Two alleged promoters of the defunct Crypto Bridge Exchange, Avwerosuo Otorudo and Chukwuebuka Ehirim, have been granted bail in the sum of ₦10 million each by the Federal High Court in Abuja.
Presiding over the case on Monday, July 21, Justice Mohammed Umar ruled that each defendant must provide two sureties in like sum.
The court also stipulated that the sureties must possess verifiable property within the court’s jurisdiction and that their addresses must be confirmed by the court registrar before the bail can be perfected.
The Economic and Financial Crimes Commission had arraigned the two men on an amended three-count charge bordering on illegal financial operations and unlicensed investment activities.
They were accused of using the Crypto Bridge Exchange platform to solicit funds from unsuspecting investors by promising outrageous returns of up to 88 percent—without requisite licensing from the Central Bank of Nigeria or registration with the Securities and Exchange Commission.
“The victims were made to convert their digital assets into stablecoin (USDT) and deposit them into the suspects’ crypto wallets,” the EFCC stated in court documents.
“Once the deposits surpassed one billion dollars, the CBEX platform became inaccessible, and investors were unable to retrieve their funds.”
The anti-graft agency alleged that the investment scheme was a front for a wider scam carried out in conjunction with ST Technologies International Limited, a company owned by co-defendant Adefowora Abiodun.
Though registered with the Corporate Affairs Commission, the company reportedly lacked legal authorization to operate as a financial institution.
In a separate case, Justice Umar adjourned ruling on Abiodun’s bail application to July 25. Abiodun and his firm are facing an amended eight-count charge, including allegations of obtaining money by false pretence, money laundering, and operating a financial institution without regulatory approval.
Defence counsel Babatunde Busari, who represented Abiodun, urged the court to consider his client’s health condition. “The defendant has been in detention for over 80 days and requires urgent eye surgery,” he said. “We are requesting the court to grant bail on compassionate and legal grounds.”
In response, EFCC counsel Fatsuma Mohammed opposed the application, warning that the gravity of the charges made the defendant a potential flight risk. “The offence carries a possible sentence of up to seven years. We ask the court to deny bail and prioritize an expedited trial,” she stated.
While Otorudo and Ehirim will face trial beginning October 13, Abiodun remains in EFCC custody pending the court’s decision on his bail application.
The EFCC has urged the public to remain cautious of investment platforms promising unusually high returns without credible regulation.
