Metro

$1bn Fraud: Court Refuses Detained CBEX Operators Bail

Published

2 months ago

June 30, 2025

Editor

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

One Dies, Others Injured As Speeding Jeep Hits Two Tricycles In Anambra

Published

13 hours ago

August 16, 2025

Editor

Tragedy occurred along the People’s Club/Limca Road, Obosi, in Idemili North Local Government Area of Anambra State, when a black Lexus Jeep driving by security operatives suspected to be DSS officials in a convoy rammed into two tricycles, killing one passer-by instantly and injuring several others.

It was gathered that the incident which happened at about 6.30am on Saturday, created panic in the area as occupants of the two tricycles were immediately rushed to an undisclosed nearby hospital where they were said to have been placed on a danger list.

An eyewitness who pleaded anonymity, said, “The security men, suspected to be DSS officials, about four of them, driving on a high speed hit the two tricycles and when they discovered that the occupants were badly injured and one already dead, they abandoned their Lexus Jeep and fled with their service rifles for fear of a mob attack.

“Due to the high speed, the driver of the vehicle rammed into the tricycles, resulting in the unfortunate death of one person, while others sustained varying degrees of injury. The vehicle was subsequently abandoned at the scene as they fled.”

Metro

Police Rescue Two Kidnapped Victims In Kebbi

Published

13 hours ago

August 16, 2025

Editor

Operatives of the Kebbi State Police Command have recorded another breakthrough in their ongoing fight against banditry as operatives in Ribah successfully rescued two kidnapped victims unhurt after a fierce gun battle with bandits.

According to a statement issued on Saturday by the Police Public Relations Officer, CSP Nafiu Abubakar, the rescue operation took place on August 15, 2025, at about 3:05 p.m. during an aggressive patrol around Dankade village in Ribah district, Danko/Wasagu Local Government Area.

The statement reads, “The joint team, which comprised police officers, vigilantes, and local hunters, was led by the Divisional Police Officer (DPO) Ribah.

“The operatives engaged the bandits in a gun duel that lasted for hours before successfully rescuing 26-year-old Tukur Bello of Kembawa village, Augie LGA, Kebbi State, and 25-year-old Isyaka Abubakar of Budun village, Gummi LGA, Zamfara State.

“The victims were abducted on August 9, 2025, while grazing their cows at Gairi forest in Zamfara State. Police confirmed that both men were rescued unharmed and were immediately taken to a medical facility for examination before being reunited with their families.”

He further said the Commissioner of Police, Kebbi State Command, CP Bello M. Sani, commended the resilience, determination, and professionalism displayed by the DPO Ribah and his team.

“He urged them to sustain the momentum in the fight against banditry and other violent crimes threatening peace and socio-economic development in the area.

“The CP also encouraged other Divisional Police Officers across the state to emulate the Ribah division by embarking on aggressive patrols and visibility policing along highways and in vulnerable communities.

“Reaffirming the command’s commitment to security, CP Sani assured residents that the police would not relent in safeguarding the lives and property of law-abiding citizens in Kebbi State.”

Metro

By-election: INEC Staff, Politician Caught With Huge Cash In Ogun [VIDEO]

Published

13 hours ago

August 16, 2025

Editor

Security officers in Ogun State have arrested some people suspected to be Independent National Electoral Commission staff with a huge amount of money ahead of the state by-election.

They were picked up alongside a politician who was allegedly planning to buy votes.

The suspects were arrested at a hotel in Iperu-Remo, Ikenne Local Government Area on Saturday.

In a viral video on Saturday, the INEC officials, a man and a woman, were seen squatting as they were questioned by security agents.

Some alleged PDP officers were also with them.

The officer interrogating them said intelligence showed that the INEC staff had earlier been contacted and given a large sum of money by party officials for vote buying during the by-election.

Watch video below:

https://x.com/MobilePunch/status/1956664029591523555https://x.com/MobilePunch/status/1956664029591523555