COURT DENIES BAIL TO CBEX OPERATORS OVER ALLEGED $1BN CRYPTO FRAUD

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By Aishat Momoh. O.

A Federal High Court sitting in Abuja has refused bail to three operators of Crypto Bridge Exchange (CBEX) over their alleged involvement in a \$1 billion cryptocurrency fraud scheme.

Presiding Judge, Justice Emeka Nwite, on Monday, June 30, 2025, ruled that the weight of evidence against the defendants was substantial and that the interest of justice would be better served if their bail applications were transferred to the court where the formal charge is pending.

The defendants, Adefowora Abiodun Olanipekun, Avwerosuo Otorudo, and Chukwuemeka Ehirim, were among six CBEX executives under investigation by the Economic and Financial Crimes Commission (EFCC) for allegedly obtaining over \$1 billion from unsuspecting investors.

Justice Nwite noted that no charge had been filed at the time the bail application was initiated. However, by the time the matter came up for hearing, a formal charge had already been filed and was awaiting assignment to a trial judge.

“In view of the foregoing and taking cognisance of the nature of the case and the fact that a charge has been filed, I am of the view that the interest of justice will be met by taking this application to the court where the charge is pending, for the court to take the arraignment and hear the bail application simultaneously. Hence, the application is refused,” the judge ruled.

Back in April 2025, Justice Nwite had granted an ex parte application filed by the EFCC, authorizing the arrest and detention of six CBEX executives, including Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

During Monday’s proceedings, defence lawyers argued for bail and sought a variation of the court’s earlier order permitting EFCC to detain the suspects. However, EFCC counsel Fadila Yusuf opposed the motion, citing the gravity of the alleged offence.

She informed the court that the suspects were being charged with defrauding investors of over \$1 billion — “more than the combined budgets of 10 Nigerian states.”

Yusuf also noted that the anti-graft agency continues to receive fresh petitions from victims across the country.

Justice Nwite further dismissed a claim that the first defendant, Abiodun, was in poor health and required urgent medical attention. He ruled that there was no evidence in the defence’s affidavit to suggest that the EFCC was incapable of providing adequate medical care.

The case will now proceed to formal arraignment and bail hearing before theassigned trial judge.