Abuja: In a twist to the unfolding Crypto Bridge Exchange (CBEX) investment scam case, the Federal High Court in Abuja has granted ₦20 million bail to one of the scheme’s alleged promoters with two sureties in like sum.
Justice Mohammed Umar, in a ruling on the bail application, directed that the sureties must have landed property worth the bail sum within the court’s jurisdiction.
Justice Umar also directed the prosecution to verify the sureties’ residence and adjourned the matter until Nov. 3 for commencement of trial.
The EFCC reports that on July 18, Abiodun, the Managing Director of ST Technologies International Limited, was arraigned on eight amended counts for allegedly using another company, CBEX, to perpetrate an investment scam.
He, however, pleaded not guilty to the amended charge marked FHC/ABJ/CR/215/2025, dated and filed on July 9 by Fadila Yusuf.
Abiodun, including Awerosuo Otorudo and Chukwuebuka Ehirim, who had earlier been granted a N10 million bail each in a separate charge, are being prosecuted on allegations bordering on a case of obtaining by false pretence, money laundering and advance fee fraud.
He was also alleged to be conducting activities on behalf of other financial institutions without holding the required licenses from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
In the charge, Abiodun was alleged to have, while promoting CBEX, defrauded Emem Akpan of the sum of $ 4,000.
He was alleged to have defrauded Samuel Jeremiah of $4,773.
The defendant was also alleged to have defrauded Izong Felix of N2 million and Asuquo Erete of N1 million, while Nnana Okon was defrauded of N5 million.
The currencies were allegedly deposited into the CBEX wallet as capital for an investment scheme under the false pretence that the said capital was safe and could be assessed upon request, which representation he knew to be untrue.
The offence was said to have been committed between January 2004 and May 2005 within the jurisdiction of the court.
