By Adenyi Yusuff Olamilekan (U19MM1153)
The Federal High Court in Abuja has granted ₦10 million bail each to two detained promoters of Crypto Bridge Exchange (CBEX), Awerosuo Otorudo and Chukwuebuka Ehirim.
According to The Nation newspaper, Justice Mohammed Umar ordered that each defendant must provide two sureties who possess properties worth the bail sum within the court’s jurisdiction.
The defendants were arraigned by the Economic and Financial Crimes Commission (EFCC) on an amended three count charge bordering on illegal financial operations and unlicensed investment activities. They were accused of collecting public funds while promising up to 88% returns without regulatory approval.
In an earlier charge, the EFCC had alleged that they obtained money under false pretenses, engaged in money laundering, and operated as financial institutions without licenses from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
Both defendants pleaded not guilty to the amended charges.
Justice Umar adjourned the matter till October 13, 2025, for the continuation of trial.