The Federal High Court in Abuja on Wednesday adjourned the ruling on the bail application of three detained promoters of the Crypto Bridge Exchange until June 30.

Justice Emeka Nwite fixed the date after counsel for the Economic and Financial Crimes Commission, Fadila Yusuf, and the defence lawyers adopted their arguments for and against the bail application.

On April 24, Justice Nwite authorised the EFCC to arrest and detain six operators of CBEX over allegations of fraud.

The court granted the EFCC’s ex-parte motion for detention pending the conclusion of investigations and potential prosecution.

Subsequently, the EFCC declared all six promoters wanted for their alleged involvement in an investment fraud exceeding $1 billion.

The suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

In a motion ex-parte dated and filed on April 23, Yusuf outlined four grounds for the EFCC’s application, asserting the agency’s statutory duty to prevent and investigate financial crimes. 

The EFCC’s affidavit claimed the defendants were at large, necessitating a warrant of arrest to enable proper investigation and prosecution.

After the defendants were declared wanted, Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant), and Chukwuebuka Ehirim (6th defendant) surrendered to the EFCC and have since been in custody.

The EFCC alleged that the defendants and their company, ST Technologies International Limited, used CBEX to perpetrate fraud, luring investors with promises of unrealistic returns of up to 100%.

Victims were persuaded to convert digital assets into stablecoin USDT, which was then deposited into the suspects’ crypto wallets.

After securing deposits exceeding $1 billion, victims reportedly lost access to the platform and were unable to withdraw their investments.

The EFCC stated that the scheme was uncovered as fraudulent during investigations.

It was further discovered that ST Technologies International Limited, though registered with the Corporate Affairs Commission, was not authorised by the Securities and Exchange Commission for investment purposes.

During Wednesday’s hearing, Babatunde Busari, representing Abiodun, argued for bail, citing constitutional and statutory provisions that safeguard suspects’ rights.

He emphasised that Abiodun had voluntarily surrendered to the EFCC and had been detained beyond the statutory period without being charged.

Similarly, counsel for Otorudo and Ehirim argued that their clients, who also voluntarily surrendered, should be granted bail. Both defence lawyers assured the court of their client’s willingness to cooperate with investigations.

In opposing the bail applications, EFCC counsel Fadila Yusuf contended that charges had already been filed against the defendants, including allegations of defrauding victims of over $1 billion—a sum exceeding the annual budgets of several Nigerian states.

Yusuf urged the court to deny bail, stressing the gravity of the charges and the ongoing influx of petitions from victims.

The court will rule on the bail applications on June 30.