The Economic and Financial Crimes Commission (EFCC) on Monday arraigned two key operators of the controversial Crypto Bridge Exchange (CBEX) before the Federal High Court in Abuja on charges bordering on illegal financial activities and operating unlicensed investment schemes.
The defendants, Avwerosuo Otorudo and Chukwuebuka Ehirim, were brought before Justice Mohammed Umar on a three-count amended charge marked FHC/ABJ/CR/216/2025.
According to the EFCC, the duo and their associates allegedly lured unsuspecting members of the public into investing over one billion dollars in a cryptocurrency scheme that promised returns of up to 88% without obtaining requisite regulatory approvals from the Securities and Exchange Commission (SEC).
When the matter was called, EFCC counsel Fadila Yusuf informed the court that an amended charge had been filed on July 7 and urged the court to replace the earlier version with the new one. The defence did not oppose the substitution.
Upon reading the charges, the defendants pleaded not guilty.
Yusuf applied for their remand in a correctional facility pending the conclusion of trial. However, their counsel, Justice Otorudo, argued for bail, citing a pending application filed on June 30. He told the court that the defendants voluntarily submitted themselves for investigation and had no prior criminal convictions.
Otorudo further argued that the charges were bailable and lacked clear evidence of funds being deposited by members of the public. He also dismissed the EFCC’s online claim that the defendants obtained one billion dollars by false pretence, noting that no such charge appeared in the formal filing.
In her response, Yusuf opposed the bail request, asserting that the seriousness of the alleged offence warranted caution. She said the defendants had not voluntarily turned themselves in but did so only after court pressure, and noted that other suspects were still at large.
Justice Umar ruled that the defendants be remanded at the Kuje Correctional Centre pending the court’s decision on the bail application, scheduled for July 18.
The EFCC’s charge sheet alleges that between January 2024 and May 2025, Otorudo and Ehirim used CBEX to invite the public to invest funds with promised returns of up to 88%—without SEC approval—thereby violating Section 1 of the Investment and Securities Act, 2025, and punishable under Section 96(5).
In count two, the defendants were accused of inviting public deposits through CBEX without being licensed banks or financial institutions, in breach of Section 44(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The third count accuses them of operating an investment management scheme without a valid license, contrary to Section 57 of BOFIA.
Justice Emeka Nwite of a sister court had earlier granted the EFCC an order to arrest and detain six CBEX operators over the alleged scam, including Adefowora Abiodun, Oluwanisola Adefowora, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
Investigations revealed that the suspects, through their firm ST Technologies International Limited and CBEX, promoted an online cryptocurrency investment platform promising returns of up to 100%. Investors were directed to convert their crypto assets into stablecoins and transfer them to CBEX-controlled wallets. The platform later became inaccessible, with victims unable to withdraw their funds.
The EFCC stated that ST Technologies was registered with the Corporate Affairs Commission but lacked SEC authorization for investment operations.
The commission said a prima facie case of investment fraud had been established, and the defendants’ continued detention was necessary for justice to be served.
The case has been adjourned to July 18 for ruling on the bail application.
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