The Federal High Court in Abuja has set June 30 to deliver its ruling on the bail applications of three alleged masterminds behind the embattled Crypto Bridge Exchange (CBEX), amid accusations of orchestrating an investment scam worth over $1 billion.
Justice Emeka Nwite fixed the date on Wednesday after both prosecution and defence teams concluded their arguments regarding the applications.
Representing the Economic and Financial Crimes Commission (EFCC), Fadila Yusuf maintained strong opposition to the bail request, while the defence counsels pleaded for their clients’ release, citing their voluntary surrender and prolonged detention without formal charges.
Back in April, Justice Nwite had granted an ex-parte application permitting the EFCC to arrest and detain six individuals said to be behind CBEX.
The commission alleged that the suspects—Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—defrauded thousands of investors through a sophisticated crypto scheme.
According to EFCC filings, the suspects operated through a company, ST Technologies International Limited, using CBEX as a platform to lure unsuspecting investors with the promise of guaranteed 100% returns.
Victims were encouraged to convert their digital assets into USDT (a stablecoin), which was then allegedly funneled into wallets controlled by the accused.
Investigators say the bubble burst after deposits surpassed the $1 billion mark, with users suddenly unable to access the platform or retrieve their funds.
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Though ST Technologies was registered with the Corporate Affairs Commission, it reportedly lacked proper authorization from the Securities and Exchange Commission to conduct investment business.
In the months following the court order, the EFCC declared all six suspects wanted. Of them, three—Abiodun, Otorudo, and Ehirim—have since surrendered and remain in custody.
On Wednesday, Abiodun’s lawyer, Babatunde Busari, urged the court to grant bail, arguing that his client had turned himself in and was being held in custody beyond the constitutional period.
Lawyers representing Otorudo and Ehirim echoed similar arguments, affirming their clients’ cooperation with investigators and commitment to facing trial.
But the EFCC insisted on the severity of the case. Yusuf highlighted that the alleged fraud eclipses the budgets of some Nigerian states and emphasized that new complaints from affected investors were still emerging.
With arguments concluded, the court is now set to decide whether the accused will remain behind bars or be allowed to await trial in freedom. The ruling is scheduled for June 30.