The Economic and Financial Crimes Commission (EFCC) on Monday brought two individuals believed to be key players in the Crypto Bridge Exchange (CBEX) platform before the Federal High Court in Abuja over suspected illegal financial dealings.
Avwerosuo Otorudo and Chukwuebuka Ehirim were arraigned before Justice Mohammed Umar on three counts related to unauthorized investment operations and collecting funds from the public without proper registration or approval.
The EFCC accuses them of luring unsuspecting investors with promises of up to 88 percent returns on deposits made through the CBEX platform.
EFCC lawyer Fadila Yusuf told the court that an amended charge had been filed on July 7 and requested that it replace the earlier one. She also said the commission was relying on previously filed evidence to proceed with the case.
The defence lawyer, Justice Otorudo, who represented both defendants, did not oppose the application, and Justice Umar ordered the new charges to be read. Otorudo and Ehirim pleaded not guilty to all three counts.
Yusuf then asked that the accused be remanded in prison custody until the trial concludes.
However, the defence urged the court to consider a bail application filed earlier on June 30. Otorudo stated that the defendants had not been convicted before and had cooperated fully with EFCC investigators since their detention began on April 25.
“Since they did not interrupt the investigation process, it is evidence that they will not jump bail,” the defence told the court. He also argued that the charges were eligible for bail and no proof was provided showing the accused had taken money from the public. He added that despite EFCC’s website alleging a $1 billion scam, there was no such charge formally filed in court.
In response, Yusuf opposed bail, saying that although the defendants appeared after being ordered to, their reappearance didn’t guarantee they wouldn’t flee again. “If granted bail, they might not be found again because we have not seen others till date,” she argued.
Justice Umar ruled that the accused should be remanded in Kuje Correctional Centre and fixed July 18 to deliver a decision on the bail application.
In the first charge, Otorudo and Ehirim were said to have invited the public between January 2024 and May 2025 to invest money through CBEX, promising high returns without the approval of the Securities and Exchange Commission (SEC), in violation of the Investment and Securities Act, 2025.
The second charge stated they promoted CBEX to collect public funds despite not being a licensed bank or authorized financial institution, which breaches the Banks and Other Financial Institutions Act (BOFIA), 2020.
The third count accuses them of managing an investment scheme without a valid license, contrary to Sections 57(1) and (2) of BOFIA.
Earlier in April, Justice Emeka Nwite granted the EFCC permission to arrest and detain six CBEX operators, including the two now arraigned. The others listed were Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
The EFCC explained in its affidavit that it launched an investigation after receiving intelligence on an alleged fraudulent investment scheme involving CBEX and ST Technologies International Limited.
The commission said the suspects advertised CBEX as a legitimate crypto investment platform and lured the public to deposit digital currencies, mostly in USDT, with the promise of unusually high profits.
EFCC’s findings showed victims initially had access to monitor their investments, but after making deposits exceeding $1 billion, the platform became unreachable. The scheme was later discovered to be fraudulent.
Investigators also discovered that while ST Technologies was registered with the Corporate Affairs Commission, it was not licensed by the SEC to carry out investment activities. The suspects reportedly moved from their last known addresses in Lagos and Ogun States.
