A Federal High Court in Abuja, led by Justice Emeka Nwite, has turned down a request for bail from three suspects linked to the alleged $1 billion fraud involving Crypto Bridge Exchange (CBEX).
The court made this decision on June 30, 2025, stating that there is strong evidence against the defendants, Adefowora Olanipekun, Avwerosuo Otorudo, and Chukwuemeka Ehirim.
This was disclosed by the Economic and Financial Crime Commission (EFCC) on July 1, 2025, on its official X handle.
According to the post, Justice Nwite pointed out that at the time of their bail request, no official charge had been filed against them yet.
A formal charge was submitted shortly before their bail hearing, but had not yet been assigned to a judge for review.
In his ruling, Justice Nwite explained that considering the seriousness of the case and now that formal charges are in place, it’s best to handle the bail request alongside the arraignment (the formal reading of the charges) in a suitable court.
Therefore, he denied the bail request.
Previously, on April 24, 2025, Justice Nwite authorized the EFCC to arrest and hold six operators from CBEX, indicating their involvement in the alleged fraud.
The suspects include the three defendants as well as three others, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
The EFCC’s attorney had argued that holding the defendants was crucial, while they continue their investigation into the fraud allegations and prepare for potential prosecution.
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During the bail application hearings, the defense lawyers presented various arguments for why their clients should be granted bail.
They requested a change to the court’s previous ruling, which allowed the EFCC to detain their clients, arguing that since investigations were ongoing, the defendants should be granted bail.
However, the prosecution opposed the request, stating that the filing of charges meant the bail application was no longer valid.
They emphasised the severity of the allegations, noting that the accused are charged with defrauding victims out of over $1 billion, more than the annual budgets of several states in Nigeria.
The prosecution stressed that granting bail is a serious decision that must be made carefully, urging the court to reject the application.
In his ruling, Justice Nwite also dismissed claims from the defense regarding the health of Adefowora, the first defendant, who was said to need medical attention.
The judge noted that the defense had not provided sufficient evidence to prove that the EFCC could not arrange for the defendants to receive necessary medical care.
