The Federal High Court, Abuja, has granted bail to two promoters of the collapsed investment platform, Crypto Bridge Exchange (CBEX), in the sum of ₦10 million each.

Justice Mohammed Umar granted bail to Awerosuo Otorudo and Chukwuebuka Ehirim with two sureties each in like sum. The sureties must own properties within the court’s jurisdiction, which will be verified by the court registrar. The trial was adjourned to October 13, 2025. Eyes Of Lagos reports,

This decision followed their July 7 bail application, which had been opposed by the Economic and Financial Crimes Commission (EFCC).

Charges Against the CBEX Promoters

The EFCC arraigned the defendants on an amended three-count charge (FHC/ABJ/CR/216/2025) bordering on:

• illegal financial operations

• obtaining public funds under false pretenses

• promising returns of up to 88% without regulatory approval

Bail Application of ST Technologies MD Pending

In a related case, Adefowora Abiodun, Managing Director of ST Technologies International Limited, is seeking bail on medical grounds. Abiodun, who has been in EFCC custody for 80 days, claims he requires urgent eye surgery.

Abiodun and his company are facing an eight-count charge (FHC/ABJ/CR/215/2025) linked to the alleged CBEX scam. His counsel, Babatunde Busari, urged the court to grant bail on liberal terms, but EFCC counsel Fatsuma Mohammed opposed, citing flight risk concerns. Justice Umar adjourned ruling on his bail to July 25.

Background: CBEX Investment Scam

CBEX allegedly defrauded investors of over $1 billion, promising unrealistic returns of up to 100% and instructing victims to convert digital assets into USDT for deposit into suspects’ wallets.

The EFCC claims the suspects abandoned their known addresses in Lagos and Ogun States after the platform crashed. Investigations revealed that ST Technologies was registered with the Corporate Affairs Commission but not licensed by the Securities and Exchange Commission to conduct investment operations.