Nigerian states—and the ongoing flow of petitions from victims. She urged the court to deny bail.

Justice Nwite will deliver his ruling on June 30.