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Court refuses CBEX promoters bail in $1bn fraud case
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The Federal High Court in Abuja, on Monday, refused to grant bail to three detained promoters of Crypto Bridge Exchange, accused of involvement in a fraud exceeding $1bn.
In his ruling, Justice Emeka Nwite held that, based on the affidavit evidence presented by both parties, the case against the defendants appeared strong.
The judge, on April 24, 2025, had previously granted the application of the EFCC to arrest and detain six CBEX operators in connection with the alleged fraud.
The order followed an ex parte motion filed by the EFCC’s counsel, Fadila Yusuf, which sought detention pending the conclusion of investigations and possible prosecution.
The six defendants are Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
In the motion ex parte filed on April 23, the EFCC outlined four grounds for its application, including its statutory duty to prevent and detect financial crimes through investigation.
Yusuf argued that some defendants were at large, necessitating a warrant of arrest to enable proper investigation and prosecution.
According to the EFCC, the defendants, through their company, ST Technologies International Limited, promoted CBEX by advertising investment opportunities and luring members of the public to invest in cryptocurrencies on the CBEX platform.
The agency alleged that the defendants promised unrealistic returns of up to 100 per cent, requiring victims to convert their digital assets into stablecoin (USDT) and deposit them into the suspects’ crypto wallets.
Initially, victims had full access to monitor their investments. However, once deposits surpassed $1bn, the CBEX platform became inaccessible, and withdrawals were blocked.
Investigations revealed that the scheme was fraudulent and that ST Technologies International Limited, although registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission to offer investment services.
The EFCC further disclosed that the defendants had vacated their last known addresses in Lagos and Ogun states.
A warrant of arrest was thus necessary to trace and apprehend them.
During a hearing on June 11, counsel for the defendants, Babatunde Busari and Justice Otorudo, argued for bail, citing Section 35(1) and Section 36 of the 1999 Constitution (as amended) and sections of the Administration of Criminal Justice Act, 2015.
They sought to vary the court’s earlier order permitting the EFCC to detain their clients, requesting bail pending the conclusion of investigations, arraignment, and trial.
However, EFCC opposed the bail application, arguing that the defendants were implicated in fraud exceeding the budgets of several Nigerian states combined.
The commission also noted that new petitions from victims continued to emerge.
In delivering his ruling, Justice Nwite acknowledged that a formal charge had been filed against the defendants and was awaiting assignment to a court.
He rejected claims that the first defendant, Abiodun, required urgent medical attention, stating that the EFCC could provide necessary healthcare.
“In view of the foregoing, and considering the nature of the case, as well as the fact that a formal charge has been filed, I hold that the interest of justice will be best served by transferring this application to the court where the charge is pending for simultaneous arraignment and hearing of the bail application,” the judge declared.
The application was subsequently refused.
By Gloria Ikibah
Members of the ECOWAS Parliament will this week begin deliberations on strategies to position Micro, Small and Medium-sized Enterprises (MSMEs) as key drivers of regional value chains, as part of efforts to boost economic integration and expand opportunities for businesses across West Africa.
The discussions will take place during a delocalised meeting of the Parliament’s Joint Committee on Industry and Private Sector; Macroeconomic Policy and Economic Research; Administration, Finance and Budget; and Public Accounts, scheduled to hold in Cotonou, Benin Republic, from 27 to 31 July 2026.
The meeting will focus on the theme, “Empowering MSMEs as Formal Drivers of ECOWAS Regional Value Chains,” reflecting growing recognition of the critical role small businesses play in the region’s economy.
According to a media advisory issued by the Communications Directorate of the ECOWAS Parliament on 21 July 2026, “The ECOWAS Parliament is holding the delocalized Meeting of the Joint Committee on Industry and Private Sector | Macroeconomic Policy and Economic Research | Administration, Finance and Budget | Public Accounts, on the theme ‘Empowering MSMEs as Formal Drivers of ECOWAS Regional Value Chains.’”
The meeting comes at a time when policymakers across West Africa are seeking practical ways to unlock the economic potential of MSMEs, which remain the backbone of the region’s private sector.
A United Nations policy brief on the subject indicates that MSMEs account for more than 90 per cent of all businesses and provide about half of total employment across ECOWAS member states. Despite their importance, many of these enterprises continue to operate outside the formal economy and face significant obstacles, including limited access to finance, weak infrastructure and barriers to cross-border trade.
Lawmakers are expected to examine these challenges and develop recommendations aimed at integrating MSMEs more effectively into regional value chains, improving their competitiveness and enabling them to contribute more meaningfully to sustainable economic growth and regional integration.
Nigeria’s Ambassador-designate to Mexico, Reno Omokri, has dismissed claims that the Mexican government rejected his diplomatic appointment, attributing his delayed resumption instead to the ongoing FIFA World Cup being co-hosted by Mexico and the United States.
Speaking during an interview on Channels Television’s Politics Today last Monday, the former presidential aide said the delay was due to logistical and diplomatic considerations linked to the global football tournament, stressing that he was not the only Nigerian envoy yet to assume duty. Omokri said reports suggesting that Mexico had declined to accept him as Nigeria’s ambassador were false and were being promoted by political opponents.
“Mexico has not rejected me. Not at all,” he said.Politics He explained that the Mexican government is currently focused on hosting the World Cup alongside the United States, leaving little room to process the arrival of new diplomats. “You should understand that Mexico is right now hosting the World Cup, along with the United States of America, and all of their focus is on that,” Omokri stated.
According to him, several Nigerian ambassadors-designate are also yet to resume at their respective postings for similar reasons.Executive Branch “Most of us ambassadors have not resumed. So, I’m not the only one. A lot of my colleagues are in my situation, but it’s okay. These things happen,” he said. The ambassador-designate also accused members of the opposition of spreading misleading narratives about his appointment, insisting that such claims have no basis in reality. “The opposition will always say things like I have been rejected. We do not work on the basis of the opposition. We work on the basis of reality,” he said.
Omokri expressed confidence that Nigeria continues to enjoy cordial diplomatic relations with countries around the world and maintained that host nations would receive Nigerian envoys in due course. “The reality of it is that we have countries in the world that respect Nigeria, and they’re going to be taking Nigeria’s envoys,” he added.
A young Nigerian girl who was trafficked to Cotonou, Benin Republice for prostitution has d!ed.
Sewuese passed away on Friday, July 24, 2026 in Benue State after she was brought home.
Activist, Zege Orkwande, who has been facilitating the rescue of trafficked Benue girls said investigation is ongoing and those who trafficked her will face the full wrath of law.
“People are asking “who took Sewuese to Cotonou”. Trust my process,” he wrote.
“The people that trafficked/smuggled her to Cotonou for prostitution will sure face the law and serve in prison uniform.
“All information gathered. I’m waiting for her to be buried first. REST WELL.”
ECOWAS Parliament Moves to Strengthen MSMEs as Pillars of Regional Trade
Ambassador Omokri Amid Rejection Rumours Says World Cup Cause of his delayed resumption
Sad: Young Nigerian reportedly trafficked for commercial s*x dies after rescue
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