ALLEGED $1BN FRAUD: COURT TO DECIDE CBEX OPERATORS’ BAIL APPLICATION JUNE 30
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Agency report
Justice Emeka Nwite of the Federal High Court, Abuja, has adjourned ruling on the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX) in connection with the alleged over one billion dollars fraud until June 30.
The date was fixed after counsel for the Economic and Financial Crimes Commission (EFCC), Fadila Yusuf, and the defence lawyers adopted their written arguments and presented their submissions in support of and against the bail application.
Justice Nwite had earlier, on April 24, granted the EFCC permission to arrest and detain six CBEX operators for their alleged involvement in the fraud.
The order was made after Yusuf moved an ex parte motion seeking the court’s authorization to detain the suspects pending the conclusion of investigations and possible prosecution.
The six individuals include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Others named as the 5th and 6th defendants are Avwerosuo Otorudo and Chukwuebuka Ehirim.
In the motion ex parte dated and filed on April 23, the EFCC listed four grounds for its request. Yusuf noted that the EFCC has a legal duty to prevent and investigate financial crimes.
Yusuf stated, “The defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”
Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant), and Chukwuebuka Ehirim (6th defendant) have been held in EFCC custody pending investigation.
At the resumed hearing, Babatunde Busari, representing Abiodun, and Justice Otorudo, representing Otorudo and Ehirim, informed the court of the bail applications they had filed on behalf of their respective clients.
Otorudo stated that the application for the 5th and 6th defendants was dated May 8 and filed on May 9.
Busari acknowledged that although the EFCC served their counter affidavit earlier that morning, he was prepared to proceed.
He said the application was filed pursuant to Sections 34, 35, 36, 41, and 46 of the 1999 Constitution (as amended), along with Sections 159, 259, 296, and 298 of the Administration of Criminal Justice Act (ACJA), 2015.
The motion sought bail for Abiodun on liberal terms from EFCC custody, pending the possible filing of charges, and requested an interim order compelling the EFCC to produce him in court for bail consideration.
Busari argued that the arrest warrant and remand order were granted on April 24, but Abiodun had voluntarily surrendered himself to the EFCC on April 28, after indicating willingness to cooperate on April 22.
He said Abiodun, who is suffering from a serious health condition, had been detained for over 40 days without bail—far beyond the 14-day limit provided by law.
According to him, “the EFCC latched on to the fact that the order of the court did not prescribe a time and could detain Abiodun for as long as they wanted,” thereby violating his fundamental rights.
Busari emphasized that no charge has been formally filed against his client and that the EFCC’s affidavit failed to counter key points in their application. He noted that Abiodun’s voluntary surrender and presumed innocence support the case for bail.
He urged the court to grant the application, noting that continued detention contradicted Sections 295 and 296 of the ACJA.
On his part, Otorudo also prayed the court to vary the earlier order permitting the EFCC to detain his clients, arguing they have remained in custody since April 25 without bail despite voluntarily presenting themselves for investigation.
He asserted that the charges are bailable and that his clients would be available for trial.
Yusuf, opposing the applications, said the EFCC had filed a five-paragraph counter affidavit along with three exhibits in response to Abiodun’s request.
She contended that Abiodun’s application for bail—filed even before formal charges—should not be granted.
Yusuf also opposed bail for the 5th and 6th defendants, noting that they are facing charges involving more than $1 billion—an amount exceeding the annual budgets of some Nigerian states.
She informed the court that new petitions continue to arrive from alleged victims and urged the judge to exercise discretion “judiciously and judicially.”
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