Alleged $1 billion fraud: Court rejects detained CBEX operators’ bail plea
Alleged $1 billion fraud: Court rejects detained CBEX operators’ bail plea
The Federal High Court in Abuja on Monday, 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.
The News Agency of Nigeria (NAN) reports that 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.”
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 the last adjourned date, 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.
In their motion on notice brought pursuant to Section 35(1) (4) and Section 36 of the 1999 Constitution (as amended) and Section 158 , 162 and 165 of the Administration of Criminal Justice Act (ACJA), 2015, the lawyers sought one order.
They sought an order of the court varying its earlier order made on April 24 which granted the EFCC leave to arrest and detain the applicants, by granting bail pending the conclusion of the investigations and possible arraignment and trial.
After the arguments of the defence lawyers, the EFCC counsel, Yusuf, vehemently opposed their bail request.
She told the court that their application had been overtaken by event as a charge had already been filed against them.
The lawyer argued that all the defendants in the matter are being charged for offence of obtaining over N1 billion dollars, more than some states’ budgets in Nigeria.
“It is in fact more than a budget of about 10 states joined together my lord,” she said.
She said the commission was still receiving petitions from victims of the alleged fraud.
The lawyer said though granting bail is at the discretion of the court, this should be done judiciously and judicially, urging the court to dismiss same.
In the ruling on Monday, Justice Nwite also dismiss the defence arguement that Abiodun, who is the 1st defendant, is indisposed and hence needed a medical attention.
The judge held that the defence had not shown in their affidavit evidence that the EFCC cannot take the defendants to a hospital for the specialist attention.
NAN reports that the EFCC, in the affidavit in support of the motion ex-parte filed against the defendants, said sometimes in April 2025, it received an intel bothering on an alleged investment scheme fraud against the defendants.
It alleged that the defendants and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud and the case was received and assigned to its Cybercrimes Section for investigation.
The agency said the preliminary investigation into the intel revealed the following:
“That Messrs.Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko and Seyi Oloyede, using their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange (CBEX) by making advert and lured unsuspecting members of public to invest crypto currencies on CBEX investment platform.”
The EFCC averred that the defendants promised unrealistic return on investment of up to 100%.
“That the victims were made to convert their digital assets into a stable coin of USDT for onward deposit into the suspects crypto wallet.
“That the victims were initially given full access to the platform to monitor their investment.
“That following deposits valued at over 1 Billion Dollars by the victims, the CBEX investment platform became inaccessible to them and they could no longer withdraw from the investment made.
“That the victims later discovered that the said scheme is a scam.
“That during the course of investigation, it was discovered that the said ST Technologies International Limited though registered with the Corporate Affairs Commission (CAC), it was not registered with the security and Exchange Commission (SEC) for investment purposes.
“That it was also discovered during investigation that the defendants had moved out of their last known address in Lagos and Ogun States.”
The anti-graft agency said that a warrant of arrest was required to place the defendants on red watch list so that they could be traced and arrested to answer to the case against them.
According to the commission, investigation into the allegation against the defendants revealed a prima facie case of investment scam.
It said it would be in the interest of justice to grant the application.(NAN)
News
Government agency demolishes building used as kidnappers’ hideout
Government agency demolishes building used as kidnappers’ hideout
The Oyo State Government has demolished the three-bedroom bungalow where kidnappers held hostage Mrs Busayo Adelabu John-Paul and her twin sons in Ibadan.
Mrs Adelabu John-Paul and the twins, the younger sister and nephews of former Minister of Power, Chief Bayo Adelabu, were abducted at Elewura area of Ring Road in Ibadan on June 3.
The hostages were, however, rescued by the police on Saturday night at Lako Community, Ayegun Anaye area of Ibadan, during which two of the kidnappers were neutralised and others arrested.
The demolition exercise was carried out on Monday by a team led by the Commissioner for Works and Transport, Mr Abdulmojeed Mogbonjubola, accompanied by operatives of the Nigeria Police Force.
The commissioner said that the demoltion was part of efforts by the government to tackle kidnapping and other criminal activities in the state.
According to Mogbonjubola, the state government has also revoked the land from its owner in its commitment to ensure safety of lives and combat insecurity in the state.
He admonished landlords’ associations, housing agents and residents in the state to always be vigilant about their surrounding and tenants living in their areas.
The commissioner advised residents to alert security agents and the government to any suspicious criminal activities.
Speaking earlier, the Vice Chairman of the Landlords Association, Ayegun- Lako Community, Mr Matthew Olaiya, said that occupants of the three-bedroom bungalow rented the apartment recently.
Olaiya said that the occupants of the building always returned late in the night and used to be away for days.
Also present during the demolition was the Permanent Secretary, Ministry of Works and Transport, Prince Goke Adenrele and other officials of the ministry (NAN)
News
Fed Govt decries attacks on Nigerians in S/ Africa, plans retaliatory response
Fed Govt decries attacks on Nigerians in S/ Africa, plans retaliatory response
The Federal Government has again strongly condemned the attacks, harassment and forced displacement of Nigerians in South Africa, saying it is considering appropriate measures in response.
The Minister of Foreign Affairs, Amb. Bianca Odumegwu-Ojukwu, stated this while speaking with State House Correspondents on Monday in Abuja.
According to the minister, many Nigerians are unhappy with the treatment of their compatriots in South Africa, considering Nigeria’s historical support for the country’s anti-apartheid struggle.
“Nigeria is not happy because Nigeria sacrificed much for the South African struggle for independence.
“Nigeria committed funds and resources. Seats were reserved for South African students, and many Nigerians actively supported the anti-apartheid movement,” she said.
Odumegwu-Ojukwu said the Federal Government had not ruled out any response, including possible retaliatory measures, although any decision would be taken at the highest level of government.
“That is a situation that we are considering. This is up to our legislature and the highest levels of government, but it is not off the table,” she said.
On the evacuation of affected Nigerians, the minister said arrangements were ongoing to repatriate those willing to return home.
She explained that, although, the airlift did not commence on Monday as initially expected, documentation and other formalities were being concluded.
“The repatriation is on course. Mr President has reiterated that the aircraft will go to South Africa and our citizens who are affected will have the opportunity to return home,” she said.
Odumegwu-Ojukwu said the number of Nigerians seeking evacuation continued to rise, adding that screening processes involving both Nigerian and South African authorities were ongoing.
She disclosed that President Bola Tinubu had directed the immediate establishment of a crisis response unit at Nigeria’s Consulate in Johannesburg and the country’s mission in Pretoria to coordinate assistance for affected citizens.
The minister dismissed claims that the affected Nigerians were illegal migrants, insisting that many were legitimate residents and business owners.
According to her, some Nigerians had suffered attacks on their businesses and properties, while others faced intimidation and insecurity.
“To say that Nigerians in South Africa doing legitimate business are illegal migrants is absolutely untrue,” she said.
Odumegwu-Ojukwu added that the Federal Government, working with the National Emergency Management Agency (NEMA) and other relevant agencies, had put plans in place to support and rehabilitate returnees.
“This evacuation is being undertaken with NEMA and other government agencies to ensure that those who return are properly rehabilitated,” she said. (NAN
News
Troops neutralise terrorist scout, arrest suspects recover weapons, ammunition
Troops neutralise terrorist scout, arrest suspects recover weapons, ammunition
The Nigerian Army says its troops have in the last 24 hours, recorded significant operational successes against terrorists, bandits, kidnappers and other criminal elements in various operations across the country.
The operational report made available to the News Agency of Nigeria (NAN) on Monday in Abuja, indicated that troops neutralised a terrorist scout, apprehended several suspects and recovered weapons, ammunition and communication equipment.
In Borno, the report said troops of 73 Battalion (Motorised) neutralised a suspected terrorist scout during an ambush operation near Malari village in Konduga Local Government Area after the suspect ignored repeated warnings to halt.
It also disclosed that troops of 162 Amphibious Battalion recovered seven motorcycles, a PKT machine gun, 1,010 rounds of QJC ammunition and other military items during exploitation operations following the recent terrorist attack on Mandaragirau in Biu Local Government Area.
It added that troops of 145 Battalion arrested a suspected drug peddler in Damasak and recovered illicit substances, while troops of 144 Battalion apprehended a suspected terrorist informant in Madagali, Adamawa.
In Kaduna State, the report said troops of Operation Fansan Yamma fought through an ambush mounted by more than 50 suspected terrorists during a fighting patrol in Kachia Local Government Area and forced the criminals to retreat.
It added that troops of 1 Brigade Quick Response Force apprehended eight suspected terrorists in Zamfara and recovered seven motorcycles, mobile phones, power banks, handheld radios, camouflage uniforms and other items.
“In Niger State, troops of Operation Savannah Shield arrested three suspected terrorists linked to the abduction of a medical doctor and recovered phones, cash and materials believed to be connected to criminal activities.
“The troops also apprehended two suspected terrorist spies allegedly conducting reconnaissance around military facilities in Borgu Local Government Area of the state.
“In Plateau, troops launched a search-and-rescue operation following the abduction of a three-year-old girl in Bassa Local Government Area and arrested a suspected kidnappers’ informant in Mangu Local Government Area,” it said.
The report further revealed that troops of Operation Whirl Stroke recovered a locally fabricated pistol abandoned by fleeing bandits in Katsina-Ala Local Government Area of Benue.
“Similarly, troops of 14 Brigade and other security agencies arrested three suspected gunrunners in Abia and recovered seven Dane guns, 22 live cartridges and a motorcycle.
“In Rivers, troops conducting anti-illegal bunkering operations uncovered and destroyed an illegal refining site in Orashi National Forest, recovering equipment and petroleum products used for illicit activities.
“Ongoing operations across various theatres remain focused on sustaining pressure on terrorists, bandits, kidnappers and othercriminal elements threatening national security,” it said. (NAN) (www.nannews.ng)
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