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The Federal High Court in Abuja has granted bail to two promoters of the collapsed investment platform, Crypto Bridge Exchange (CBEX), each set at N10 million with two sureties in the same amount.
Justice Mohammed Umar handed down the ruling in favor of Awerosuo Otorudo and Chukwuebuka Ehirim, ordering that their sureties must own property within the court’s jurisdiction worth the bail sum, with verified residences. The trial was adjourned to October 13 for further proceedings.
This decision follows the July 7 hearing of their bail application, which was opposed by the Economic and Financial Crimes Commission (EFCC). The EFCC charged the defendants with illegal financial operations and collecting public funds by promising up to 88% returns on investments without regulatory approval. The charges are filed under case number FHC/ABJ/CR/216/2025.
Ongoing Bail Hearing for ST Technologies MD
In a related case, Justice Umar scheduled July 25 to rule on the bail application of Adefowora Abiodun, Managing Director of ST Technologies International Limited. Abiodun faces an amended eight-count charge connected to the alleged CBEX scam, filed under case number FHC/ABJ/CR/215/2025.
Abiodun’s lawyer, Babatunde Busari, urged the court to grant bail on liberal terms, stressing that the offenses are bailable. He also highlighted urgent medical concerns, revealing that Abiodun requires eye surgery which has been delayed due to his detention for over 80 days.
“He voluntarily submitted to the EFCC and has a medical report showing urgent need for eye surgery,” Busari told the court, adding that the monetary claim involved was about N20 million.
The EFCC, represented by counsel Fatsuma Mohammed, opposed bail citing the seriousness of the charges and arguing that Abiodun posed a flight risk. Mohammed warned that the offenses carry up to seven years imprisonment, which might motivate him to evade trial. Justice Umar ordered Abiodun to remain in EFCC custody until the ruling date.
Background: The CBEX Collapse and EFCC Investigation
CBEX is one of several digital platforms that collapsed after allegedly defrauding investors of significant sums. Earlier, Justice Emeka Nwite granted the EFCC authority to arrest six CBEX operators, including Abiodun, for their alleged roles in the fraud.
In an ex-parte motion filed on April 23, the EFCC revealed its investigation into the CBEX scheme and ST Technologies International Limited. The commission stated the platform promised unrealistic returns of up to 100%, instructing victims to convert digital assets into USDT for deposits into crypto wallets controlled by the suspects.
Initially, investors could monitor their accounts, but after deposits totaling over one billion dollars, the platform became inaccessible. Further investigations showed that while ST Technologies was registered with the Corporate Affairs Commission, it was not registered with the Securities and Exchange Commission as required for investment firms.
The suspects reportedly vacated their known addresses in Lagos and Ogun States, prompting the EFCC to seek custody to ensure they face justice.
