By Peter Omopo
Abuja, June 30, 2025 — The Federal High Court in Abuja has denied bail to three detained promoters of the embattled Crypto Bridge Exchange (CBEX), who are facing allegations of defrauding investors of over $1 billion through a cryptocurrency investment scheme.
Justice Emeka Nwite, delivering the ruling on Monday, said the strength of the evidence presented in the affidavits by both the prosecution and defence weighed heavily against granting bail at this stage.
The defendants — Adefowora Abiodun, Adefowora Oluwanisola, and Emmanuel Uko — were arrested and detained following an earlier order granted by the court on April 24. That ruling was made in response to an ex parte application filed by the Economic and Financial Crimes Commission (EFCC), which sought the detention of six CBEX operators while investigations were ongoing.
The full list of accused persons includes Abiodun, Oluwanisola, Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
EFCC counsel, identified as Yusuf, told the court that the defendants, through their firm ST Technologies International Limited, operated the CBEX platform under false pretences, promising investors returns as high as 100%.
According to the anti-graft agency, unsuspecting investors were persuaded to convert their cryptocurrencies into stablecoins (USDT) and deposit them into wallets controlled by the suspects. While users initially had access to monitor their portfolios, the platform allegedly went dark after deposits crossed the $1 billion threshold, making withdrawals impossible.
Yusuf further stated that several suspects remain at large, and that arrest warrants were necessary to ensure full prosecution.
The court’s decision means that the detained CBEX promoters will remain in custody as the EFCC continues its investigation and prepares for full trial proceedings.
The case underscores growing concerns about crypto-related scams and highlights the EFCC’s intensifying efforts to crack down on digital financial fraud in Nigeria.
