Metro

$1bn Fraud: Court Refuses Detained CBEX Operators Bail

Published

4 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

Police Arrest Suspected Militant, Hunt Fleeing Monarch In A’Ibom

Published

7 hours ago

November 4, 2025

Editor

Operatives of the Akwa Ibom State Police Command, in collaboration with marine hunters, have arrested a suspected militant, Samuel Geofrey, who allegedly specialises in sea piracy and kidnapping in Ibaka, Mbo Local Government Area of the state.

The command has also launched a manhunt for a traditional ruler (name withheld) believed to be Geofrey’s collaborator and reportedly in possession of operational tools used by the militant.

The state Commissioner of Police, CP Baba Azare, disclosed this while briefing journalists in Uyo on Tuesday.

Azare said the suspect was arrested on November 3, 2025, at about 11:45 am, while the traditional ruler fled when operatives stormed his residence.

He explained that a search of the monarch’s makeshift residence led to the recovery of several items allegedly used for sea piracy operations.

Recovered items included one 40HP, two 15HP, and one 8HP marine engines; four power heads; four gearboxes; four propellers; four engine covers; one Snow Sea deep freezer; and three generators, among others.

According to the CP, “On November 3, 2025, at about 1145hrs, operatives of the command, in collaboration with marine hunters, intercepted and arrested one Samuel Geofrey, aged 27, a native of Atakpere Community in Ekeremo LGA of Bayelsa State.

“The suspect confessed to being an active militant involved in sea piracy and kidnapping. He disclosed that his rifle was in the custody of one Kingdom Bane, the Village Head of Ine Eyoabasi Fishing Village.

“Operatives immediately stormed the village, but the Village Head fled upon sighting the team. A search of his makeshift residence led to the recovery of numerous items suspected to have been stolen from sea travelers.”

Items recovered included one 40HP, two 15HP, and one 8HP marine engines; four power heads; four gearboxes; four propellers; four engine covers; one Snow Sea deep freezer; three generators; three brand-new toilet seats; two brand-new toilet sinks; one sewing machine; and a bag containing the personal effects of one Chibuike Vincent Awah of Onitsha, Anambra State, including his ID card and NIN slip.

Azare noted that the suspect would soon be arraigned in court, adding that efforts had been intensified to arrest the fleeing traditional ruler.

He further disclosed that during the same period, the command arrested two suspects after raiding an illegal gun manufacturing factory in Ekriti Itam Village, Itu Local Government Area.

According to him, “Acting on credible intelligence, police operatives on October 24, 2025, raided an illegal gun manufacturing facility at Ekriti Itam Village, Itu LGA, arresting Aniekan Aniedi (39) and Ubong Udofia (35).

“Exhibits recovered include three fabricated locally made guns, five pieces of metal pipe, two iron rods, copper wire, two flat metal plates (gun butts), one welding machine, one mini electric screwdriver, and one electric filing machine.”

Metro

Rivers Shuts Market As Hoodlums Stab Trader To Death Over N500

Published

8 hours ago

November 4, 2025

Editor

Authorities in Rivers State have shut down the popular Obio/Akpor International Market, also known as Amaechi Market, following the killing of a trader identified simply as Ejike, allegedly by a group of meat sellers during a quarrel over N500.

The incident occurred around 11am on Sunday, along SARS Road in the Obio/Akpor Local Government Area, when over 20 attackers reportedly stabbed Ejike multiple times with daggers.

Eyewitnesses said another man who attempted to rescue the victim was also stabbed in the ribs and is now in critical condition in the hospital.

Outraged by the killing, female traders on Monday staged a protest at the Obio/Akpor Council headquarters, demanding the relocation of the alleged violent group while expressing fear over rising insecurity in the market.

One of the protesters, who pleaded anonymity for fear of victimisation, claimed that aside from the deceased, another person went into a coma.

“One man is dead, and the person who tried to rescue him is in a coma. More than 20 of them chased him over N500 and stabbed him to death. We want peace. They should leave our market,” a protesting woman said.

Another trader, who declined to be named, accused the attackers of being behind criminal activities in the market.

She lamented, “They break into our shops, steal goods, and even sell drugs behind the market.

“We don’t feel safe anymore. The government should help us.”

The Market Chairman, C.P. Oburu, confirmed the incident, saying Ejike was pronounced dead at a nearby hospital.

“When I got the call while in church, I rushed to the scene. The doctor confirmed him dead. We took his body to the mortuary and reported to the police,” he said.

Oburu added that the market has been sealed by the council authorities and police, pending further investigation.

“The local government chairman has intervened. Security agencies have made some arrests, and the market will remain closed until further notice,” he said.

Confirming the incident, state Police Command spokesperson, SP Grace Iringe-Koko, said one person was killed by yet-to-be-identified attackers.

“The Commissioner of Police has deployed tactical units to cordon off the market and ensure the perpetrators are brought to justice. Investigation is ongoing,” she stated.

Metro

Family Declares 45-year-old Hairdresser Missing In Ibeju-Lekki

Published

8 hours ago

November 4, 2025

Editor

A 45-year-old woman, Oluwafunmilayo Oluwaseun Adesuyi, has been declared missing in the Ibeju-Lekki area of Lagos State.

According to Boluwatife Adesuyi, her son, and Mr. Adekunle, her brother-in-law, Oluwafunmilayo, a hairdresser by occupation and mother of four children, who resides at House 1, Road 1, Onidogbo Town, Aiyeteju, Ibeju-Lekki, was last seen on September 17, 2025, within the Ibeju-Lekki area.

She is described as tall and fair in complexion. Boluwatife, her eldest son, said she left home on Thursday, 17th September 2025, and hasn’t returned since then. He said all efforts to trace her whereabouts since the day she went missing have proved unsuccessful.

The case has been reported to the police, and the family is appealing to members of the public with any useful information to assist in locating her.

Anyone with information about Oluwafunmilayo Adesuyi’s whereabouts is urged to contact 08165274101 or report to the nearest police station.