By Ikechukwu Nnochiri

Three detained promoters of Crypto Bridge Exchange, CBEX, an investment platform that allegedly defrauded Nigerians to the tune of $1 billion, on Wednesday, begged the Federal High Court in Abuja to order their release on 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 free them from detention, pending the determination of the allegations against them.

The trio were among six suspects that the court had, in a ruling it delivered on April 24, ordered their arrest following their alleged involvement in the fraud.

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

The EFCC had attached an affidavit in support of an ex-parte motion it brought before the court alleged that it had sometimes in April 2025, received an intelligence report on alleged investment fraud that involved the defendants.

The anti-graft agency told the court that the Applicants and their company- ST Technologies International Limited- using another company- Crypto Bridge Exchange (CBEX)- perpetrated the alleged fraud.

It told the court that a preliminary investigation by its Cybercrimes Section revealed that they made adverts that lured unsuspecting public members to the alleged fraudulent investment platform.

EFCC said it discovered that the Applicants promised an 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.

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

“The victims later discovered that the said scheme was a scam.

“During investigation, it was discovered that the said ST Technologies International Limited, though registered with the Corporate Affairs Commission (CAC), 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,” EFCC added.

Meanwhile, trial Justice Emeka Nwite fixed June 30 to rule on the Applicants’ bail request after he listened to their respective lawyers and counsel to the EFCC.

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

They prayed the trial judge to order the EFCC to produce them before the court for the purpose of realising them on bail.

The Applicants told the court that they voluntarily surrendered themselves to the EFCC and had since remained in detention for over 40 days, beyond the period allowed by the 1999 Constitution, as amended.

They told the court that the EFCC had not filed any formal charge against them.

Insisting they ought to be presumed innocent as the Constitution prescribes, the Applicants refuted EFCC’s claim that they would jump bail if released on detention.

However, while opposing the bail applications, the EFCC told the court that it had already entered a charge against the Applicants.

EFCC urged the court to take into cognisance the seriousness of the allegation, adding that the total money involved in the alleged fraud was more than the budget of about 10 states.

The agency told the court that it still receives petitions against the Applicants.

After he had listened to both sides, Justice Nwite adjourned for ruling.

Vanguard News