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Court Grants Two CBEX Promoters N10m Bail Each

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The Federal High Court in Abuja on Monday granted bail to two detained promoters of Crypto Bridge Exchange in the sum of N10 million each, with two sureties each in like sum.

Justice Mohammed Umar granted bail to Avwerosuo Otorudo and Chukwuebuka Ehirim, with the condition that the sureties must own property worth the bail sum within the jurisdiction of the court.

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He further ordered that the addresses of the sureties be verified by the court registrar.

CBEX is a digital platform that became defunct after collecting billions of naira from investors.

Following widespread public outcry after the platform mysteriously disappeared along with investors’ funds, the Economic and Financial Crimes Commission approached Justice Emeka Nwite on April 24, seeking an order to arrest and detain six CBEX promoters over alleged fraud.

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Justice Nwite granted the request after the EFCC filed an ex parte motion. He ruled that the suspects be detained pending the conclusion of investigations and potential prosecution.

The six suspects named in the application are Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, listed as 1st to 6th defendants respectively.

In the motion ex parte dated April 23, and filed by EFCC counsel, Fadila Yusuf, the Commission stated four grounds for its application. Yusuf noted that the EFCC has a statutory mandate to prevent and detect financial crimes through investigations.

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READ ALSO:ICRC Warns Of Rising Malnutrition As North-East Faces Food Shortages

She submitted that “the defendants are at large and a warrant of arrest is required to apprehend them for proper investigation and prosecution.”

According to an affidavit filed in support of the motion, the EFCC said it received intelligence in April 2025 about an alleged investment scheme fraud involving the defendants.

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It alleged that the defendants and their company, ST Technologies International Limited, used another company, Crypto Bridge Exchange, to carry out the fraudulent scheme.

The EFCC stated that the defendants promised unrealistic returns on investments—up to 100 per cent.

That the victims were made to convert their digital assets into a stablecoin, USDT, for onward deposit into the suspects’ crypto wallet.

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“That the victims were initially given full access to the platform to monitor their investments.

“That after deposits valued at over one billion dollars were made, the CBEX investment platform became inaccessible, and the victims could no longer withdraw their funds.

“That the victims later discovered that the said scheme was a scam.

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“That during the course of investigation, it was discovered that ST Technologies International Limited, though registered with the Corporate Affairs Commission, was not licensed by the Securities and Exchange Commission to operate as an investment firm.

READ ALSO:CBEX Fraud: EFCC Declares Two More Wanted

That it was also revealed that the defendants had vacated their last known addresses in Lagos and Ogun States.”

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The EFCC stated that a warrant of arrest was necessary to place the defendants on the red watch list to facilitate their apprehension and prosecution.

The Commission asserted that its investigation established a prima facie case of investment fraud and that granting the application would serve the interest of justice.

Following the court’s order, Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant), and Chukwuebuka Ehirim (6th defendant) were detained in EFCC custody for investigation.

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The trio applied for bail before Justice Nwite on June 30, but the application was denied.

In his ruling, Justice Nwite held that from the totality of the affidavit evidence presented by both parties, the weight of evidence against the defendants was strong.

He also noted that, due to the nature of the case, the EFCC had obtained a remand order from a competent court.

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Meanwhile, Otorudo and Ehirim filed a separate bail application before Justice Umar.

At the last hearing on July 7, the court reserved ruling after hearing arguments from their counsel, Justice Otorudo, and opposition from EFCC counsel, Fadila Yusuf.

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

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In delivering his ruling on Monday, Justice Umar granted bail to the duo but adjourned the matter until October 13, for the commencement of trial.

The two defendants were arraigned by the EFCC on an amended three-count charge, marked FHC/ABJ/CR/216/2025, bordering on illegal financial operations and unlicensed investment activities.

They were accused of collecting public funds and promising up to 88 per cent returns on investment without obtaining the necessary regulatory approval.

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In a separate proceeding, the EFCC arraigned the 1st defendant, ST Technologies International Limited, and its Managing Director, Adefowora Abiodun (2nd defendant), on an amended eight-count charge dated July 9 and marked FHC/ABJ/CR/215/2025.

Justice Umar fixed July 25 for ruling on Abiodun’s bail application after hearing submissions following the defendants’ arraignment.

The charges include allegations of obtaining money by false pretence, money laundering, and operating a financial institution without a licence from the Central Bank of Nigeria or registration with the SEC.

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The defendants pleaded not guilty to the amended charges.

Defence counsel, Babatunde Busari, informed the court of a bail application filed on behalf of Abiodun on June 30 and urged the court to grant bail on liberal terms.

Busari argued that the charges were bailable and that Abiodun had voluntarily submitted himself to the EFCC for investigation.

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READ ALSO:EFCC Arrests TikToker For Spraying, Stepping On Naira Notes In Kaduna

He also presented a medical report showing that the defendant had an urgent eye condition requiring surgery, which he had been unable to access during 80 days in detention.

We, therefore, urge the court to admit the defendant to bail, noting that the total monetary value of the claims is around N20 million,” Busari said.

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He prayed the court to release Abiodun to him for the purpose of bail.

However, EFCC counsel, Fatsuma Mohammed, strongly opposed the bail application, citing a counter-affidavit filed on July 7.

She urged the court to refuse bail and instead order an expeditious trial, stating that investigation was concluded and the prosecution was ready.

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When asked by the judge whether the offence was bailable, Mohammed responded: “The section under which the defendant is charged carries a sentence of seven years upon conviction, which is sufficient to create a flight risk.”

Justice Umar subsequently adjourned the matter to July 25, for ruling and ordered that Abiodun remain in EFCC custody pending the outcome of the bail application.
(PUNCH)

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Drama At Benin Motor Park As Pastor Chase Away Colleague, Claims Exclusive Preaching Rights

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Drama erupted at Ologbo Park by Agip Filling Station, along Sapele Road, Benin City, when a popular evangelist known as Pastor Evidence threw caution to the wind and chased away a colleague-pastor who came to the park to preach to passengers travelling from Benin to Warri, Delta State.

It is a common practice in most of the motor parks in Benin seeing pastors or better put, evangelists, preaching to passengers who are about embarking on a journey.

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These pastors or evangelists thereafter offer prayers to Almighty God for a safe trip on behalf of the passengers, and in return solicit for financial assistance from the passengers for the support of their evangelical work.

READ ALSO: Edo Sports Commission Boss Celebrates Okpehbolo On Birthday

However, this voluntary preaching of the gospel turned something else on Sunday morning at the park as Pastor Evidence, in the full glare of passengers, conductors and passersby, ordered his colleague to leave the park in a loud voice, claiming the exclusive preaching right to the park.

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The development angered some of the bus drivers as they came in their number in defence of the pastor.

The incident caused commotion and division amongst the drivers.

While some supported the action of the pastor others condemned him. They accused him of greed and being hostile to a fellow preacher.

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A traveller who witnessed the drama criticized Pastor Evidence, saying that his actions exemplify the commercialisation of the gospel.

The passenger who spoke in anonymity said: “This is shameful. A so-called man of God can do this to a fellow pastor. Is it because of the little offering from passengers? His action further speak to the commercialisation of the word of God by fake pastors.”

 

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Anambra Lady, Lover Arrested For Staging Own Kidnap

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The Anambra State Police Command has arrested two suspects for faking a kidnap and recovered the sum of ₦1.2million, being part of the ransom earlier paid by the supposed kidnapped victim’s family members.

According to a statement released by the spokesman for the command, SP Tochukwu Ikenga, on Saturday, the suspects, identified as Nmesoma Nwoye, female, aged 23 years, and Chibuike Ogbu, male, aged 24 years, were arrested after intelligence-led operations uncovered that the supposed victim conspired with Chibuike (her boyfriend) to stage her own abduction.

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Ikenga said that the suspects initially demanded ₦15million ransom, and after negotiation, ₦3million was transferred into the victim’s account.

READ ALSO:Police Arrest Ex-Soldier, Four Others Over Armed Robbery, Kidnapping In Anambra

He said following the arrest of the suspects, the Commissioner of Police in the state, CP Ikioye Orutugu, expressed deep concern over the rising cases of moral decadence in the society, adding that the suspects were arrested by police operatives attached to the Rapid Response Squad, Awkuzu.

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The statement read, “The suspects identified as Nmesoma Josephine Nwoye, female, aged 23 years, and Chibuike Ogbu, male, aged 24 years, were arrested after intelligence-led operations uncovered that the supposed victim conspired with Chibuike (her boyfriend) to stage her own abduction.

“The operatives also recovered the sum of ₦1,200,000, being part of the ransom earlier paid by the girl’s family members.

“Further information reveals that the suspects demanded ₦15million ransom, and after negotiation, ₦3million was transferred into the victim’s account.

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READ ALSO:Police Arrest Ex-Soldier, Four Others Over Armed Robbery, Kidnapping In Anambra

Reacting to the development, CP Orutugu described the incident as a reflection of the rising moral decay in the society, where young people are increasingly resorting to criminality for selfish gains.”

According to him, the CP urged parents, guardians, and religious leaders to intensify efforts in inculcating discipline, integrity, and sound values in their children and wards.

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The CP also warned youths against engaging in self-destructive ventures, stressing that the long arm of the law will always catch up with criminals, no matter how cleverly disguised their schemes may be,” the statement added.

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35-year-old Man Electrocuted In Ebonyi

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A 35-year-old man identified as Peter Ugochukwu Odom, a native of Oyinkwa village in Amachi Community, was reportedly electrocuted while erecting a pole at Nkwoagu in Abakaliki Local Government Area of the State.

It was gathered that the deceased, who worked with Ibortic Concrete Investment Ltd, was part of a team contracted to install new poles in the area.

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It was in the course of mounting the poles that he accidentally touched a live high-tension wire, leading to his instant electrocution.

READ ALSO:UK Bars Over 100 Job Roles From Foreign Recruitment To Curb Migration

Confirming the incident, the Managing Director of the company, Mr. Peter Ibor Chukwuemeka, who also disclosed that the victim was his younger brother, expressed deep grief over the loss.

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According to him, the team had been invited by a customer to deliver and mount a concrete pole near Nkwoagu.

We were called for the job. The customer assured my boys that power had already been disconnected from the high-tension line in the area. Unfortunately, that information was false.

READ ALSO:Lawyer Sues Sanwo-Olu For Blocking Him On X

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While attempting to erect the pole, it mistakenly touched the high-tension wire, and my brother got electrocuted instantly,” he explained.

He said that the victim was first rushed to the military clinic within the cantonment before being transferred to the Alex Ekwueme Federal University Teaching Hospital (AE-FUTHA II), where doctors confirmed him dead.

Mr. Chukwuemeka lamented that the deceased, who had worked with him for over three years, was a diligent staff and the breadwinner of his young family.

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The victim’s uncle, Mr. Ezeode Samuel, confirmed the incident and described the incident as a great loss to the family, adding that burial arrangements would be decided after consultations.

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