Metro

Court Grants Two CBEX Promoters N10m Bail Each

Published

4 months 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

JUST IN: One Dead As Ngige Escapes Assassination

Published

1 hour ago

November 27, 2025

Editor

Gunmen who dressed in police and army camouflage on Thursday attacked the convoy of the former governor of Anambra State, Dr. Chris Ngige, leaving one dead.

A lady who was caught videoing the gunmen reportedly came out of her hairdressing salon.

She was shot and died on the spot after she was spotted capturing the incident with her phone yesterday.

Ngige, who last served as the Labour Minister, reportedly escaped death following an attack on his convoy as he was not in the vehicle at the time of the incident.

It was learnt that the gunmen ran into the former governor’s convoy along Nkpor–Nnobi Road in Idemili North Local Government Area of the State and opened fire, prompting return fire from security operatives in the convoy.

According to a source, a police officer and a civilian who owned a shop were also injured during the gunmen’s attack.

A statement issued by Ngige’s media aide, Fred Chukwuelobe, confirmed that the former governor was not in the convoy when the assailants struck.

The statement noted that the attackers, reportedly dressed in police and army uniforms, opened fire on the pilot vehicle, injuring the lead escort.

The statement stressed that the policeman in the pilot car sustained gunshot wounds, while the attackers made away with his gun and uniform.

The pilot vehicle, it was gathered, was riddled with bullets during the assault.

Ngige, who spoke by phone through Chukwuelobe, said: “I just got off the phone with His Excellency, and he confirmed the development, promising to do all he can to ensure that those injured receive adequate treatment.”

He also commiserated with the family of the unfortunate lady who was killed while videoing the scene,” Chukwuelobe said.

“A shop owner who ran out to see what was happening was also shot. He reportedly lost a significant amount of blood and is scheduled for surgery to remove bullets, but doctors expect him to make a full recovery.

The injured escort leader has also undergone surgery and is responding well,” he added.

Ngige’s side dismissed insinuations that a police officer was killed in the attack.

Contacted, the State Command confirmed the attack on the former governor Ngige’s convoy, clarifying that the police had recovered the vehicle, which was riddled with bullets by the gunmen.

Metro

Man Flees After Lady Dies In Ondo Hotel

Published

2 hours ago

November 27, 2025

Editor

The Ondo Police Command has launched a manhunt for a man identified as Sodiq Ganiyu over the demise of a young lady in a hotel in Ore, Odigbo Local Council Area of the state.

Ganiyu had lodged at the popular hotel on the busy Ore–Okitipupa Road, along with the yet-to-be-identified lady, who was found dead after the suspect left the hotel room.

The lifeless body of the deceased was discovered after hotel staff entered the room with a spare key when repeated knocks went unanswered.

Following the incident, the hotel, a regular stop and social hub for travellers and residents of the area, was besieged by onlookers who trooped to witness it.

According to sources, the lady was lying motionless on the bed when the door was opened, with no visible signs of violence or marks on her body.

One of the sources stated that “The girl checked into the hotel with a man, Sodiq Ganiyu, to spend the night. The two were seen together earlier in the day, but when staff gained access to the room, the lady was found lifeless.”

Another source stressed that the suspect allegedly fled the scene, leaving his whereabouts unknown, a development that prompted hotel management to promptly report the incident to the police.

A security source, who confirmed the development, said the lady’s body has been deposited at a mortuary in Ore.

Preliminary examinations revealed no external injuries, but a full autopsy has been scheduled to determine the cause of death.

While confirming the incident, Police Public Relations Officer Olayinka Ayanlade stated that efforts were ongoing to apprehend the fleeing suspect.

Metro

Police Crack Down On Criminal Network In Delta Community, Recover AK-47

Published

3 hours ago

November 27, 2025

Editor

The Delta State Police Command has recorded another breakthrough in its ongoing offensive against armed criminal networks in Oghara, Ethiope West Local Government Area, raising further alarm over the deepening sophistication of local cult and robbery syndicates.

In a statement on Thursday, the Command’s spokesperson, Bright Edafe, said the latest operation was carried out by the CP–Special Assignment Team (CP-SAT) led by ASP Julius Robinson, whose sustained raids continue to expose the scale of organised criminal activity festering in and around the community.

Edafe recalled that the development follows the 24 November arrest of confessed cultists and the recovery of a pump-action gun and other incriminating exhibits.

Building on intelligence gathered from that initial bust, CP-SAT operatives intensified surveillance and launched coordinated follow-up raids across strategic hotspots in Oghara on November 25, 2025.

The sweep led to the arrest of two additional suspects identified as Justice Ikutu, 38, and Peter Okomeje, 55 — both allegedly linked to a widening criminal syndicate believed to be responsible for recent spikes in cult violence and armed robbery in the area.

According to him, a search conducted at the residence of another suspected gang member, identified as Peter Kome, led to the recovery of a loaded AK-47 rifle fitted with a double magazine and other exhibits investigators say point to a more entrenched and organised network than previously assumed.

“All suspects are currently in custody,” the Command said, adding that operatives are pursuing leads to identify and arrest other members of the syndicate.

Meanwhile, Commissioner of Police, CP Olufemi Abaniwonda, praised the rapid response and tactical precision of the CP-SAT team but stressed that policing alone cannot dismantle the criminal ecosystem thriving in the region. He appealed to residents to remain vigilant and cooperate with security agencies by providing actionable information.

He said the latest arrests come amid rising public anxiety over recurrent cult clashes, armed robbery, and gang-related killings across several Delta communities. Even as investigations deepen, the Command says it remains resolute in restoring order in Oghara and preventing the town from becoming a haven for weapon-bearing criminal networks.

In other news, the Owelle of Onicha-Olona, Chief Jerry Nkeweshe, has demanded the withdrawal of a police statement linking him to the killing of three youths in the Okwe community near Asaba, Delta State.

The Delta State Police Command had announced a manhunt for Nkeweshe and others alleged to have led an armed group that attacked the community on November 24, resulting in the deaths of the youths.

The command’s spokesperson, Bright Edafe, confirmed the killings and said the suspects were being sought in connection with the attack.

But reacting through his lawyer, Kelechi Nnadi, on Wednesday, Nkeweshe denied any involvement and described the police statement as false and damaging.

Nnadi said his client was not in Okwe or anywhere within Asaba on the day of the incident, explaining that Nkeweshe had left the city earlier that morning for medical attention in Umunede, where he stayed throughout the day.