The Economic and Financial Crimes Commission (EFCC) has taken decisive action against two executives of Crypto Bridge Exchange (CBEX), arraigning them for alleged unlicensed investment operations and financial misconduct. Awerosuo Otorudo and Chukwuebuka Ehirim appeared before Justice Mohammed Umar at the Federal High Court in Abuja, facing a three-count amended charge (FHC/ABJ/CR/216/2025).
According to the prosecution, the defendants allegedly enticed investors with promises of up to 88% returns without securing approval from the Securities and Exchange Commission (SEC). EFCC counsel Fadila Yusuf successfully substituted the original charges with an amended version, to which the defendants pleaded not guilty.
The defense, led by Justice Otorudo, argued that the accused had cooperated fully with investigators since their voluntary surrender in April and posed no flight risk. However, Justice Umar ordered their remand at Kuje Correctional Centre pending a bail ruling on July 18.
Okay.ng reports that the EFCC’s investigation uncovered a scheme where investors were allegedly persuaded to convert assets into USDT and deposit them into CBEX wallets, only for the platform to later become inaccessible. Preliminary findings suggest losses exceeding $1 billion.
