Metro

$1bn Fraud: Court Refuses Detained CBEX Operators Bail

Published

6 months ago

June 30, 2025

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

Metro

Court Sentences Man To Death For Killing Son

Published

10 hours ago

January 9, 2026

Editor

The Kano State High Court has sentenced Abubakar Alhaji Sabo to death by hanging after finding him guilty of killing his newborn son.

The Kano State Government prosecuted Sabo before the court on charges of culpable homicide and causing grievous harm.

He was accused of force-feeding the infant with a local insecticide known as ‘fiya-fiya’, resulting in the child’s death.

Sabo killed the baby after the mother, his girlfriend, refused to obey his instruction to kill the child to avoid the shame of fathering a child out of wedlock.

Following the incident, he was also found guilty of striking the girlfriend’s father on the head with a brick after he caught Sabo poisoning the baby.

During the trial, the prosecution counsel, Barrister Safiya Yalwati Yahaya, presented three witnesses, while the defendant testified in his own defence.

After reviewing the evidence presented by both parties, Justice Aisha Yau, who presided over the case, found him guilty of infanticide and sentenced him to death by hanging.

The court also imposed an additional three-year prison sentence for causing grievous harm.

Metro

Nine Kwara Victims: Kidnappers Insist On N300m Ransom

Published

10 hours ago

January 9, 2026

Editor

No progress has been recorded on the bandits demand for N300m ransom for the release of nine victims abducted in Adanla community of Ifelodun Local Government Area of Kwara state on Boxing Day, December 26, 2025.

Coordinator of the Joint Security Watch for Kwara South Senatorial District, Zubair Olaitan, disclosed this on Wednesday.

According to DAILY POST, the bandits have so far made three contacts with the community leaders that “if the N300m is not paid, the victims will not be released.”

The bandits seized the nine victims in an attempt to abduct the King of the community, and his wife on Boxing Day, but failed.

The King, David Olarinoye, was away to Igbaja town for a programme when the armed bandits invaded his community.

The bandits, however, later seized nine other victims in the community and marched them to the bush.

While seven victims were abducted at the palace of the King, two others were captured on their way to the bush.

Following the abduction, the bandits demanded a N300m for the release of the abducted victims, resisting any negotiations for reduction of the ransom.

Metro

Man Arrested In Edo For Alleged Abduction Of 4-year-old

Published

1 day ago

January 8, 2026

Editor

21-year-old ThankGod Destiny has been arrested by the Edo State Security Corps, ESSC, for allegedly kidnapping a four-year-old boy in the state.

Deputy Corps Commander, Operations, of the ESSC, Richard Balogun, who disclosed this to newsmen in Benin on Thursday, said the suspect has been handed over to the police for further investigation and prosecution.

Balogun, while disclosing that the incident happened on January 4, 2026 at Ikpoba Hill, Benin, said the arrest of the suspect followed an alarm raised by a commercial bus driver and a female passenger.

The ESSC commander said, “On January 4, 2026, a woman went out with her son at lkpoba Hill in Benin city. A few minutes later, the son disappeared from her sight.
This suspect identified as ThankGod Destiny had allegedly kidnapped the four-year-old boy.

“The little boy was hurriedly taken into a commercial bus going towards kings Square in Benin city.

“The driver of the bus who noticed a great difference in resemblance between the little boy and the man, however questioned where he was heading with the little boy.

“He lied that the boy is ill and he is taking him to the hospital. But later on, a female passenger asked him about his destination with the boy. He replied that he was going to buy the boy shoe.

“The various replies made the driver and the woman raise the alarm. The alarm attracted men of the Edo State Security Corps who were on patrol. The suspect was immediately arrested and the kidnapped little boy rescued unhurt.”

Balogun, who said the victim has been reunited with his family, assured that the Corps will continue to hunt for criminals in the state.