Metro

Court Grants Two CBEX Promoters N10m Bail Each

Published

3 weeks ago

July 22, 2025

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.

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.

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.

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.

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.

“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.

“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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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)

Metro

EFCC Raids Obasanjo’s Hotel, Arrests Suspected Internet Fraudsters At Pool Party

Published

9 hours ago

August 10, 2025

Editor

Operatives of the Economic and Financial Crimes Commission have reportedly stormed the Green Legacy Hotel, located within the premises of the Olusegun Obasanjo Presidential Library, Abeokuta, Ogun State, and arrested some youths suspected to be internet fraudsters.

The PUNCH gathered that EFCC operatives carried out the raid in the early hours of Sunday during a pool party at the premises of the library.

This came barely five days after operatives of the Ibadan Zonal Directorate of the commission arrested a suspected internet fraudster with two locally-made pistols in a raid at K-Hotel in Itori, Ewekoro area of the state.

The suspect, according to the anti-graft agency, was among the 55 others arrested during the raid carried out on Wednesday.

A viral video of the Sunday raid at the Obasanjo Library showed youths scampering for safety as the sound of gunshots filled the air.

The operatives reportedly arrested a number of youths and seized “more than 20 luxury cars and other valuable items.”

Sources said the operation was carried out by the EFCC operatives from the Lagos Directorate.

An X user, A.Ayomide, in a post said, “Literally left my house past midnight to go to OOPL, got there and the crowd was too much. I don’t like the settings, my guy doesn’t like the settings, so we were just at the car park.

“Left around 1:30, 20 minutes later I get home and I’m getting calls that EFCC is raiding OOPL.”

The Managing Director of OOPL Ventures, Vitalis Ortese, confirmed the incident, but he did not provide details.

“Yes, they did. There was an incident this morning. We will find out and we will let you know,” he told our correspondent.

When contacted, the spokesperson for the Lagos zonal command of EFCC, Ayo Oyewole, said he was not aware of the operation but promised to get back to our correspondent.

Also contacted, the EFCC spokesperson, Dele Oyewale, promised to confirm and get back to our correspondent.

Metro

Police Arrest Three Over Murder Of FCT Radio Station Worker

Published

9 hours ago

August 10, 2025

Editor

Operatives of the Federal Capital Territory Police Command have arrested three suspects in connection with the murder of a staff member of Liberty Radio identified as Azubuko Nwakama.

Nwakama was attacked and robbed at Panteka Market, Mpape, Abuja in June 2024 and subsequently died.

In a statement on Sunday, the command’s spokesman, Josephine Adeh disclosed that following the incident, detectives were deployed to investigate the matter.

She added that three suspects: Mutari Lawal, 32, from Kano State; Dan’Asabe Ibrahim, 22, from Zamfara State; and Danjuma Ibrahim, 18, of no fixed address in Mpape, were tracked down following over a year of investigation.

Adeh said efforts to trace the stolen phone initially failed as it remained switched off for more than a year.

She added that the breakthrough came on August 2, 2025, when a phone, a Redmi 13C, stolen from the deceased was powered on and tracked to Lawal, who was arrested.

Adeh said, “Operatives of the Federal Capital Territory Police Command, attached to Mpape Division, have arrested three suspects in connection with the murder of Mr. Azubuko Nwakama, a staff member of Liberty Radio, who was attacked and robbed on 14th June 2024 at Panteka Market, Mpape, Abuja.

“Following the incident in June 2024, detectives from the Mpape Division immediately launched a comprehensive investigation.

“The suspects had dispossessed the victim of his mobile phone and other valuables. Despite extensive tracking efforts, the device remained switched off, making it difficult to trace.

“The investigation team remained on the case for over a year, closely monitoring possible digital traces linked to the stolen phone.

“The breakthrough came on 2nd August 2025, when the victim’s phone, a Redmi 13C, was switched on. It was immediately tracked to one Mutari Lawal, 32 yrs, from Kano State, who was promptly arrested.”

Adeh said Lawal confessed to the crime, adding that he had taken the phone to Kano, kept it off for a year, and switched it on in August 2025 to erase data before returning to Abuja.

“During interrogation, Mutari confessed to attacking and stabbing the deceased before making away with his valuables.

“He named his accomplices as Dan’Asabe Ibrahim, 22yrs, from Zamfara State, and Danjuma Ibrahim 18yrs, both of no fixed address in Mpape, with whom he carried out the crime.

“He further disclosed that he took the stolen phone to Kano, kept it switched off for a year, and only powered it on in August 2025 to wipe data, insert his SIM card, and return to Abuja, ” Adeh said.

FCT Commissioner of Police, Ajao Adewale, commended the officers for their persistence and warned criminal elements to desist or face the law.
(PUNCH)

Metro

NDLEA Arrests Wanted Lagos Pastor For Cross-border Drug Trafficking

Published

10 hours ago

August 10, 2025

Editor

The National Drug Law Enforcement Agency has arrested the founder and General Overseer of The Turn of Mercy Church, Adefolusho Olasele, also known as Abbas Ajakaiye, over his alleged role in multiple shipments of illicit drugs from Ghana to Nigeria.

Olasele, who had been on the run for months, was apprehended on Sunday, August 3, 2025, at his church in Okun Ajah, Lekki, Lagos.

A statement on Sunday by the agency’s spokesman, Femi Babafemi, said operatives waited until the end of the Sunday service before arresting him as he stepped out of the premises.

According to him, the pastor fled to Ghana in June to evade arrest after operatives linked him to two cannabis seizures — 200kg recovered at Okun Ajah Beach on June 4 and 700kg found in his delivery van on July 6.

“After months of fleeing abroad to evade arrest, the founder and General Overseer of The Turn of Mercy Church, Prophet Adefolusho Aanu Olasele (alias Abbas Ajakaiye) has been arrested for masterminding multiple shipments of illicit drugs into Nigeria.

“Prophet Adefolusho was arrested at his church located in Okun Ajah, Ogombo road, Lekki area of Lagos on Sunday, 3rd August 2025 by NDLEA officers who waited for him since morning to conclude the Sunday worship service in the evening before moving in on him the moment he stepped out of the church premises.

“The arrest came after he had evaded arrest twice and fled to Ghana to hide since June, when operatives started trailing him following the seizure of two shipments of Ghana Loud, a strain of cannabis linked to him. The first seizure of 200kg of the psychoactive substance was made at Okun Ajah beach on 4th June 2025, while another consignment of 700kg of the same substance was recovered from his delivery van on 6th July 2025,” the statement read.

In his statement, Babafemi claimed the pastor confessed to ferrying the consignments via waterways from Ghana.

He said, “In his statement, he admitted ferrying the illicit consignments through the waterways from Ghana into Nigeria, adding that he had fled to the West African country to hide after he escaped arrest twice in the recent past.”

In a separate operation in Lagos on Thursday, August 7, Babafemi said NDLEA operatives raided an apartment at Parkview Estate, Ikoyi, where they arrested Benjamin Ukoh and recovered 32 pouches of Canadian Loud, weighing 15.63kg.

“In Nasarawa State, NDLEA operatives on Saturday, August 9, recovered a large consignment of skunk, a strain of cannabis weighing 3,093 kilograms from the trio of Emmanuel Asoquo Johnny, 51; Okem Raphael, 33, and Chekwube Odo, 25, at New Karu area of the state.

“While 29-year-old Nura Yahaya was nabbed at Geza area of Kumbotso Kano State with 639 blocks of skunk weighing 359kg on Friday 8th August, another suspect Umar Adamu Umar, 27, was taken into custody on Wednesday 6th August by NDLEA officers after seizing 9kg of Colorado, a synthetic strain of cannabis from him along Zaria-Kano road, Kano, ” the statement added.

In Gombe State, Babafemi stated that a raid on an uncompleted building in Tudun Wadan Pantami on Friday, August 8, led to the recovery of 550,266 opioid pills and the arrest of Usama Isah.

“The following day, Saturday 9th August, another suspect, Ibrahim Adamu, 23, was arrested by NDLEA officers along Potiskum road, Bajoga with 50,000 capsules of tramadol”, he added.

In Edo State, a Toyota Hiace bus travelling from Onitsha to Isanlu, Kogi, was intercepted at Ewu junction on Wednesday, August 6, with 23,940 tramadol capsules, 1,100 tablets, and 400 pentazocine ampoules. The driver, Taiye Jethro, was arrested.

Commending the officers involved, NDLEA Chairman, Brig. Gen. Buba Marwa (retd), urged personnel nationwide to maintain a balanced approach to drug control operations.