The Federal High Court in Abuja has granted a bail to two of the detained Crypto Bridge Exchange (CBEX)’s promoters in the sum of N10 million each with two sureties each in like sum.
Those admitted to bail by Justice Mohammed Umar are Awerosuo Otorudo and Chukwuebuka Ehirim.
Justice Umar, in a ruling, ordered that the sureties must have property worth the bail sum within the jurisdiction of the court.
He directed that the residence of the sureties must be verified by the registrar of the court.
The judge subsequently adjourned the matter until Oct. 13 for the commencement of the trial.
The News Agency of Nigeria (NAN) reports that Justice Umar had, on July 7, adjourned for ruling on their bail application, after it was argued by the defendants’ lawyer, Justice Otorudo, and opposed by EFCC’s counsel, Fadila Yusuf.
The development followed their arraignment by the anti-graft agency on three-count charges over allegations bordering on illegal financial operations and unlicensed investment activities.
They were arraigned on an amended three-count charge marked:
In the charge marked: FHC/ABJ/CR/216/2025, the defendants were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.
In a related development, Justice Umar has also fixed July 25 for ruling on the bail application filed by Adefowora Abiodun, Managing Director of ST Technologies International Limited, allegedly using another company, CBEX, to perpetrate investment scam.
Justice Umar fixed the date after his bail application was argued, following Abiodun and his company’s arraignment on amended eight-count charge marked: FHC/ABJ/CR/215/2025.
While Abiodun is the 1st defendant, ST Technologies International Limited is named as 2nd defendant in the amended charge dated July 9.
The allegations, in the earlier charge, bordered on alleged case of obtaining by false pretense, money laundering and carrying on the activities of other financial institutions without having the required license from the Central Bank of Nigeria (CBN) and Security and Exchange Commission (SEC).
