The Federal High Court in Abuja has scheduled June 30, 2025, for a ruling on the bail applications of three detained promoters of Crypto Bridge Exchange (CBEX), who are implicated in an alleged $1 billion fraud scheme.
Justice Emeka Nwite announced the date after hearing arguments from both the Economic and Financial Crimes Commission (EFCC) and the defense counsel.
The six accused individuals—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were arrested following an ex parte motion filed by EFCC counsel Fadila Yusuf on April 23, 2025.
The motion highlighted the need for detention to facilitate ongoing investigations into the alleged financial crimes.
During the proceedings, defense lawyers contended that their clients had voluntarily surrendered to the EFCC and were entitled to bail, citing constitutional rights and provisions of the Administration of Criminal Justice Act (ACJA).
They argued that the prolonged detention without formal charges violated statutory limits and the presumption of innocence.
In contrast, the EFCC opposed the bail applications, emphasizing the severity of the alleged offenses and the ongoing receipt of petitions from victims. The prosecution urged the court to exercise caution in granting bail, given the gravity of the charges.
Justice Nwite’s upcoming decision will be closely watched, as it may set a precedent for handling high-profile financial crime cases in Nigeria.
