Anti-corruption and elections / EFCC

Alleged $1bn Fraud: Court Rejects CBEX Operators’ Bail Applications

A Federal High Court sitting in Abuja and presided over by Justice Emeka Nwite has rejected the bail application filed by three promoters of Crypto Bridge Exchange (CBEX) in the alleged $1 billion fraud. Justice Nwite, in a ruling on Monday, June 30, 2025, held that available evidence against the defendants was strong. The defendants are; Adefowora Abiodun Olanipekun, Avwerosuo Otorudo and Chukwuemeka Ehirim. According to the judge, no formal charge was filed against the defendants before they applied for bail. A formal charge was only filed against them before the hearing of their bail applic…