The Federal High Court in Abuja has refused the bail applications of three promoters of Crypto Bridge Exchange (CBEX) over their alleged involvement in a $1 billion fraud.
Presiding judge, Justice Emeka Nwite, delivered the ruling, stating that the evidence against the defendants was substantial.
The defendants, identified as Adefowora Abiodun Olanipekun, Avwerosuo Otorudo, and Chukwuemeka Ehirim, are accused of obtaining over $1 billion fraudulently, an amount said to exceed the combined budgets of several Nigerian states.
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Justice Nwite emphasised that the formal charge against the defendants had only been filed before the hearing of their bail applications and was awaiting assignment to a trial judge.
“Given the foregoing and taking cognisance of the nature of the case, and particularly that a charge has been filed against the applicants, I hold that the interest of justice would be better served by allowing the court where the charge is pending to handle both the arraignment and the bail application simultaneously. Therefore, the bail application is refused,” the judge ruled.
The development follows an earlier order granted by Justice Nwite on 24 April, which permitted the Economic and Financial Crimes Commission (EFCC) to arrest and detain six CBEX operators linked to the alleged fraud.
The suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC applied for the detention order through an ex parte motion, arguing that the suspects needed to be held pending the conclusion of investigations and potential prosecution.
During the hearing, defence lawyers urged the court to vary its previous order, which allowed the EFCC to detain the suspects, and requested bail pending the conclusion of the investigations and possible arraignment.
However, EFCC counsel, Fadila Yusuf, opposed the bail request, arguing that the defendants had already been formally charged.
She further noted that the magnitude of the alleged fraud surpassed the budgets of at least ten Nigerian states combined.
Ms Yusuf also told the court that the commission continued to receive fresh petitions from victims.
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While the defence team argued that the first defendant, Abiodun, was unwell and required urgent medical attention, Justice Nwite ruled that the affidavit evidence presented did not prove that the EFCC was incapable of facilitating access to necessary healthcare.
The case is expected to proceed to trial following the formal arraignment of the defendants.
