From Lateef Taiwo

The Federal High Court in Abuja, presided over by Justice Mohammed Umar, on Monday granted bail to two of the detained Crypto Bridge Exchange (CBEX)’s promoters in the sum of N10 million each with two sureties each in like sum.

Those admitted to bail by Justice Umar are Awerosuo Otorudo and Chukwuebuka Ehirim.

Justice Umar, in a ruling, ordered that the sureties must have property worth the bail sum within the jurisdiction of the court.

He directed that the residence of the sureties must be verified by the registrar of the court.

The judge subsequently adjourned the matter until Oct. 13 for commencement of trial.

It would be recalled that Justice Umar had, on July 7, adjourned for ruling on their bail application, after it was argued by the defendants’ lawyer, Justice Otorudo, but opposed by EFCC’s counsel, Fadila Yusuf.

The development followed their arraignment by the anti-graft agency on three-count charge over allegations bordering on illegal financial operations and unlicensed investment activities.

They were arraigned on amended three-count charge marked:

In the charge marked: FHC/ABJ/CR/216/2025, the defendants were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.

In a related development, Justice Umar has also fixed July 25 for ruling on the bail application filed by Adefowora Abiodun, Managing Director of ST Technologies International Limited, allegedly using another company, CBEX, to perpetrate investment scam.

Justice Umar fixed the date after his bail application was argued, following Abiodun and his company’s arraignment on amended eight-count charge marked: FHC/ABJ/CR/215/2025.

While Abiodun is the 1st defendant, ST Technologies International Limited is named as 2nd defendant in the amended charge dated July 9.

‎The allegations, in the earlier charge, bordered on alleged case of obtaining by false pretense, money laundering and carrying on the activities of other financial institutions without having the required license from the Central Bank of Nigeria (CBN) and Security and Exchange Commission (SEC).

They, however, pleaded not guilty to the amended counts.

The defendants’ lawyer, Babatunde Busari, informed the court of a bail application dated and filed on Abiodun‘s behalf on June 30.

Busari urged the judge to admit his client to bail on liberal terms.

He said the charge showed that the alleged offences against his client were bailable.

Besides, he said two critical exhibits attached to their application showed that Abiodun voluntarily submitted himself to the commission for investigation.

“He (Abiodun) came to us as counsel and we took him to the commission.

“He also has a medical report that shows that the 1st defendant requires urgent eye surgery and that has not been possible for him for the past 80 days that he has been in detention.

“We, therefore, urge the court to admit the defendant on bail as the total of the monetary claim Is about N20 million naira,” he said.

Busari prayed the court to release Abiodun to him for the purpose of bail.

However, EFCC’s lawyer, Fatsuma Mohammed, opposed the bail plea, saying a counter affidavit dated July 7 was filed in respect of the motion.

The lawyer urged the court to refuse bail and order for expeditious trial of the case, adding that investigation had been concluded “and we are ready for trial.”

Justice Umar adjourned the matter until July 25 for ruling and ordered Abiodun to be remanded in the EFCC’s custody pending ruling on bail application.

CBEX was one of several digital platforms that collapsed after allegedly collecting billions of naira from unsuspecting investors.