Justice Emeka Nwite of the Federal High Court in Abuja has scheduled 30 June to deliver a ruling on the bail applications filed by three promoters of Crypto Bridge Exchange (CBEX), currently in detention over their alleged involvement in a $1 billion fraud scheme.
The judge fixed the date after hearing arguments from lawyers representing the Economic and Financial Crimes Commission (EFCC) and defence counsel.
Both parties adopted their written submissions and presented oral arguments for and against the bail request.
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The EFCC had earlier secured a court order on 24 April permitting the arrest and detention of six CBEX operators in connection with the ongoing fraud investigation.
The order followed an ex parte motion filed by the Commission’s counsel, Fadila Yusuf, who explained that the suspects’ detention was necessary to allow for thorough investigations and possible prosecution.
The individuals named in the investigation include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
At the resumed hearing, counsel for Abiodun, Babatunde Busari, and lawyer for the 5th and 6th defendants, Justice Otorudo, informed the court that they had filed separate bail applications.
Otorudo’s application, on behalf of Otorudo and Ehirim, was dated 8 May and submitted a day later.
Busari noted that although the EFCC served a counter affidavit that morning, the defence was prepared to proceed.
His bail motion relied on constitutional provisions and sections of the Administration of Criminal Justice Act (ACJA), arguing for the release of his client from EFCC custody on liberal terms, pending any formal charges.
According to Busari, Abiodun voluntarily presented himself for questioning on 28 April, having notified the EFCC of his willingness to cooperate two days earlier.
He added that Abiodun has been held for over 40 days without formal charges, a period that exceeds the statutory 14-day remand window, even with an extension.
He stressed that Abiodun, who is reportedly battling a serious health condition, has not been brought before any court, and there is no valid justification for his continued detention.
Busari also challenged the EFCC’s claim that Abiodun might abscond, citing his voluntary surrender as proof of good faith.
Otorudo, representing the 5th and 6th defendants, made similar submissions.
He urged the court to vary the original remand order and release his clients on bail, noting that both voluntarily submitted themselves for investigation on 25 April and have remained in custody since.
He assured the court of their willingness to cooperate with the investigation and attend all court proceedings. He also argued that the allegations, while serious, are bailable under Nigerian law.
Opposing the bail motions, EFCC counsel Yusuf filed a counter affidavit with accompanying exhibits, urging the court to reject the applications.
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She emphasised that the suspects are being investigated for allegedly obtaining over $1 billion—an amount she noted surpasses the annual budgets of some Nigerian states.
Yusuf also informed the court that the EFCC continues to receive fresh petitions from alleged victims of the scam. While acknowledging that bail is at the discretion of the court, she urged Justice Nwite to exercise that discretion cautiously, given the gravity of the allegations.
