A Federal High Court sitting in Abuja and presided over by Justice Emeka Nwite has rejected the bail application filed by three promoters of Crypto Bridge Exchange (CBEX) in the alleged $1 billion fraud.
Justice Nwite, in a ruling on Monday, June 30, 2025, held that available evidence against the defendants was strong.
The defendants are; Adefowora Abiodun Olanipekun, Avwerosuo Otorudo and Chukwuemeka Ehirim.
According to the judge, no formal charge was filed against the defendants before they applied for bail. A formal charge was only filed against them before the hearing of their bail application and the charge was waiting for assignment to a judge.
Ruling on the bail application, Justice Nwite held that, “In view of the foregoing and taking cognisance of the nature of the case and particularly, a charge has been filed against applicants, I am of the view and I so hold that 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 hearing the bail application simultaneously. Hence, the application is refused”.
Justice Nwite, had on 24 April, 2025, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.
The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
He gave the order after the EFCC’s counsel, Fadila Yusuf moved an ex-parte motion to the effect that their detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.
Several arguments were canvassed on the bail applications of the defendants. All the defence counsel in the matter sought an order varying the court’s earlier order made on 24 April, which granted the EFCC leave to arrest and detain the applicants. They urged the court to vary the earlier order granting bail pending the conclusion of the investigations and possible arraignment and trial.
After the arguments of the defence lawyers, the prosecution counsel vehemently opposed their bail request.
She told the court that their application had been overtaken by event as a charge had already been filed against them.
The lawyer argued that all the defendants in the matter are being charged for offence of obtaining over N1 billion dollars, more than some states’ budgets in Nigeria.
“It is in fact more than a budget of about 10 states joined together my lord,” she said.
She said the commission was still receiving petitions from victims of the alleged fraud.
The lawyer said though granting bail is at the discretion of the court, this should be done judiciously and judicially, urging the court to dismiss same.
In the ruling on Monday, Justice Nwite also dismissed the defence arguement that Abiodun, who is the 1st defendant, is indisposed and hence needed a medical attention.
The judge held that the defence had not shown in their affidavit evidence that the EFCC cannot take the defendants to a hospital for the specialist attention.
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