The Economic and Financial Crimes Commission (EFCC) has arraigned two individuals, Awerusuo Otorudo and Chukwuebuka Ehirim, over their alleged involvement in a fraudulent investment scheme operated under the name Crypto Bridge Exchange (CBEX). The duo was brought before Justice Muhammed Umar of the Federal High Court in Abuja on Monday, July 7, 2025, facing a three-count amended charge of obtaining by false pretence, inducement, and illegal deposit-taking.
According to the EFCC, between January 2024 and May 2025, the defendants allegedly invited unsuspecting members of the public to invest in CBEX with promises of up to 88% returns without obtaining the mandatory written consent from the Securities and Exchange Commission. One of the charges stated that the accused “invited the public to deposit money…with a promise of up to 88% return on investment” without proper authorization, in violation of Section 96(1) of the Investment and Securities Act, 2025. Another charge indicated that they acted outside the bounds of banking regulations, contrary to the Banks and Other Financial Institutions Act, 2020.
Both Otorudo and Ehirim pleaded not guilty. EFCC counsel Fadila Yusuf urged the court to remand them in a correctional facility pending trial, while the defence applied for bail. The court adjourned to July 18, 2025, for ruling on the bail application and ordered the remand of the defendants at the Kuje Correctional Centre in the interim.
