The Federal High Court, Abuja has slated June 30 for ruling on the bail application filed by three detained operators of Crypto Bridge Exchange (CBEX) in the alleged over one billion dollars fraud filed against them by the Economic and Financial Crimes Commission (EFCC).
The trial Judge, Justice Emeka Nwite fixed the date on Wednesday, after EFCC counsel, Fadila Yusuf, and the defence lawyers adopted their processes for and against the bail application. of the CBEX operators.
The Judge, on April 24, gave the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud, after its lawyer moved an ex-parte motion to the effect, saying that, the detention and bail would be pending the conclusion of investigation of the alleged offences and possible prosecution.
The six suspects listed as 1st to 6th defendants, in the motion ex-parte filed on April 23 are, Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim.
EFCC counsel said, the 1st defendant, Adefowora Abiodun, 5th defendant, Avwerosuo Otorudo and the 6th defendant Chukwuebuka Ehirim had been in the EFCC’s custody on investigation.
When the matter came up for hearing on Wednesday, Babatunde Busari, who appeared for Abiodun, and Justice Otorudo, who represented Otorudo and Ehirim, informed the court that they had filed bail applications on behalf of their clients.
“We have a pending application dated 20th May, 2025 and filed on the same date. We are ready to proceed my lord,” Busari said.
Otorudo equally told the court that he filed a bail application on behalf of the 5th and 6th defendants (Otorudo and Ehirim) on May 9.
Busari said though they were in receipt of the EFCC’s counter affidavit in the court in the morning, they were ready to proceed.
Busari said the application sought an order granting Abiodun bail on liberal terms from the EFCC’s custody pending the preferment of charge, if any against him as well as an interim order compelling the EFCC to produce him before the court for the purpose of the court granting him bail from the commission’s custody as guaranteed by relevant sections of the law.
Busari, while giving the grounds for the application, said the court, on April 24, issued an arrest warrant and a remand order against Abiodun and other persons in respect of CBEX and said that, prior to April 24, Abiodun had, through his counsel, reached out to the EFCC on April 22 that he was ready to surrender himself for investigation, and that on April 28, he turned himself in for investigation.
He said Abiodun, who is suffering from a severe ailment, had since been in custody of the anti-graft agency without bail since April 28, more than the statutory prescribed 14 days adding that, the EFCC latched on to the facts that the order of the court did not prescribe time and could detain Abiodun for as long they wanted in breach of his right.
Besides, he argued that no charge had been filed against him for any infraction of the law in any competent court of law.
Busari argued that in the entirety of the counter affidavit, there was no averment that controvert Abiodun’s affidavit in support of the bail application, citing two previous cases to back his submission.
He argued that though the totality of the EFCC’s counter affidavit was hinged on the argument that Abiodun might likely jump bail, he reminded that Abiodun voluntarily surrendered himself to the commission.
Besides, he argued that the country’s legal system recognises the presumption of a suspect as innocent until proven guilty and that the assumption that he might likely jump bail should not be a basis for bail denial.
On his part, counsel to the 5th and 6th defendants, Otorudo also argued in the same vein and added that, his application sought an order varying the earlier order granting the EFCC leave to arrest and detain his clients pending conclusion of investigation or possible arraignment/trial.
The lawyer said the 5th and 6th defendants voluntarily surrendered themselves to investigation since April 25, and that up till date, they were still in custody without being admitted to bail.
He said if granted bail, the applicants are willing and ready to be available for further investigation and attend court whenever it required.
Otorudo submitted that, the charge annexed as exhibit, in its totality, does not raise any severe offence that will deter the applicants from not being granted bail and argued that the offences they are being charged with are bailable ones.
Yusuf, in opposition, urged the court to discountenance the applications for the bail of the defendants.
The EFCC, in the affidavit in support of the motion ex-parte, alleged that the operators and their company, ST Technologies International Limited, using another company, Crypto Bridge Exchange (CBEX) perpetrated the alleged fraud.
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