The Federal High Court in Abuja has granted a 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 Mohammed 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 October 13 for commencement of trial.
Justice Umar on July 7 adjourned for ruling on their bail application, after it was argued by the defendants’ lawyer, Justice Otorudo, and opposed by Economic and Financial Crimes Commission’s counsel, Fadila Yusuf.
The development followed their arraignment by the anti-graft agency on three-count charge on 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 the Managing Director of ST Technologies International Limited, Adefowora Abiodun, 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 an alleged case of obtaining by false pretence, 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.
Mr 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 volu
