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$1bn Fraud: Court Refuses Detained CBEX Operators Bail

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The Federal High Court in Abuja on Monday refused to grant bail to three detained promoters of Crypto Bridge Exchange accused of involvement in a fraud exceeding $1 billion.

In his ruling, Justice Emeka Nwite held that, based on the affidavit evidence presented by both parties, the case against the defendants appeared strong.

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The judge, on April 24, had previously granted the application of the EFCC to arrest and detain six CBEX operators in connection with the alleged fraud.

The order followed an ex parte motion filed by the EFCC’s counsel, Yusuf, which sought detention pending the conclusion of investigations and possible prosecution.

READ ALSO:CBEX: Investors Will Get Their Money Back – EFCC Assures

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The six defendants include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

In the motion ex parte, filed on April 23, the EFCC outlined four grounds for its application, including its statutory duty to prevent and detect financial crimes through investigation.

Yusuf argued that some defendants were at large, necessitating a warrant of arrest to enable proper investigation and prosecution.

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According to the EFCC, the defendants, through their company ST Technologies International Limited, promoted CBEX by advertising investment opportunities and luring members of the public to invest cryptocurrencies on the CBEX platform.

READ ALSO:CBEX: EFCC Declares Foreigner Wanted

The agency alleged that the defendants promised unrealistic returns of up to 100%, requiring victims to convert their digital assets into stablecoin (USDT) and deposit them into the suspects’ crypto wallets.

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Initially, victims had full access to monitor their investments. However, once deposits surpassed $1 billion, the CBEX platform became inaccessible, and withdrawals were blocked.

Investigations revealed that the scheme was fraudulent and that ST Technologies International Limited, although registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to offer investment services.

The EFCC further disclosed that the defendants had vacated their last known addresses in Lagos and Ogun States. A warrant of arrest was thus necessary to trace and apprehend them.

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READ ALSO:CBEX Resumes Operations Despite SEC Ban, N1.2tn EFCC Probe

During a hearing on 11 June, counsel for the defendants, Babatunde Busari and Justice Otorudo, argued for bail, citing Section 35(1) and Section 36 of the 1999 Constitution (as amended) and sections of the Administration of Criminal Justice Act, 2015.

They sought to vary the court’s earlier order permitting the EFCC to detain their clients, requesting bail pending the conclusion of investigations, arraignment, and trial.

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However, the EFCC opposed the bail application, arguing that the defendants were implicated in a fraud exceeding the budgets of several Nigerian states combined. The commission also noted that new petitions from victims continued to emerge.

READ ALSO:CBEX Fraud: EFCC Declares Two More Wanted

In delivering his ruling, Justice Nwite acknowledged that a formal charge had been filed against the defendants and was awaiting assignment to a court.

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He rejected claims that the 1st defendant, Abiodun, required urgent medical attention, stating that the EFCC could provide necessary healthcare.

In view of the foregoing, and considering the nature of the case, as well as the fact that a formal charge has been filed, I hold that the interest of justice will be best served by transferring this application to the court where the charge is pending for simultaneous arraignment and hearing of the bail application,” the judge declared.

The application was subsequently refused.

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Metro

Three Lagos Labourers Found Dead In Makeshift Apartment

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Three yet-to-be-identified male adults have been found dead in their apartment on Olateju Street in the Lekki Phase One area of Lagos State.

According to The PUNCH, the incident happened in the early hours of Sunday, where the victims reportedly lived together in a makeshift room.

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It was gathered that the deceased were casual workers who earned a living by running errands and taking up daily labour within the neighbourhood.

A resident who identified himself simply as Alfred but pleaded not to be identified because he was not permitted to speak with the media said the victims were asleep when the attackers stormed their room.

READ ALSO:60-year-old Man Arrested For Raping Lagos Lady

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According to him, the attackers dragged them out of the room and macheted them to death in the process.

He said, “The boys lived in a makeshift structure erected on the premises of a building on the street. We knew them to be labourers who also ran errands for people. But on Sunday morning, one of their colleagues who also stayed around there raised the alarm over an attack on the boys. When people rushed there, the three of them were found lying in a pool of blood with machete cuts all over their bodies. We were told the assailants dragged them out of the room before killing them.”

Another resident, who is a member of the Lekki Estate Residents Association but asked not to be named, said the incident threw the area into panic.

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He said no such incident had ever been recorded on the street, adding that the police were immediately invited to the scene of the incident.

READ ALSO:Lagos Man Killed In Fight, Suspect Arrested

We are now more cautious with the security situation around here. Security measures are also being stepped up as I speak to you,” he added.

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As of press time, the motive behind the killing was still unclear.

However, it was learnt from other sources in the community that it might be linked to cult clashes or a dispute involving the deceased.

The Lagos State Police Public Relations Officer, CSP Benjamin Hundeyin, could not be reached for confirmation, as calls to his phone were not responded to.

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READ ALSO:NAFDAC Seals Lagos Skincare Facility Over Illegal Bleaching Products

A text message sent to him had yet to be replied to as of the time this report was filed.

The PUNCH reported in August that a skit maker identified simply as Austin was found dead with machete cuts in the Lakowe community of Ibeju-Lekki Local Government Area of the state.

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It was gathered that some suspected cultists stormed the area in the early hours of the day in search of the deceased

On locating his apartment, they allegedly dragged him out of his room and hacked him to death on the spot.

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VIDEO: Police Rescue Man Who Attempted Suicide On High-tension Pole In Anambra

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Operatives of the Anambra State Police Command have rescued a 28-year-old man, identified as Okwudili Onyiba, who attempted to take his own life by climbing a high-tension power transmission pole in Awada, Idemili North Local Government Area.

The command spokesperson, SP Tochukwu Ikenga, disclosed this in a statement on Wednesday, noting that the incident occurred on Tuesday evening behind Grace of God Mission, off NEPA Road, Awada.

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The statement read, “Anambra State Police Operatives attached to the Awada Division, in the evening of 2nd September 2025, successfully rescued a man who attempted to commit suicide by climbing a power transmission high-tension pole situated behind Grace of God Mission, off NEPA Road, Awada.

READ ALSO:VIDEO: Police Arrest Syndicate Hypnotising Victims Under Guise Of Seeking Directions In Delta

Upon receiving the distress information, the operatives swiftly mobilised to the scene, cordoned off the area to prevent danger, and controlled the large crowd that had gathered. After several minutes of persuasion by the Police and some concerned members of the public, the man eventually climbed down safely.

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“He was immediately taken into protective custody at the station, where he identified himself as Mr. Okwudili David Onyiba, aged 28 years.”

The Commissioner of Police in Anambra, CP Ikioye Orutugu, was said to have since ordered a comprehensive medical and mental health evaluation for the victim.

READ ALSO:Human Trafficking: Police Rescue 40 Ghanaians, Arrest Three In Ondo

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He further assured that the command would provide necessary support to ensure his well-being.

The command also urged members of the public to seek lawful and peaceful ways of addressing personal challenges.

Always seek lawful and peaceful solutions to personal challenges, and to reach out to family, friends, or relevant support groups in times of distress,” the statement read.

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Watch the video below:

https://x.com/MobilePunch/status/1963175042457469285?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1963175042457469285%7Ctwgr%5E8826849e63371556c40f915aab783b6738a99fc7%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fpunchng.com%2Fvideo-police-rescue-man-who-attempted-suicide-on-high-tension-pole-in-anambra%2F

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Lagos Enforces Ban, Seizes Single-use Plastics From Supermarkets

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The Lagos State Government has seized banned single-use plastics from some supermarkets in different areas of the state.

The state Commissioner for the Environment and Water Resources, Tokunbo Wahab, disclosed this in a video shared on X.com on Wednesday.

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The video revealed the enforcement officers confiscating single-use plastics, cups, and products with attached single use plastic straws.

Wahab’s caption read, “Our enforcement team today visited Blenco Supermarket in Lekki to enforce the ban on single use plastics.

READ ALSO: VIDEO: Motorists Stranded As Bridge Fails On Lagos-Benin Expressway

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This action is part of our wider efforts to ensure compliance with the etate’s directive on phasing out SUP, which poses serious environmental risks and worsens flooding across Lagos.

“The team also visited Blend and Temple Hill Supermarkets in Ire-Akari, Jendol Supermarket in Jakande Estate, Ejigbo and Lastprize and Reno supermarkets situated in Liasu Road in Idimu.”

Wahab noted that the team will continue to monitor, enforce, and work with businesses to adopt sustainable alternatives that safeguard our environment.

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READ ALSO:Lagos Orders Mandatory Inspection Of All E-hailing Vehicles

The enforcement which commenced on July 1 comes after an 18-month moratorium during which businesses were urged to phase out prohibited plastics and adopt eco-friendly alternatives.

The ban prohibits the sale and use of disposable plastic bags, including the widely used black nylon bags.

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The state government says the move is part of a wider clampdown across markets and retail outlets to ensure compliance with its environmental protection laws.

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