The Federal High Court in Abuja has granted bail to two promoters of the now-defunct Crypto Bridge Exchange (CBEX), Avwerosuo Otorudo and Chukwuebuka Ehirim. Justice Mohammed Umar set their bail at ₦10 million each, requiring two sureties each with property of equivalent value in the court’s jurisdiction. The residences of the sureties will be verified by the court registrar. Proceedings have been adjourned until October 13, when their trial will commence.
Charges and Legal Proceedings
The Economic and Financial Crimes Commission (EFCC) arraigned both Otorudo and Ehirim on July 7, presenting an amended three-count charge (FHC/ABJ/CR/216/2025). The allegations include conducting unauthorized financial transactions and collecting public funds with promises of returns up to 88 percent—without regulatory approval.
This bail decision follows a previous judgment on June 30, where Justice Emeka Nwite rejected bail requests from three other CBEX promoters, citing the gravity of the alleged $1 billion fraud and the strength of EFCC’s evidence.
Related Bail Application
The court also reviewed a separate bail application from Adefowora Abiodun, Managing Director of ST Technologies International Limited, implicated in the CBEX scandal. Abiodun is facing an eight-count charge (FHC/ABJ/CR/215/2025) for offenses including obtaining by false pretences, money laundering, and operating a financial institution without proper licensing. His attorneys cited medical reasons and voluntary cooperation with investigators when seeking bail. A ruling on his application is scheduled for July 25.
Scheme and Investigation Overview
CBEX allegedly lured Nigerians into depositing digital assets by promising high returns of up to 100%, with deposits converted into USDT before funds were locked and the platform collapsed. Investigators discovered that ST Technologies, although registered with the CAC, lacked approvals from the CBN and SEC to carry out investment activities. The EFCC considers CBEX a major Ponzi-like operation responsible for losses exceeding $1 billion.
What Comes Next
- Security Conditions: The court has mandated verification of sureties and their properties, reinforcing accountability.
- Awaiting Trial: Otorudo and Ehirim must stand trial when court reconvenes on October 13.
- Pending Bail Verdict: The outcome of Abiodun’s appeal on July 25 may influence proceedings in associated cases.
This bail marks a significant development in a series of high-stakes court rulings linked to the CBEX scandal. Whether the accused will remain free awaiting trial and the strength of prosecution evidence will shape this ongoing high-profile case.
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