The Federal High Court in Abuja has rejected the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX) in connection with an alleged $1billion fraud.
In a ruling delivered on Monday, Justice Emeka Nwite held that the weight of evidence presented by the Economic and Financial Crimes Commission (EFCC) was compelling enough to justify continued detention.
The judge stated that after reviewing affidavits submitted by both parties, it was clear that the prosecution’s case against the defendants was strong and warranted further legal scrutiny.
He also noted that the EFCC had secured a valid court order to remand the accused persons.
Justice Nwite further observed that at the time the bail motion was brought before the court, no formal charges had been filed.
However, he disclosed that since then, a formal charge had been prepared and was awaiting assignment to a trial court.
“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,” the judge declared.
The News Agency of Nigeria (NAN) reports that Justice Emeka Nwite of the Federal High Court in Abuja had on June 11 scheduled Monday’s ruling after hearing arguments from both the Economic and Financial Crimes Commission (EFCC) and defence counsel on a bail application.
Earlier, on April 24, the judge had granted the EFCC permission to arrest and detain six operators of Crypto Bridge Exchange (CBEX) in connection with an alleged \$1 billion fraud.
The order followed an ex parte motion filed by EFCC counsel Fadila Yusuf, who said the suspects needed to be held pending the completion of investigations and possible prosecution.
The six individuals identified as suspects in the case are; Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim — listed respectively as the 1st to 6th defendants.
In her ex parte motion dated and filed on April 23, Yusuf outlined four grounds for the EFCC’s application, including the agency’s statutory mandate to prevent and investigate financial crimes.
She also informed the court that the defendants were initially at large, necessitating arrest warrants to facilitate proper investigation and prosecution.
As of the date of the hearing, Abiodun (1st defendant), Otorudo (5th), and Ehirim (6th) were in EFCC custody.
During the last hearing, defence lawyers Babatunde Busari and Justice Otorudo—representing Abiodun, Otorudo, and Ehirim—told the court they had filed bail applications on behalf of their clients.
The motions, filed under Sections 35(1)(4) and 36 of the 1999 Constitution (as amended), as well as Sections 158, 162, and 165 of the Administration of Criminal Justice Act (ACJA), 2015, sought to vary the April 24 detention order and grant bail pending the outcome of investigations.
However, EFCC counsel, Yusuf, strongly opposed the request, arguing that the bail application was moot since formal charges had already been filed.
She stressed that the defendants were being prosecuted for fraud involving over \$1billion — an amount that exceeds the budgets of several Nigerian states.
“It is in fact more than a budget of about 10 states joined together, my lord,” she said.
She stated that the commission was still receiving petitions from individuals who claimed to be victims of the alleged fraud.
The lawyer, while acknowledging that the granting of bail lies at the court’s discretion, urged that such discretion must be exercised judiciously and in accordance with the law, and therefore called for the application to be dismissed.
In his ruling on Monday, Justice Emeka Nwite rejected the defence’s claim that the first defendant, Abiodun, was unwell and required medical treatment.
The judge held that the defence failed to provide sufficient affidavit evidence to prove that the EFCC was incapable of facilitating access to proper medical care for the defendants.
According to the EFCC, in an affidavit supporting the ex parte motion filed against the defendants, it received intelligence in April 2025 regarding an alleged investment scheme fraud involving the accused.
The anti-graft agency alleged that the defendants, through their company, ST Technologies International Limited, and in collaboration with another entity, Crypto Bridge Exchange (CBEX), carried out the suspected fraudulent scheme.
The matter was subsequently assigned to the commission’s Cybercrimes Section for investigation.
The agency said the preliminary investigation into the intel revealed the following: “That Messrs Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company, Crypto Bridge Exchange (CBEX), by making adverts and lured unsuspecting members of the public to invest in cryptocurrencies on the CBEX investment platform.”
The EFCC averred that the defendants promised an unrealistic return on investment of up to 100%.
“That the victims were made to convert their digital assets into a stablecoin, USDT, for onwards deposit into the suspect’s crypto wallet.
“That the victims were initially given full access to the platform to monitor their investment.
“Following deposits valued at over 1 billion dollars by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw from the investment made.
“That the victims later discovered that the said scheme was a scam.
“That during the course of investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), was not registered with the Securities and Exchange Commission (SEC) for investment purposes.
“That it was also discovered during the investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”
The anti-graft agency stated that a warrant of arrest was necessary to place the defendants on a red watch list, enabling their location and apprehension to face the charges against them.
The commission explained that its investigation uncovered a prima facie case of an investment scam involving the defendants.
It further argued that granting the application would serve the interest of justice.