Metro

$1bn Fraud: Court Refuses Detained CBEX Operators Bail

Published

3 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

Abuja Court Jails Ex-legislative Aide For N120m Fraud

Published

2 hours ago

September 23, 2025

Editor

A Federal Capital Territory High Court in Jabi on Monday sentenced a former legislative aide and banker, Mr Goni Yilkan, to eight years in prison for obtaining N120.58 million by false pretence.

Justice F. E. Messiri found Yilkan guilty of a two-count employment scam charge, the Economic and Financial Crimes Commission revealed in a statement issued via its X handle on Tuesday.

“Yilkan, who hails from Nguru, Yobe State, was found guilty on a two-count charge of obtaining money by false pretence, contrary to Section 1(1)(a) of the Advance Fee Fraud and Other Related Offences Act, 2006, and punishable under Section 1(3) of the same Act, and consequently sentenced to eight years imprisonment without option of fine,” the statement read.

According to EFCC, the convict was arraigned alongside one Mohammed Adamu in October 2023, following investigations into a petitioner’s claims of being defrauded by the convict.

One of the charges read: “That you, Mohammed Goni Yilkan, Mohammed Adamu and others at large between 3rd January 2020 and December 2021 in Abuja within the jurisdiction of the High Court of the Federal Capital Territory with intent to defraud obtained the sum of N120, 580, 550 (One Hundred and Twenty Million, Five Hundred and Eighty Thousand, Five Hundred and Fifty Naira) from Mrs. Hindatu Bello under the false pretence that you had the capacity to secure jobs for her candidates in various Ministries, Departments and Agencies of the Federal Government of Nigeria which pretence you knew to be false and thereby committed an offence contrary to Section 1(1)(a) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under Section 1(3) of the same Act.”

In the course of the trial, EFCC said the petitioner explained that “Yilkan deceived her between 2020 and 2021 into believing that he had the capacity to secure employment slots in government agencies such as the Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), and Niger Delta Development Commission (NDDC).

“On this strength, the petitioner collected varying sums of money from over 60 jobseekers, amounting to N120,580,550.00 (One Hundred and Twenty Million, Five Hundred and Eighty Thousand, Five Hundred and Fifty Naira), which she allegedly remitted to the convict.”

However, the purported employment offers never materialised, prompting Bello to petition the EFCC.

The prosecution, led by Cosmas Ugwu, called six witnesses and tendered documentary evidence, while the defence, led by J.A. Oguche, presented two witnesses, including Yilkan himself.

In his judgment, Justice Messiri held that the prosecution had proved its case beyond reasonable doubt, convicted Yilkan, but discharged and acquitted his co-defendant, Adamu.

The judge further sentenced Yilkan to eight years’ imprisonment without an option of fine.

Earlier, The PUNCH reported that the EFCC Ilorin Zonal Directorate arrested 28 suspected internet fraudsters in Kwara State.

The suspects, according to a statement on Monday, “were picked up in the early hours of Tuesday during sting operations carried out in Tanke, University Road, Oshin, and Agbabiaka areas of the state capital.”

Metro

Soldiers Who Sold Arms To Terrorists Sentenced To Death

Published

2 hours ago

September 23, 2025

Editor

A special court-martial of the Nigerian Army in Maiduguri, Borno State, has sentenced three soldiers to life imprisonment and another to 15 years for illegal arms deals carried out in connivance with police officers and terrorists.

The trial, presided over by Brigadier General Ugochukwu Unachukwu, acting General Officer Commanding 7 Division and Commander of Sector 1, Operation Hadin Kai (OPHK), took place at the Officers’ Mess of the Theatre Command Headquarters in Maiduguri.

Delivering judgment, Brigadier General Mohammed Abdullahi, president of the court-martial, pronounced Raphael Ameh, a sergeant; Ejiga Musa, a sergeant; and Patrick Ocheje, a lance corporal, guilty and sentenced them to life imprisonment.

Omitoye Rufus, a corporal, was however handed a 15-year jail term.

The soldiers were convicted of offences ranging from theft and unlawful dealing in ammunition to aiding the enemy, all punishable under the Armed Forces Act.

Ameh, who served as an armourer at the 7 Division Garrison, was found to have conspired with a deceased colleague to steal ammunition from the division’s armoury.

He worked with police officers to conceal weapons in bags of beans and smuggle them to Enugu and Ebonyi for criminals.

Abdullahi revealed that bank records linked Ameh to over 100 suspicious transactions between July 2022 and June 2024.

Musa, while serving as armourer of 195 Battalion, was discovered to have collaborated with Ocheje and police officers in selling an AK-47 rifle and large quantities of ammunition.

Records showed he collected more than ₦500,000 from the transactions before he was arrested while attempting to sell more ammunition.

Rufus was convicted for selling 40 rounds of 7.62mm special ammunition to a police officer, while Ocheje, who was deployed at the forward operating base in Molai, was found guilty of diverting ammunition during communal clashes at the instigation of a police officer.

He also stole an AK-47 rifle belonging to a colleague.

The court held that their actions directly endangered military operations and national security, amounting to aiding the enemy.

Condemning the convicts, Abdullahi described them as “bad eggs” who betrayed the trust, discipline, and honour expected of soldiers in the fight against insurgency.

He restated the army’s zero-tolerance stance on the sale of arms or ammunition to adversaries “in whatever form or guise.”

Metro

BREAKING: Bodies Of 8 Missing Policemen Recovered In Benue

Published

1 day ago

September 22, 2025

Editor

Lifeless bodies of the eight policemen who were declared missing after a deadly attack on security operatives at Agu Centre, on the border of Katsina-Ala and Ukum LGAs of Benue State, have been recovered.

Dr Justin Shaku, Chairman of Katsina-Ala LGA disclosed this to reporters in Makurdi on Monday.

According to him, “this brings the number of officers killed to 11 (10 policemen and one BSCPG)”.

The unfortunate incident occurred on Friday, when a team of security operatives came under the attack of armed invaders.

Three personnel were immediately confirmed dead while eight others were declared missing.