Two senior figures linked to the collapsed Crypto Bridge Exchange (CBEX) have been granted bail by the Federal High Court in Abuja, following charges of large-scale crypto investment fraud.
Avwerosuo Otorudo and Chukwuebuka Ehirim, both described as promoters of CBEX, received bail at N10million each, with strict conditions. Each must provide two sureties of the same amount, whose property must be verified within the court’s jurisdiction.
The duo faces a three-count amended charge from the Economic and Financial Crimes Commission (EFCC). Authorities say they ran illegal operations and promised investors returns as high as 88% without proper approval from financial regulators. EFCC described the charges as “unauthorized investment activities and collecting public funds on false pretenses.” The court has set October 13 as the starting date for the trial.
The CBEX scandal has rocked Nigeria’s crypto space. Investigators found that the firm allegedly lured investors by promising rapid profits, sometimes up to 100%. Recall on the 16th of April, 2025, Daily Tech Nigeria reported that victims of CBEX scam lost access to over $1billion in cryptocurrencies after depositing digital assets, mainly USDT stablecoins, into CBEX wallets. Many said they were locked out of the platform and could not withdraw their funds.
The EFCC revealed that ST Technologies International Limited, believed to be linked to CBEX, was only registered with the Corporate Affairs Commission (CAC) and did not have operating licenses from either the Central Bank of Nigeria or the Securities and Exchange Commission. This, according to the authorities, made the investment operations illegal.
EFCC officials stated, “Our cybercrimes unit found a prima facie case of investment fraud using a crypto front.” Six CBEX promoters, including Otorudo and Ehirim, were earlier arrested by court order.
In a related case, Adefowora Abiodun, the Managing Director of ST Technologies, is also seeking bail. He has pleaded not guilty to an eight-count amended charge, insisting that he surrendered himself to the EFCC and requires urgent eye surgery. His lawyer, Babatunde Busari, argued for bail, noting, “He’s been in detention for over 80 days.”
The EFCC has opposed his bail, because of the potential risk of Abiodun fleeing justice, especially because a conviction could bring up to seven years in prison. The court will decide on his bail plea by July 25.
The CBEX case is seen as one of Nigeria’s largest crypto fraud scandals to date. The upcoming trial could bring more details to light, while regulators have increased warnings about high-risk online investments and platforms without valid licenses.
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