Court denies bail application for CBEX operators as affidavit reveals more evidence

• CBEX, a level that claimed to springiness investors 100% returns successful 30 days, crashed successful April 2025
• Amid the nationalist outcry that followed the crash, the SEC and EFCC began investigations to get to the radical behind
• Several arrests person been made since then, and the operators person been arraigned earlier the Federal High Court

Ruth Okwumbu-Imafidon, a writer with Legit.ng, has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.

The Federal High Court sitting successful Abuja has declined the bail exertion from 3 of the detained promoters of Crypto Bridge Exchange (CBEX).

On 24 April 2025, the Economic and Financial Crimes Commission (EFCC) secured a court support to apprehension and detain the promoters of CBEX successful an alleged fraud of implicit $1 billion.

This was successful effect to an ex parte question filed by the EFCC counsel, Fadila Yusuf, asking that the six suspects beryllium arrested and detained pending the decision of the probe and imaginable prosecution.

So far, EFCC has declared 8 Nigerians wanted successful transportation with the CBEX scam. Photo credit: CBEX
Source: Getty Images

The six suspects see Adefowora Abiodun Olaonipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, who are present listed arsenic the 1st to 6th defendants successful the case.

Recall that Adefowora Abiodun Olaonipekun voluntarily turned himself successful to the EFCC aft the issuance of the wanted list.

The News Agency of Nigeria (NAN) reported that Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant), and Chukwuebuka Ehirim (6th defendant), who had been successful EFCC custody, applied for bail.

Babatunde Busari and Justice Otorudo, the counsel representing the 3 defendants, filed the bail application.

The tribunal denies bail application

Delivering the ruling connected Monday, Justice Nwite held that helium could not assistance the bail plea arsenic the EFCC already obtained an bid of remand of the defendants by a tribunal of competent jurisdiction earlier effecting the arrest.

He besides held that with the totality of the grounds presented by some parties, the quality of grounds against the defendants was strong.

Nwite said successful the ruling:

“In presumption of the foregoing and taking cognisance of the quality of the lawsuit and, particularly, a complaint that has been filed against applicants, I americium of the presumption and I truthful clasp that the involvement of justness volition beryllium met by taking this exertion to the tribunal wherever the complaint is pending for the tribunal to instrumentality the arraignment of the applicants and perceive the bail exertion simultaneously. Hence, the exertion is refused.”

Detained CBEX promoters use for bail

The defence counsels, Babatunde Busari and Justice Otorudo, had sought a tribunal bid varying the April 24 support granted to EFCC to apprehension and detain the accused.

The EFCC counsel, Yusuf, opposed the bail requests, noting that their exertion had been overtaken by events, arsenic each defendants are being charged for fraud successful an magnitude that is supra 10 states' budgets successful Nigeria, with the EFCC inactive receiving much petitions.

In his ruling, Justice Nwite dismissed the statement from the defence counsel that Abiodun, the 1st defendant, was indisposed and required aesculapian attention.

Photo credit: @drpenking
Source: Twitter

He held that determination was nary grounds to amusement that the EFCC could not instrumentality the defendants to a infirmary for aesculapian attention.

CBEX defies EFCC probe, resumes operations

In related news, CBEX resumed operations hardly 3 weeks aft its archetypal collapse.

Legit.ng reported that the caller users commenced trading and withdrawing with ease, adjacent though the aged users could not withdraw.

Meanwhile, EFCC investigations had commenced with 8 suspects declared wanted by the anti-graft agency.

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Source: Legit.ng