The Economic and Financial Crimes Commission has arraigned two men, Awerusuo Otorudo and Chukwuebuka Ehirim, before the Federal High Court in Abuja over an alleged ₦88 million investment fraud linked to a platform known as Crypto Bridge Exchange (CBEX).
Appearing before Justice Muhammed Umar on Monday, the defendants were slammed with a three-count amended charge bordering on fraud, inducement, and operating an unlicensed financial investment scheme.
According to the EFCC, the accused persons operated CBEX as an investment platform that falsely promised members of the public returns of up to 88% on deposits—without any approval from the Securities and Exchange Commission (SEC).
One of the charges reads in part: “You, Awerusuo Otorudo and Chukwuebuka Ehirim, sometime between January 2024 and May 2025… invited the public to deposit money for fixed or callable returns via CRYPTO BRIDGE EXCHANGE (CBEX), promising up to 88% return on investment without the written consent of the SEC. You thereby committed an offence contrary to Section 96(1) of the Investment and Security Act 2025 and punishable under Section 96(5) of the same Act.”
Another count accused them of advertising CBEX to solicit public deposits, despite not being a licensed financial institution—an offence contrary to Section 44(1) of the Banks and Other Financial Institutions Act, 2020.
Both defendants pleaded not guilty to the charges.
Counsel to the EFCC, Fadila Yusuf, opposed their bail and urged the court to remand them at a correctional facility. “If the defence believes our facility is not suitable, the court may decide to move them to a more comfortable accommodation,” Yusuf told the court.
Defence counsel, J.A. Otorudo, confirmed that a bail application had already been filed, but noted the EFCC’s objection.
After listening to both parties, Justice Umar ordered that the defendants be remanded at the Kuje Correctional Centre and adjourned the case to July 18, 2025, for ruling on the bail application.
The EFCC has urged members of the public to be wary of unregulated investment schemes that promise unusually high returns without proper licenses or oversight.
