CBEX: EFCC arraigns 2 other promoters in court

The Economic and Financial Crimes Commission (EFCC) has again arraigned two Crypto Bridge Exchange (CBEX) promoters before the Federal High Court in Abuja. The individuals are the latest set of syndicates facing convictions amid the ongoing clampdown on CBEX promoters and the recovery of lost funds.

According to information revealed on the EFCC X (formerly Twitter) handle, Awerusuo Otorudo and Chukwuebuka Ehirim were arraigned before Justice Muhammed Umar of the Federal High Court sitting in Abuja on Monday, July 7, 2025, on a three-count amended charges of obtaining by false pretence, inducement, and misleading the public into a fraudulent investment scam.

“That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometime between January 2024 and May 2025, within the jurisdiction of this honorable Didi invite the public to deposit money for a fixed period or payable on call with CRYPTO BRIDGE EXCHANGE (CBEX) with a promise of up to 88% return on investment without obtaining the written consent of the Securities and Exchange Commission and you there you committed an offense contrary to section 96(1) of the investment and security act 2025and punishable under section 96(5) of the same act,” one of the count reads.

Another count before Justice Muhammad Umar reads that:

“That you Aweosuo Otorudo and Chukwuebuka Ehirim, sometime between January 2024 and May 2025, within the jurisdiction of this Honourable Court whilst not being a bank or person authorized to take deposit invited the public through advertisement to deposit funds with CRYPTO BRIDGE EXCHANGE(CBEX) and you thereby committed an offence contrary to Section 44(1) of the Banks and other Financial Institution Act, 2020 and punishable under Section 44(2) of the same Act.”

As both pleaded not guilty to the charges, the prosecution counsel, Fadila Yusuf, urged the court to remand the defendants to a correctional facility and also adjourned the matter for hearing.

Reacting to the plea, the defence counsel, J.A. Otorudo, informed the court of a bail application for the defendants. In response, the EFCC counsel objected to such an application and urged that the defendants be remanded in a correctional centre until further court proceedings.

“The learned counsel is very elaborate before this honourable court, he had complained of the EFCC holding them in our facility, and we are saying if they are not comfortable with us, they are before the court now, my Lord can move them to more comfortable accommodation”, she added.

In his ruling, the presiding judge adjourned the case to July 18, 2025, for ruling on the bail application and remanded the defendant at Kuje Correctional Centre, as pleaded by the defence counsel.

Also Read: CBEX: again, SEC warns Nigerians as ponzi platform resumes operations.

EFCC continued crackdown on CBEX promoters 

The case marks another effort in the EFCC’s move to apprehend CBEX promoters following the financial losses suffered by Nigerians.

While Nigerians recounted their losses following a sudden collapse of the investment platform, the anti-graft agency, together with the Securities Exchange Commission (SEC), has vowed to clamp down on operators and promoters of CBEX, as the incident led to a loss of about N1.3 trillion in crypto trading that affected over 600,000 Nigerians

Recall that the embattled investment platform, CBEX, began operation in Nigeria in November 2024 and offered an enticing 100% return on investment within 30 days.

Investigations later revealed that the Ponzi trading platform launched after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025. However, the platform failed to register with the Securities and Exchange Commission.

In another case on CBEX promoters, the Federal High Court in Abuja, on June 30, refused to grant bail to six detained promoters of Crypto Bridge Exchange, accused of involvement in a fraud exceeding $1bn. In his ruling, Justice Emeka Nwite held that, based on the affidavit evidence presented by both parties, the case against the defendants appeared strong.

The six defendants, Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, were arrested following a direction from the judge, on April 24, 2025, to arrest and detain the promoters in connection with the alleged fraud.

While the efforts to regain lost funds intensify, the platform has been rumoured to resurface in two different cases.

In its latest attempt, reports explained the platform is demanding processing fees” from investors before allowing withdrawals, with $200 for accounts holding more than $1,000 and $100 for smaller balances.