CBEX Scam: EFCC Arraigns Two for Alleged Investment Fraud

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 for their alleged involvement in a fraudulent investment scheme.

The defendants were brought before the court on a three-count amended charge bordering on obtaining money by false pretence, inducement, and misleading the public into investing in a scam platform known as Crypto Bridge Exchange (CBEX).

One of the charges reads:
“That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometime between January 2024 and May 2025, within the jurisdiction of this Honourable Court, invited 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, thereby committing an offence contrary to Section 96(1) of the Investment and Securities Act 2025 and punishable under Section 96(5) of the same Act.”

Another charge states that the duo, while not being licensed bankers or authorized to take deposits, invited members of the public to invest through advertisements and solicitations with CBEX. This, according to the EFCC, contravenes Section 44(1) of the Banks and Other Financial Institutions Act, 2020, and is punishable under Section 44(2) of the same Act.

The defendants pleaded not guilty to all the charges.

Following their plea, the prosecution counsel, Fadila Yusuf, urged the court to remand the accused persons in a correctional facility and sought an adjournment for hearing. However, defence counsel, J.A. Otorudo, informed the court that an application for bail had already been filed on behalf of the defendants.

Opposing the application, the EFCC counsel maintained her request for remand, stating:
“The learned counsel has raised concerns about the EFCC’s custody. If they are uncomfortable with our facility, they are now before this Honourable Court. My Lord can direct that they be moved to a more comfortable accommodation.”

Justice Umar, after hearing both sides, 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 pending the next hearing.