- CBEX Promoters Receive Bail Ahead of October Trial
- ₦10 million bail granted
- Defendants are accused of luring investors
By Isaac Adegboye
The Federal High Court in Abuja has granted bail to Avwerosuo Otorudo and Chukwuebuka Ehirim, two promoters of the now-defunct CBEX platform.
Eko Hot Blog reports that each was granted bail in the sum of ₦10 million, with two sureties who must own property of equal value within the jurisdiction of the court.
The court registrar has been instructed to verify the sureties.
EDITOR’S PICK
- Celebrity Chefs Join Knorr to Spark Joyful Home Cooking Movement
- Free Fish Delivery in Celebration of Epe Kayokayo Festival 2025
- Judge Grants Compassionate Release to Ailing Drug Convict
CBEX, a digital investment platform, allegedly caused investors to lose billions of naira.
The Economic and Financial Crimes Commission (EFCC) launched an investigation following widespread public complaints.
On April 24, Justice Emeka Nwite issued an order for the arrest and detention of six CBEX promoters: Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
According to EFCC counsel Fadila Yusuf, the suspects had been on the run, making an arrest warrant necessary for their apprehension and further investigation.
The investigation, which began in April 2025, uncovered an alleged fraudulent scheme involving ST Technologies International Limited and Crypto Bridge.
The defendants are accused of luring investors with promises of unrealistic returns of up to 100 percent. Victims were instructed to convert their local currency into USDT (a digital asset) and deposit it into assigned wallets.
However, once deposits surpassed one billion dollars, the CBEX platform became inaccessible, and users could no longer make withdrawals.
Reports revealed that while ST Technologies was registered with the Corporate Affairs Commission (CAC), it lacked proper licensing from the Securities and Exchange Commission (SEC) to operate as an investment firm. Additionally, the accused vacated their last known addresses in Lagos and Ogun State.
The EFCC stressed that the arrest warrant was essential to place the suspects on a watch list for prompt arrest and prosecution.
Although Otorudo and Ehirim were eventually granted bail, their earlier bail application was denied on June 30 due to compelling evidence and a standing remand order issued by the court.
The trial of Otorudo and Ehirim is scheduled to begin on October 13, 2025.
They face an amended three-count charge (Case No. FHC/ABJ/CR/216/2025), involving allegations of illegal financial operations, unlicensed investment activities, and collecting public funds with false promises of high returns.
FURTHER READING
- Senator Kingibe Slams Police Over Shooting Of Abuja Protesters, Demands Justice
- Suspected Drug Traffickers Shoot NDLEA Officer Dead in Ondo
Click here to watch video of the week
.
