The Federal High Court in Abuja yesterday, adjourned the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX) in the alleged over one billion dollars fraud until June 30 for ruling.
Justice Emeka Nwite fixed the date after counsel for the Economic and Financial Crimes Commission (EFCC), Fadila Yusuf, and the defence lawyers adopted their processes and argued their case for and against the application.
The News Agency of Nigeria (NAN) reports that Justice Nwite had, on April 24, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the 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 Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Others are 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 defendants for proper investigation and prosecution of this case.”
NAN reports that Adefowora Abiodun (1st defendant), Avwerosuo Otorudo (5th defendant) and Chukwuebuka Ehirim (6th defendant) had been in the EFCC’s custody on investigation.
Upon resumed hearing on Wednesday, Babatunde Busari, who appeared for Abiodun, and Justice Otorudo, who represented Otorudo and Ehirim, informed the court that they had filed bail applications on their clients’ behalf.
“We have a pending application dated 20th May, 2025 and filed same date. We are ready to proceed my lord,” Busari said.
Otorudo equally told the court that he filed a bail application on behalf of 5th and 6th defendants (Otorudo and Ehirim) dated May 8 but filed May 9.
Busari said though they were in receipt of the EFCC’s counter affidavit this morning, they were ready to proceed.
“We will reply to the counter affidavit on points of law my lord,” he said.
Busari said the bail application was brought pursuant to Sections 34, 35, 36, 41 and 46 of the constitution (as amended) and Sections 159, 259, 296 and 298 of the Administration of Criminal Justice Act (ACJA), 2015.
He said the application sought an order granting Abiodun bail on liberal terms from the EFCC’s custody pending the preferment of charge if any against him.
He said it also sought an interim order compelling the EFCC to produce him before the court for the purpose of the court granting him bail from commission’s custody as guaranteed by relevant sections of the law.
On his part, counsel to the 5th and 6th defendants, Otorudo also argued in the same vein.
He said his application sought an order varying the earlier order granting the EFCC leave to arrest and detain his clients pending conclusion of investigation or possible arraignment/trial.
The lawyer, who gave six grounds, said the 5th and 6th defendants voluntarily surrendered themselves to the investigation since April 25, and that up till date, they were still in custody without being admitted to bail.
He said if granted bail, the applicants are willing and ready to be available for further investigation and attend court whenever it required.
He argued that the offences they are being charged with are bailable ones.
He, therefore, prayed the court to use its discretion in their favour.