The Federal High Court in Abuja has adjourned the bail application of three detained promoters of Crypto Bridge Exchange (CBEX) in an alleged $1 billion fraud case. According to the News Agency of Nigeria (NAN), Justice Emeka Nwite fixed June 30 for the ruling after hearing arguments from the Economic and Financial Crimes Commission (EFCC) and defence lawyers.
The case involves six CBEX operators, including Adefowora Abiodun Olanipekun, Emmanuel Uko, and Chukwuebuka Ehirim, accused of financial crimes. The EFCC secured a court order on April 24 to detain the suspects pending investigation and possible prosecution.
Key Arguments in the Bail Hearing
Defence lawyers argued that their clients voluntarily surrendered to the EFCC and should be granted bail under constitutional provisions. Babatunde Busari, representing Abiodun, stated that his client had been in custody for over 40 days without formal charges, exceeding the 14-day remand limit under the Administration of Criminal Justice Act (ACJA).
“The EFCC’s claim that our client may jump bail is unfounded—he turned himself in willingly,” Busari said.
However, EFCC prosecutor Fadila Yusuf opposed bail, citing the severity of the alleged $1bn fraud. She noted that charges had already been filed, rendering some defence requests obsolete.
Next Steps in the Case
Justice Nwite will deliver the bail ruling on June 30. Meanwhile, the EFCC continues its investigation into what could be one of Nigeria’s largest crypto-related fraud cases.
Article updated 2 weeks ago. Content is written and modified by multiple authors.
