By TAIYE AGBAJE

The Economic and Financial Crimes Commission (EFCC) on Monday, arraigned two of the detained Crypto Bridge Exchange (CBEX)’s operators at the Federal High Court in Abuja.

The defendants; Awerosuo Otorudo and Chukwuebuka Ehirim, were arraigned before Justice Mohammed Umar on allegations bordering on illegal financial operations and unlicensed investment activities.

They were arraigned on amended three-count charge marked: FHC/ABJ/CR/216/2025.

They were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.

When the matter was called, EFCC counsel, Fadila Yusuf, informed the court that the case was fixed for arraignment and that an amended charge had been filed.

She prayed the court to substitute the earlier one with the amended charge filed on July 7.

“We still rely on all the proof of evidence and other documents filed to prove our case,” she said.

The defendants’ lawyer, Justice Otorudo, did not oppose the application and the judge ordered that the charge be read to them for them to take their plea.

Otorudo and Ehirim, however, pleaded not guilty to the three counts.

Yusuf applied that the defendants be remanded in a correctional centre pending the hearing and conclusion of the case.

But the defence lawyer urged the court to consider a bail application filed on June 30 on his clients’ behalf.

He argued that the defendants had not been previously convicted and had cooperated with the EFCC since being taken into custody on April 25.

Otorudo argued that the defendants voluntarily submitted themselves for investigation upon learning that the EFCC was looking for them.

“Since they did not interrupt the investigation process, it is evidence that they will not jump bail,” he told the court.

He also argued that the charges against them were bailable and that there was no evidence showing that members of the public deposited funds with the defendants.

He said counts two and three carry a punishment of up to five years imprisonment or an option of a fine.

He further told the court that despite a publication on the EFCC’s website, alleging the defendants obtained one billion dollars by false pretence, there was “no such charge” before the court.

Yusuf, in response, opposed the application.

The EFCC’s lawyer, who said a counter affidavit had been filed in respect of the application, told the court that charges could be amended at any stage prior to judgment.

She urged the court to weigh the seriousness of the alleged offences and consider whether the defendants would appear for trial if granted bail.

“They only submitted after the court forced them to do so.

“If granted bail, they might not be found again because we have not seen others till date,” she argued.

When the judge indicated readiness to pick a date for ruling on the bail application, the defence lawyer prayed the court to allow the defendants remain in EFCC custody.

But Yusuf objected, arguing that having been arraigned, the defendants were now in court custody.

Justice Umar, who ordered the duo to be remanded in Kuje Correctional Centre pending the ruling, adjourned the matter until July 18.

In account one, the defendants were alleged to have, between January 2024 and May 2025, invited the public to deposit funds either for a fixed period or payable on call through Crypto Bridge Exchange (CBEX), promising returns of up to 88 per cent.

The commission said they did this without obtaining written consent from the Securities and Exchange Commission (SEC).

It said the act violates Section 1 of the Investment and Securities Act, 2025, and is punishable under Section 96(5).

In count two, the EFCC alleged that the defendants, while not being a bank or authorised entity, invited the public via advertisements to deposit funds with CBEX.

The alleged offence is said to contravene Section 44(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020, and is punishable under Section 44(2).

Count three accused them of operating a specialised financial service, specifically an investment management scheme on CBEX, without a valid licence.

This offence, the EFCC said, is contrary to Sections 57(1) and (2) of BOFIA, 2020, and punishable under Section 57(5).

The News Agency of Nigeria (NAN) reports Justice Emeka Nwite of a sister court had, on April 24, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.

The judge, who gave the order after the EFCC’s lawyer, Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.

The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.

In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.

She said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.

Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case.”

NAN reports that Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant) and Chukwuebuka Ehirim (6th defendant) had been in the EFCC’s custody on investigation.

Justice Nwite had, also on June 30, declined to grant the bail application filed by the three detained promoters of CBEX.

Justice Emeka Nwite, in a ruling, held it was obvious that from the totality of the affidavit evidence of both parties, it was glaring that the character of evidence against the defendants was strong.

Justice Nwite also held that due to the nature of the case, the EFCC obtained an order of remand of the defendants by court of competent jurisdiction.

NAN reports that the EFCC, in the affidavit in support of the motion ex-parte filed before Justice Nwite, said sometimes in April 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.

It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.

The agency said the preliminary investigation into the intel revealed the following:

“That Messrs. Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making advert and lured unsuspecting members of public to invest crypto currencies on CBEX investment platform.”

The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.

“That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.

“That the victims were initially given full access to the platform to monitor their investment.

“That following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.

“That the victims later discovered that the said scheme is a scam.

“That during the course of investigation, it was discovered that the said ST Technologies International Limited though registered with the Corporate Affairs Commission (CAC), it was not registered with the security and Exchange Commission (SEC) for investment purposes.

“That it was also discovered during investigation that the defendants had moved out of their last known address in Lagos and Ogun states.”

The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.

According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam.

It said it would be In the interest of justice to grant the application. (NAN)