Metro

$1bn Fraud: Court Refuses Detained CBEX Operators Bail

Published

1 month 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

Vigilante Shoots Father Who Prevented Kidnapper Son’s Arrest In Kwara

Published

11 hours ago

August 13, 2025

Editor

The Police Command in Kwara has confirmed the death of a man who helped alleged kidnap suspect escape.

The Police Commissioner in Kwara, Mr Adekimi Ojo, confirmed the incident to newsmen on Wednesday in ilorin.

Ojo further disclosed that a vigilante member who sustained injuries from the incident was receiving treatment at an undisclosed hospital.

The commissioner of police said the deceased struck a vigilante member, who was holding the alleged kidnap suspect, with a machete, enabling the suspect to escape.

He added that investigation was ongoing.

Eyewitnesses told the News Agency of Nigeria that the deceased prevented vigilante members from arresting his son over alleged involvement in kidnapping.

An eyewitness said the incident occurred on Tuesday at the Shaare Cattle Market in Kwara, as the deceased attempted to help his son evade arrest.

According to the source, the man attacked one of the vigilante members with a machete, creating an escape route for his son.

“In response, the vigilante member shot the man, who later died from his injuries,” the source said.

NAN

Metro

Police Arrest Six Suspected Cultists In Anambra Black Spot Raid

Published

11 hours ago

August 13, 2025

Editor

The Anambra State Police Command has raided a black spot in Ogidi, the Idemili North Local Government Area of the state, arresting six suspects, including a female.

The spokesman for the state police command, SP Tochukwu Ikenga, disclosed this in a press statement released on Wednesday, adding that police operatives attached to the Special Anti-Cultism Squad in Enugwu-Ukwu, carried out the operation on Tuesday.

Ikenga said the team recovered one fabricated Beretta pistol without a magazine and quantities of illicit drugs, including Mkpuru Mmiri (crystal meth), during the raid.

The statement read in part, “Police operatives attached to the Special Anti-Cultism Squad Enugwu Ukwu on August 12, 2025 at about 2.30pm and acting on credible intelligence, stormed a black spot at 7th Mile, Ogidi, Idemili North LGA.

“The team arrested six suspects, including a female, and recovered one fabricated Beretta pistol without a magazine and quantities of illicit drugs, including Mkpuru Mmiri (crystal meth), during the raid.

“The suspects are: Olisaemeka Izuchukwu ‘M’ aged 21 years, Isioma Chisom ‘M’ aged 22 years, Chinonso Izuchukwu ‘M’ aged 20 years, Chinaza Isioma ‘M’ aged 24 years, Onyekwelu Miracle ‘M’ aged 19 years and Mrs. Chinenye Eloka Okeke ‘F’ aged 35 years.

“The Commissioner of Police, CP Ikioye Orutugu, commended the operatives for their swift action and reaffirmed the Command’s resolve to sustain the tempo against cultism, drug trafficking, and other crimes in the state.

“The suspects would be charged to court on the conclusion of the investigations.”

Metro

Ekiti Court Remands Lady For Stealing New Born In Health Facility

Published

11 hours ago

August 13, 2025

Editor

An Ekiti State Chief Magistrate Court, Ado Ekiti District, has ordered the remand of a 34-year-old lady, Deborah Ayeni, at the correctional centre in Ado Ekiti over alleged stealing of a day-old baby at a health centre in the state capital city.

The prosecutor, Inspector Akinwale Oriyomi, told the court on Wednesday that “the defendant was alleged to have committed the offence which attracted public sympathy and interest as a result of the prevalence case of child stealing in Ekiti State and reported on August 4, 2025, against her.”

Oriyomi said, “The offence is punishable under Section 292 of the Criminal Law of Ekiti State 2021 within Ado Ekiti Magisterial District”.

He urged the court to remand the defendant at the correctional centre, saying, “She is reasonably suspected to have committed the offence”, as he prayed the court to grant his application for remand of the lady.

The police prosecutor said that the duplicate case file had been sent to the Director of Public Prosecutions for legal advice.

The defendant was represented in court by Stephen Ademuwagun.

The Chief Magistrate, Mr Abayomi Adeosun, granted the prosecutor’s application for the remand of the defendant.

The chief magistrate adjourned the case till September 12 for mention.