A Federal High Court in Abuja has remanded two businessmen, Aweruso Otorudo and Chukwuebuka Ehirim, over their alleged involvement in a fraudulent investment scheme linked to the Crypto Bridge Exchange (CBEX).
The duo was remanded after pleading not guilty to charges brought against them by the Economic and Financial Crimes Commission (EFCC).
They were arraigned on a three-count amended charge bordering on obtaining by false pretence, inducement, and misleading members of the public into investing in a scheme that promised unusually high returns without proper regulatory approval.
One of the charges alleged that the defendants invited members of the public to invest in CBEX with promises of up to 88% return on investment, without securing the necessary approval from the Securities and Exchange Commission (SEC).
Another count accused them of soliciting deposits from the public without being licensed banks or financial institutions, an offence contrary to Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 44(2) of the same Act.
During their arraignment before Justice Muhammed Umar on Monday, the EFCC further stated that the alleged offences violate Section 96(1) of the Investment and Securities Act, 2025, and are punishable under Section 96(5) of the same law.
Following their plea, EFCC counsel Fadila Yusuf urged the court to remand the defendants in a correctional facility and adjourn the matter for hearing.
However, defence counsel J.A. Otorudo informed the court that a bail application had already been filed on behalf of the accused persons.
Opposing the bail request, Yusuf insisted that the defendants should remain in custody pending the court’s decision.
“If they are not comfortable in EFCC custody, they are before the court now. My Lord can move them to a more comfortable accommodation,” she argued.
Justice Umar subsequently adjourned the matter to July 18, 2025, for ruling on the bail application and ordered that the defendants be remanded at the Kuje Correctional Centre.
