In a major development in Nigeria’s financial crime landscape, the Federal High Court in Abuja has refused to grant bail to three detained promoters of Crypto Bridge Exchange (CBEX), who are facing allegations of orchestrating a $1 billion cryptocurrency fraud.
Justice Emeka Nwite, delivering the ruling on Monday, June 30, 2025, stated that the evidence against the defendants appeared strong, and that the interest of justice would be better served by allowing the bail application to be heard alongside their formal arraignment in the court where the charges are pending.
The Economic and Financial Crimes Commission (EFCC) had earlier secured a court order to detain six CBEX operators, including:
- Adefowora Abiodun
- Avwerosuo Otorudo
- Chukwuebuka Ehirim
These individuals are accused of running a fraudulent crypto investment scheme that allegedly defrauded investors of over $1 billion. The EFCC claims the suspects were at large and required arrest warrants to facilitate proper investigation and prosecution.
The court emphasized that although no formal charges had been filed at the time of the initial bail application, a charge has since been submitted and is awaiting assignment to a trial judge. As such, the bail request was deemed premature.
This case has drawn national attention, highlighting the growing concerns around unregulated cryptocurrency platforms and the need for tighter oversight in Nigeria’s digital finance space.
