Two individuals linked to the failed Crypto Bridge Exchange, Avwerosuo Otorudo and Chukwuebuka Ehirim, have been granted bail by the Federal High Court in Abuja.
Each was granted bail in the sum of N10 million, with two sureties required to present properties of equal value within the court’s jurisdiction.
The court also instructed that the sureties’ addresses be verified.
The defendants are among six persons accused of running an illegal investment scheme through the now-defunct CBEX platform.
The platform reportedly collected huge sums from the public, promising very high returns, and later became inaccessible, leaving investors stranded.
In April 2025, the Economic and Financial Crimes Commission (EFCC) obtained a court order to arrest the six suspects after the platform’s disappearance triggered public complaints.
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The EFCC alleged that the group operated under the company name ST Technologies International Limited and used CBEX to lure investors with returns of up to 100 per cent.
Victims were told to convert their assets to USDT (a digital coin) and transfer them into wallets controlled by the suspects.
Investigations later showed that ST Technologies, though registered, had no license from the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria (CBN) to operate as an investment company.
The EFCC also said that the suspects had vacated their known addresses in Lagos and Ogun States.
Following their arrest, three of the suspects—Abiodun Adefowora, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were taken into EFCC custody.
While an earlier bail attempt was denied by another judge, Otorudo and Ehirim later sought bail from Justice Mohammed Umar, who approved their request and adjourned the case till October 13 for trial.
The EFCC had filed a three-count charge against the two, accusing them of running an unlicensed investment operation and illegally collecting funds from the public.
