Alleged $1bn fraud: Court rejects detained CBEX operators’ bail plea

The Federal High Court in Abuja yesterday, declined to grant the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX) in the alleged over one billion dollars fraud.
Justice Emeka Nwite, in a ruling, held it was obvious that from the totality of the affidavit evidence of both parties, it was glaring that the character of evidence against the defendants is strong.
Justice Nwite also held that due to the nature of the case, the Economic and Financial Crimes Commission (EFCC) obtained an order of remand of the defendants by court of competent jurisdiction.
The judge observed that at the time of the application for bail by the CBEX promoters, there was no charge formally filed against the applicants.
He also observed that before the hearing of the instant application, a formal charge had already been filed against the defendants waiting for assignment to a particular court or judge.
“In view of the foregoing and taking cognisance of the nature of the case and particularly, a charge has been filed against applicants, I am of the view and I so hold that interest of justice will be met by taking this application to the court where the charge is pending for the court to take the arraignment of the applicants and hearing the bail application simultaneously.
“Hence, the application is refused,” the judge declared.
Justice Nwite had, on June 11, fixed today for the ruling after counsel for the EFCC, Fadila Yusuf, and the defence lawyers adopted their processes and argued their case for and against the application.
The judge 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, 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.”