The Economic and Financial Crimes Commission (EFCC) on Monday, July 7, 2025, arraigned Awerusuo Otorudo and Chukwuebuka Ehirim before Justice Muhammed Umar of the Federal High Court sitting in Abuja.
The duo was arraigned on a three-count amended charge bordering on obtaining by false pretence, inducement, and misleading the public through a fraudulent investment scheme under the name Crypto Bridge Exchange (CBEX).
One of the charges reads: “That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this honorable 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 you thereby committed an offense contrary to section 96(1) of the Investment and Security Act 2025 and punishable under section 96(5) of the same Act.”
Another count states: “That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this Honourable Court, whilst not being a bank or person authorized to take deposit, invited the public through advertisement to deposit funds with CRYPTO BRIDGE EXCHANGE (CBEX) and you thereby committed 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.”
Upon hearing the charges, both defendants pleaded not guilty.
Following their plea, the EFCC’s counsel, Fadila Yusuf, requested the court to remand the defendants in a Correctional Facility and to adjourn the matter for hearing.
In response, the defense counsel, J.A. Otorudo, informed the court of a pending bail application for the defendants. However, EFCC’s counsel opposed the application, reiterating the earlier request for remand.
“The learned counsel is very elaborate before this honorable court, he had complained of the EFCC holding them in our facility and we are saying if they are not comfortable with us, they are before the court now, my Lord can move them to more comfortable accommodation,” she told the court.
Justice Muhammed Umar thereafter 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.
