Nigerian Court Denies Bail To CBEX Promoters In Alleged ₦1.5 Trillion Fraud Case.
The Federal High Court in Abuja has delivered a significant ruling, refusing bail to three detained promoters of Crypto Bridge Exchange (CBEX) implicated in an alleged fraud exceeding ₦1.5 trillion. Justice Emeka Nwite, presiding over the case on 30 June 2025, determined that the evidence presented by the Economic Obtaining Over Economic and Financial Crimes Commission (EFCC) was substantial, warranting the continued detention of the accused.
The defendants, identified as Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, are accused of orchestrating a fraudulent scheme through CBEX, operated under their company, ST Technologies International Limited. The EFCC alleges that the group lured unsuspecting investors with promises of up to 100% returns, encouraging them to convert digital assets into USDT stablecoin for deposit into CBEX-controlled crypto wallets. Initially, victims could monitor their investments, but after deposits reportedly surpassed ₦1.5 trillion, the platform became inaccessible, preventing withdrawals and exposing the scheme’s fraudulent nature.
EFCC counsel Fadila Yusuf argued against bail, highlighting the scale of the alleged fraud, which she noted exceeds the annual budgets of several Nigerian states combined. “This is a matter of grave economic impact, with victims still coming forward,” she told the court. The agency’s investigation, sparked by intelligence received in April 2025, revealed that ST Technologies was registered with the Corporate Affairs Commission but lacked a Securities and Exchange Commission licence for investment activities.
Justice Nwite dismissed the defence’s plea for bail, including claims that Adefowora Abiodun required urgent medical attention. He ruled that the defence failed to provide evidence that the EFCC could not facilitate necessary medical care. The judge also noted that a formal charge, filed after the initial bail application, is now awaiting assignment to a specific court, where the defendants’ arraignment and further bail considerations will proceed.
This ruling underscores Nigeria’s ongoing efforts to combat cryptocurrency-related fraud, a growing concern in Africa’s largest crypto economy. The EFCC’s crackdown reflects the government’s resolve to protect citizens from predatory schemes, particularly as Nigerians increasingly turn to digital currencies to hedge against inflation and naira depreciation. Posts on X have echoed public sentiment, with many praising the court’s decision as a step towards justice for thousands of affected investors.
As the case progresses, it serves as a stark reminder of the risks in unregulated financial platforms and the importance of robust oversight. The defendants remain in custody, with the nation watching closely as the EFCC continues its investigation into one of the largest alleged crypto scams in Nigeria’s history.