EFCC Arraigns Two CBEX Operators for Allegedly Running Unlicensed Investment Scheme

The Economic and Financial Crimes Commission (EFCC) yesterday, arraigned two of the detained Crypto Bridge Exchange (CBEX)’s operators at the Federal High Court in Abuja.
The defendants; Awerosuo Otorudo and Chukwuebuka Ehirim, were arraigned before Justice Mohammed Umar on allegations bordering on illegal financial operations and unlicensed investment activities.
They were arraigned on amended three-count charge marked: FHC/ABJ/CR/216/2025.
They were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.
When the matter was called, EFCC counsel, Fadila Yusuf, informed the court that the case was fixed for arraignment and that an amended charge had been filed.
She prayed the court to substitute the earlier one with the amended charge filed on July 7.
“We still rely on all the proof of evidence and other documents filed to prove our case,” she said.
The defendants’ lawyer, Justice Otorudo, did not oppose the application and the judge ordered that the charge be read to them for them to take their plea.
Otorudo and Ehirim, however, pleaded not guilty to the three counts.
Yusuf applied that the defendants be remanded in a correctional centre pending the hearing and conclusion of the case.
But the defence lawyer urged the court to consider a bail application filed on June 30 on his clients’ behalf.
He argued that the defendants had not been previously convicted and had cooperated with the EFCC since being taken into custody on April 25.
Otorudo argued that the defendants voluntarily submitted themselves for investigation upon learning that the EFCC was looking for them.
“Since they did not interrupt the investigation process, it is evidence that they will not jump bail,” he told the court.
He also argued that the charges against them were bailable and that there was no evidence showing that members of the public deposited funds with the defendants.
He said counts two and three carry a punishment of up to five years imprisonment or an option of a fine.
He further told the court that despite a publication on the EFCC’s website, alleging the defendants obtained one billion dollars by false pretence, there was “no such charge” before the court.
Yusuf, in response, opposed the application.
The EFCC’s lawyer, who said a counter affidavit had been filed in respect of the application, told the court that charges could be amended at any stage prior to judgment.
She urged the court to weigh the seriousness of the alleged offences and consider whether the defendants would appear for trial if granted bail.
“They only submitted after the court forced them to do so.
“If granted bail, they might not be found again because we have not seen others till date,” she argued.
When the judge indicated readiness to pick a date for ruling on the bail application, the defence lawyer prayed the court to allow the defendants remain in EFCC custody.
But Yusuf objected, arguing that having been arraigned, the defendants were now in court custody.
Justice Umar, who ordered the duo to be remanded in Kuje Correctional Centre pending the ruling, adjourned the matter until July 18.