The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against two of the detained promoters of Crypto Bridge Exchange (CBEX) over allegations bordering on investment fraud to the tune of over one billion dollars.
The two, in the charge marked: FHC/ABJ/CR/216/2025 and filed by EFCC lawyer, Fadila Yusuf, are Avwerosuo Otorudo and Chukwuebuka Ehirim listed as 1st and 2nd defendants.
The commission, in the charge filed June 10 at the Federal High Court in Abuja, alleged that the two promoters were not duly incorporated under the Companies and Allied Matters Act (CAMA) nor licenced as a fund or portfolio manager by the Security and Exchange Commission (SEC).
In the charge, the anti-graft agency accused the defendants of performing a transaction, between January 2024 and May 2025, for the purpose of administering a scheme with CBEX, an unregistered company.
It said the offence is contrary to Section 158(1) of the Investment and Security Act, 2007 and punishable under Section 158 (2) of the same Act.
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Count two alleged that the duo, between January 2024 and May 2025, while not being a bank or person authorised to take deposit, invited the public through advertisement to deposit funds with CBEX contrary to Section 44(1) of the Banks and other Financial Institution Act, 2020 and punishable under Section 44 (2) of the same Act.
In count three, the EFCC alleged that Otorudo and Ehirim, between the same period, carried on specialised business of other financial institution to wit: investment management scheme on CBEX, without a valid licence.
The commission said the offence is contrary to Section 57(1) and (2) of the Banks and other Financial institution Act, 2020 and Punishable under Section 57 (5) of the same Act.
The case is yet to be assigned to a judge.
The News Agency of Nigeria (NAN) reports that Justice Emeka Nwite had, on April 24, given the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the alleged fraud
The judge, who gave the order after the EFCC’s lawyer, Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.
The six suspects include Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.
In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.
She said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.
Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the suspects for proper investigation and prosecution of this case.”
Olanipekun, Otorudo and Ehirim were said to have voluntarily surrendered themselves for investigation at the EFCC’s office after the court ruling. NAN