Abuja, 1 July 2025 – A Federal High Court in Abuja, presided over by Justice Emeka Nwite, has rejected the bail applications of three promoters of Crypto Bridge Exchange (CBEX) implicated in an alleged $1 billion fraud. The defendants, Adefowora Abiodun Olanipekun, Avwerosuo Otorudo, and Chukwuemeka Ehirim, faced a setback in their bid for release as the court ruled on Monday, 30 June 2025.
Justice Nwite, in his ruling, stated that the evidence against the defendants was substantial. He noted that no formal charge had been filed when the bail applications were submitted, with a charge only filed before the hearing and still awaiting assignment to a judge. “In view of the nature of the case and particularly, as a charge has been filed against the applicants, I am of the view that the interest of justice will be met by taking this application to the court where the charge is pending for arraignment and hearing the bail application simultaneously,” Justice Nwite declared, refusing the bail request.
The case stems from an earlier court order on 24 April 2025, when Justice Nwite authorised the Economic and Financial Crimes Commission (EFCC) to arrest and detain six CBEX operators, including Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The EFCC’s counsel, Fadila Yusuf, had moved an ex-parte motion to detain the suspects pending the conclusion of investigations and potential prosecution.
During the bail hearing, defence counsel argued for a variation of the April order, seeking bail pending the investigation’s conclusion and possible trial. However, Ms Yusuf opposed the applications, highlighting that a formal charge had already been filed, rendering the bail requests moot. She underscored the severity of the alleged offence, stating that the defendants are accused of obtaining over $1 billion, an amount exceeding the budgets of several Nigerian states combined. “It is, in fact, more than the budget of about 10 states joined together, my lord,” she told the court.
Ms Yusuf further noted that the EFCC continues to receive petitions from victims of the alleged fraud. Urging the court to dismiss the bail applications, she argued that while granting bail is at the court’s discretion, such decisions must be made judiciously.
The defence’s argument that Adefowora Abiodun, the first defendant, required medical attention due to ill health was also dismissed. Justice Nwite ruled that the defence failed to provide affidavit evidence demonstrating that the EFCC could not arrange specialist medical care for the defendant.
The case has drawn significant attention due to the scale of the alleged fraud and the involvement of a cryptocurrency platform. The court’s decision to deny bail underscores the seriousness of the charges and the ongoing efforts by the EFCC to address financial crimes in Nigeria. The defendants now await arraignment, with the bail application to be reconsidered by the court handling the formal charge.
