By Nkechi Eze
The Economic and Financial Crimes Commission (EFCC) on Monday, July 7, 2025, arraigned two individuals, Awerusuo Otorudo and Chukwuebuka Ehirim, before Justice Muhammed Umar of the Federal High Court sitting in Abuja, over allegations of running a fraudulent investment scheme under the guise of a crypto trading platform.
In a statement signed by EFCC spokesperson Dele Oyewale, the commission disclosed that the defendants were arraigned on a three-count amended charge bordering on obtaining by false pretence, inducement, and misleading the public through a bogus investment offer.
According to the EFCC, the accused, between January 2024 and May 2025, allegedly used a platform known as Crypto Bridge Exchange (CBEX) to solicit deposits from unsuspecting members of the public, with promises of outrageous returns on investment as high as 88 percent. They reportedly did so without obtaining the necessary regulatory approvals, including written consent from the Securities and Exchange Commission (SEC).
One of the charges reads:
“That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this honourable court, did invite the public to deposit money for a fixed period or payable on call with CRYPTO BRIDGE EXCHANGE (CBEX) with a promise of up to 88% return on investment without obtaining the written consent of the Securities and Exchange Commission, and thereby committed an offence contrary to Section 96(1) of the Investment and Securities Act, 2007 and punishable under Section 96(5) of the same Act.”
Another count accuses the defendants of advertising CBEX as a deposit-taking institution, despite not being licensed as a bank or financial institution, thereby violating the provisions of the Banks and Other Financial Institutions Act (BOFIA), 2020.
Upon arraignment, both defendants pleaded not guilty to all charges, prompting EFCC counsel, Fadila Yusuf, to request that they be remanded in a correctional facility pending trial. She further urged the court to set a date for the commencement of the hearing.
However, defence counsel, J.A. Otorudo, informed the court that a formal bail application had been filed for the defendants. In response, the EFCC lawyer opposed the bail application, insisting that the defendants be remanded at a proper correctional facility rather than remain in EFCC custody.
“The learned counsel is very elaborate before this honourable court. He had earlier complained about the EFCC holding them in our facility, and we are saying if they are not comfortable with us, they are now before the court; my Lord can move them to more comfortable accommodation,” she said.
Justice Muhammed Umar, after listening to both parties, adjourned the case to July 18, 2025, for ruling on the bail application. He ordered that the defendants be remanded at the Kuje Correctional Centre in the interim.
The EFCC has reiterated its commitment to prosecuting individuals and entities found culpable of defrauding the public through unlawful financial schemes.
