Metro

$1bn Fraud: Court Refuses Detained CBEX Operators Bail

Published

10 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

Ex-convict Arrested In Edo For Armed Robbery, Possession Of Firearm

Published

22 hours ago

May 5, 2026

Editor

The Edo State Security Corps (ESSC) has arrested a 45-year-old ex-convict, Owen Osas, for alleged unlawful possession of firearms and suspected involvement in a robbery incident.

Osas was reportedly arrested with a cut-to-size single-barrel gun during a covert operation along Fishpond Road in Eyean, Uhunmwonde Local Government Area.

The arrest reportedly comes barely a year after he was released from prison, where he had served time for illegal possession of firearms and other criminal offences.

Osas, who confessed to the latest crime, also admitted to being a member of the Eiye Confraternity.

READ ALSO:Tragedy As Suspected Kidnappers Kill Young Entrepreneur In Edo
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Consequently, a victim of an alleged robbery incident, Reginia Izy, identified Osas as the person who robbed her a day before his arrest.
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The victim narrated that the suspect had approached her residence around 8 p.m., pretending to be familiar before carrying out the attack.
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‎The Deputy Commander Operations of ESSC, Richard Balogun, said the arrest was part of intensified efforts to rid Edo State of criminal elements.

READ ALSO:Edo South Senatorial Seat: Nothing Wrong Seeking Wike’s Support – Ogbeide-Ihama
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‎Balogun explained that operatives conduct both overt patrols and covert operations to track and apprehend suspects.
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He said, ‎“Our men are always on patrol. Some operate in plain clothes as part of covert strategies, while others are stationed at strategic locations.

“Osas, who is a former convict, was arrested with firearms and he also confessed to be a member of the Eiye Confraternity.”
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Metro

Gunmen Kidnap Businessman In Ibadan

Published

2 days ago

May 4, 2026

Editor

Gunmen suspected to be kidnappers have abducted a 60-year-old man in Ibadan, the Oyo State capital.

The victim was kidnapped on Saturday while on his way to his residence.

The incident occurred at Jinarere, Alakia in Ibadan.

Public Relations Officer of the State Police command, Olayinka Ayanlade, when contacted, confirmed the incident.

Ayanlade in a statement made available to DAILY POST on Sunday, explained that efforts are ongoing to rescue the victim.

Ayanlade said, “Preliminary information reveals that the victim, a 60-year-old male and building materials trader, was accosted while returning home along the Jinarere axis of Alakia Road by four masked armed men, who forcefully whisked him away in an unregistered ash-coloured Toyota Corolla vehicle”.

Metro

Tragedy As Suspected Kidnappers Kill Young Entrepreneur In Edo

Published

3 days ago

May 3, 2026

Editor

A 30-year-old entrepreneur and CEO of Principle Takeout, Justice Abu Oshioke, has been killed by suspected kidnappers in Ekpoma, Esan West Local Government Area of Edo State.

He was reportedly attacked by the suspected kidnappers on Saturday while on his way to pick up an order made for his child’s dedication on Sunday morning.

Eyewitnesses said the attackers attempted to force him into a nearby bush in a kidnapping attempt. However, he reportedly resisted and tried to escape.

In the course of the struggle, the assailants opened fire, shooting him multiple times.

Concerned residents quickly rushed him to a nearby medical facility, but he was confirmed dead on arrival.

The deceased was said to have recently gotten married and welcomed a baby boy.

The tragic event has turned a joyous occasion into a moment of grief for the family.

The shocking development has left the Ekpoma community in deep sorrow, with many residents expressing outrage over the growing insecurity in the area.

Edo State Police Command’s spokesperson, Eno Ikoedem confirmed the incident and said the Commissioner of Police, Monday Agbonika has ordered a “full-scale investigation and intensified manhunt for those responsible.”

According to her, the Police, in collaboration with the military, local vigilantes, and hunters, are actively pursuing the perpetrators through coordinated operations.