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$1bn Fraud: Court Refuses Detained CBEX Operators Bail

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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.

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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.

READ ALSO:CBEX: Investors Will Get Their Money Back – EFCC Assures

The six defendants include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

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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.

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READ ALSO:CBEX: EFCC Declares Foreigner Wanted

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.

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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.

READ ALSO:CBEX Resumes Operations Despite SEC Ban, N1.2tn EFCC Probe

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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.

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READ ALSO:CBEX Fraud: EFCC Declares Two More Wanted

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.

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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.

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Suspected Kidnappers Abduct 18 Passengers On Benin-Akure Road

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Kidnappers have abducted 18 passengers along the Benin-Akure highway, near Obarenren village, Ovia North East Local Government Area of Edo State.

The kidnappers were said to have fired sporadically before taking their victims into the bush.

Edo State Police Command’s Public Relations Officer, Eno Ikoedem, confirmed the incident in Benin on Monday.

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READ ALSO:Senate Backs Death Penalty For Kidnappers, Informants, Others

Ikoedem, while stating that a joint security operation had launched a manhunt for the abductors, added that a “massive bush combing led to the rescue of 11 victims.”

The PPRO, who said efforts were on to rescue other victims, noted: “The incident happened last Saturday. The passengers were in a 18-seater Big Joe bus. We have been combing the bush in collaboration with the Nigerian Army.

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“No Arrest has been made yet.”

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NDLEA Seizes 457kg of Cannabis, Arrests Suspected Trafficker In Edo

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Photo: file copy

Operatives the National Drug Law Enforcement Agency (NDLEA), Edo State Command, have arrested a 44-year-old suspected drug trafficker, Ohiomah Igbafe, at Uroe community in Owan East Local Government Area of Edo State.

The command also seized 457 kilograms of skunk cannabis concealed at the suspect’s hideout
in the operation that took place on December 9, 2025,

The State Commander of the anti-narcotic agency, Mitchell Ofoyeju, who disclosed this in a press statement said: “The suspect was found in possession of 15 bags of cannabis sativa weighing a total of 457 kilograms, in addition to a separate sack containing four kilograms of cannabis seeds.”

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He described the arrest as a significant milestone in the agency’s ongoing campaign against drug trafficking in the state.

READ ALSO:NDLEA Arrests Suspected Drug Baron, Seizes Over 14,000kg Skunk In Osun

He said: “The operation reflects our undying commitment to the eradication of drug trafficking within Edo State. The quantity of illegal drugs seized in this raid represents a serious threat to public health and safety. This level of success encourages us to continue to confront drug cartels relentlessly.”

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He added that the agency would not relent in its efforts to dismantle criminal drug networks, warning that offenders would be pursued without mercy.

“We want to send a clear message that drug traffickers and their collaborators have no safe harbour in Edo State.”

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Edo Assembly Declares Okpebholo’s Projects Unprecedented

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The Edo State House of Assembly has described projects embarked upon by Governor Monday Okpebholo as unprecedented in the history of Edo State.

Deputy Speaker of the House, Hon. Atu Osamwonyi, made the assertion when he led members of the legislature on a comprehensive oversight inspection of several ongoing infrastructural projects.

Other lawmakers on the oversight team included Hon. Addeh Isibor, Hon. Yekini Idaiye, and Hon. Ugabi Kingsley.

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Hon. Osamwonyi, who spoke during an assessment tour of the Sapele Road Flyover, said the lawmakers were in the field to verify the progress of work and ensure that funds appropriated by the Assembly were being judiciously utilised.

According to him, the flyover represents a milestone for Benin City and reflects the governor’s commitment to infrastructural renewal.

READ ALSO:MOWAA: Why I Will Not Appear Before Edo Assembly Panel — Obaseki

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He emphasised that unlike past administrations where funds were approved with no tangible results, the Okpebholo-led government had demonstrated transparency and visible delivery.

“In my entire life in Edo State, this flyover project is the first of its kind. We are here physically, and work is ongoing,” he said.

The Deputy Speaker added that the Assembly had earlier inspected the Ramat Park Flyover on Monday, noting similar levels of progress.

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This is the fifth site we have visited since yesterday. We are impressed with what we have seen so far, and as a House, we will stand by the governor to ensure he finishes strong,” he said.

At Ogheghe, Old Sapele Road and Ekae Road—where a 14-kilometre road and concrete drainage network is underway—Hon. Osamwonyi described the construction efforts as unprecedented, expressing astonishment at the level of work done within a short period.

READ ALSO:Okpebholo’s One Year Performance Outshines Some governors’ 8 Yrs, Says Idahosa

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He insisted that the legislature does not play politics with accountability and would speak the truth at all times.

If Governor Okpebholo was not doing well, we would say it. But I stand here today to affirm that the funds appropriated are being used judiciously for the benefit of the people.l”, he noted.

He further remarked that despite limited financial resources, the governor had delivered projects many believed were impossible.

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The Deputy Speaker recalled that several communities, particularly in Ogheghe, previously suffered from severe road degradation that made access impossible, even for motorcycles.

But today we are standing here with joy. The governor has brought democracy to Edo in a way the people can feel,” he said.

READ ALSO:Edo Assembly Declines To Confirm Ex-lawmaker As commissioner Over DSS Petition

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According to him, contractors handling the projects confirmed that although the initial timeline was two years, work would likely be completed within one year and six months due to the speed of implementation.

“That tells you that Governor Okpebholo is not eating Edo people’s money,” he added.

Hon. Osamwonyi stressed that the Assembly would resist any attempt to derail the governor’s momentum.

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This is the continuity we want in Edo State. Anybody who wants to thwart the governor’s efforts, we will not agree,” he said.

The oversight team also visited the 5.86-kilometre road project linking Amagba and Obagie-N’Ebvuosa, where the engineer handling the project reported that 4.3 kilometres of drainage had already been completed.

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The inspection revealed rapid progress across multiple sites.

Commissioner for Works, Engr. Felix Akhabue, who accompanied the legislators, said the governor had given strict directives to monitor all contractors and ensure adherence to specifications.

He confirmed that the Ministry of Works had been following the Adesuwa Junction Flyover construction “bumper to bumper.”

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He noted that the House of Assembly’s involvement strengthens accountability.

READ ALSO:Okpebholo, Idahosa Bag UNIBEN Distinguished Service, Leadership Awards

The lawmakers did not just appropriate funds; they want to see how the money is being used.

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“Their presence keeps us on our toes because Edo people are waiting for the completion of these projects,” he said.

Akhabue added that although the flyover was originally scheduled for completion in 24 months, the current pace suggests that delivery would be earlier than projected.

He commended the contractors for adherence to standards and thanked the Assembly for its active oversight role.

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