CBEX Operators To Remain In EFCC Detention As Court Dismisses Bail Plea

• CBEX, a platform that claimed to give investors 100% returns in 30 days, crashed in April 2025
• Amid the public outcry that followed the crash, the SEC and EFCC began investigations to get to the people behind
• Several arrests have been made since then, and the operators have been arraigned before the Federal High Court

Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.

The Federal High Court sitting in Abuja has declined the bail application from three of the detained promoters of Crypto Bridge Exchange (CBEX).

On 24 April 2025, the Economic and Financial Crimes Commission (EFCC) secured a court approval to arrest and detain the promoters of CBEX in an alleged fraud of over $1 billion.

This was in response to an ex parte motion filed by the EFCC counsel, Fadila Yusuf, asking that the six suspects be arrested and detained pending the conclusion of the investigation and possible prosecution.

The six suspects include Adefowora Abiodun Olaonipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, who are now listed as the 1st to 6th defendants in the case.

Recall that Adefowora Abiodun Olaonipekun voluntarily turned himself in to the EFCC after the issuance of the wanted list.

The News Agency of Nigeria (NAN) reported that Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant), and Chukwuebuka Ehirim (6th defendant), who had been in EFCC custody, applied for bail.

Babatunde Busari and Justice Otorudo, the counsel representing the three defendants, filed the bail application.

The court denies bail application

Delivering the ruling on Monday, Justice Nwite held that he could not grant the bail plea as the EFCC already obtained an order of remand of the defendants by a court of competent jurisdiction before effecting the arrest.

He also held that with the totality of the evidence presented by both parties, the character of evidence against the defendants was strong.

Nwite said in the ruling:

“In view of the foregoing and taking cognisance of the nature of the case and, particularly, a charge that has been filed against applicants, I am of the view and I so hold 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 of the applicants and hear the bail application simultaneously. Hence, the application is refused.”

Detained CBEX promoters apply for bail

The defence counsels, Babatunde Busari and Justice Otorudo, had sought a court order varying the April 24 approval granted to EFCC to arrest and detain the accused.

The EFCC counsel, Yusuf, opposed the bail requests, noting that their application had been overtaken by events, as all defendants are being charged for fraud in an amount that is above 10 states' budgets in Nigeria, with the EFCC still receiving more petitions.

In his ruling, Justice Nwite dismissed the argument from the defence counsel that Abiodun, the 1st defendant, was indisposed and required medical attention.

He held that there was no evidence to show that the EFCC could not take the defendants to a hospital for medical attention.

CBEX defies EFCC probe, resumes operations

In related news, CBEX resumed operations barely three weeks after its initial collapse.

Legit.ng reported that the new users commenced trading and withdrawing with ease, even though the old users could not withdraw.

Meanwhile, EFCC investigations had commenced with eight suspects declared wanted by the anti-graft agency.

Source: Legit.ng