By Samuel Adeola
The Economic and Financial Crimes Commission (EFCC), has arraigned two individuals, Awerusuo Otorudo and Chukwuebuka Ehirim, before Justice Muhammed Umar of the Federal High Court, Abuja, over their alleged involvement in a fraudulent cryptocurrency investment scheme known as Crypto Bridge Exchange (CBEX).
According to a statement by EFCC spokesperson, Dele Oyewale, the duo is facing a three-count amended charge bordering on fraud, inducement, and the solicitation of funds from unsuspecting Nigerians through an unregistered investment platform that falsely promised up to 88% return on investment.
One of the charges reads: “That you, Awerusuo Otorudo and Chukwuebuka Ehirim, between January 2024 and May 2025, invited the public to deposit money with CBEX, with a promise of up to 88% return on investment, without obtaining the written consent of the Securities and Exchange Commission (SEC)… thereby committing an offense contrary to Section 96(1) of the Investment and Securities Act 2025…”
Another charge accuses them of unlawfully receiving deposits from the public without a banking license, in violation of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Both defendants pleaded not guilty to the charges.
Prosecuting counsel, Fadila Yusuf, requested the court to remand the defendants in prison custody pending trial. She said: “If they are not comfortable with our facility, they are now before the court. My Lord can move them to a more comfortable accommodation.”
However, defence counsel, J.A. Otorudo, informed the court that a bail application had already been filed on behalf of the accused persons.
Justice Umar adjourned the case to July 18, 2025, for hearing on the bail application and ordered that the defendants be remanded at the Kuje Correctional Centre.