Ponzi: Court admits two CBEX promoters to N10m bail each, as EFCC arraigns another

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The Federal High Court in Abuja has granted a bail to two of the detained Crypto Bridge Exchange (CBEX)’s promoters in the sum of N10 million each with two sureties each in like sum.

Those admitted to bail by Justice Mohammed Umar are Awerosuo Otorudo and Chukwuebuka Ehirim.

Justice Umar, in a ruling, ordered that the sureties must have property worth the bail sum within the jurisdiction of the court.

He directed that the residence of the sureties must be verified by the registrar of the court.

The judge subsequently adjourned the matter until Oct. 13 for commencement of trial.

The News Agency of Nigeria (NAN) reports that Justice Umar had, on July 7, adjourned for ruling on their bail application, after it was argued by the defendants’ lawyer, Justice Otorudo, and opposed by EFCC’s counsel, Fadila Yusuf.The development followed their arraignment by the anti-graft agency on three-count charge over allegations bordering on illegal financial operations and unlicensed investment activities.

They were arraigned on amended three-count charge marked:

In the charge marked: FHC/ABJ/CR/216/2025, the defendants were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval. Nation