By Ikechukwu Nnochiri

ABUJA — Three detained promoters of Crypto Bridge Exchange (CBEX), an investment platform that allegedly defrauded Nigerians of $1 billion, yesterday pleaded with the Federal High Court in Abuja to grant them bail.

The applicants, Adefowora Abiodun Olanipekun, Avwerosuo Otorudo and Chukwuebuka Ehirim, through their lawyers, urged the court to compel the Economic and Financial Crimes Commission (EFCC) to release them from detention pending the determination of the allegations against them.

The trio were among six suspects whose arrests were ordered by the court in a ruling delivered on April 24, following their alleged involvement in the fraud.

Others said to be at large are Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede.

In an affidavit attached to an ex-parte motion filed before the court, the EFCC alleged that in April 2025, it received intelligence about an alleged investment fraud involving the defendants.

The anti-graft agency informed the court that the applicants and their company, ST Technologies International Limited, used another company, Crypto Bridge Exchange (CBEX), to perpetrate the alleged fraud.

According to the EFCC, a preliminary investigation by its Cybercrimes Section revealed that the suspects published advertisements that lured unsuspecting members of the public to invest in the alleged fraudulent platform.

The EFCC said it discovered that the applicants promised unrealistic returns on investment of up to 100 per cent, adding: “The victims were made to convert their digital assets into a stablecoin, USDT, for onward deposit into the suspects’ crypto wallet.

“The victims were initially given full access to the platform to monitor their investments.

“Following deposits valued at over $1 billion by the victims, the CBEX investment platform became inaccessible to them, and they could no longer withdraw their investments. The victims later discovered that the scheme was a scam.”

“During the investigation, it was discovered that while ST Technologies International Limited was registered with the Corporate Affairs Commission (CAC), it was not registered with the Securities and Exchange Commission (SEC) for investment purposes.

“It was also discovered that the defendants had moved out of their last known addresses in Lagos and Ogun states.”

Meanwhile, trial judge Justice Emeka Nwite fixed June 30 to rule on the applicants’ bail request, after hearing submissions from their lawyers and counsel to the EFCC.

The applicants’ lawyers, Babatunde Busari and Justice Otorudo, filed the bail applications based on Sections 34, 35, 36, 41 and 46 of the 1999 Constitution (as amended), and Sections 159, 259, 296, and 298 of the Administration of Criminal Justice Act (ACJA), 2015.

They prayed the court to compel the EFCC to produce the applicants in court for the purpose of granting them bail.

The applicants told the court that they voluntarily surrendered themselves to the EFCC and had been in detention for over 40 days—beyond the constitutionally permitted period.

They also stated that the EFCC has not filed any formal charge against them and maintained that, under the Constitution, they are presumed innocent until proven guilty.

They refuted the EFCC’s claim that they would jump bail if released from detention.

However, while opposing the bail applications, the EFCC informed the court that it had already filed charges against the applicants.

After hearing both parties, Justice Nwite adjourned the matter until June 30 for ruling.