CBEX Scam: EFCC Arraigns Two for Alleged Investment Fraud

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.

They were arraigned on a three-count amended charge bordering on obtaining by false pretence, inducement and misleading the public into a fraudulent investment scam.

One of the count reads: “That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this honorable Didi 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 there you committed an offense contrary to section 96(1) of the  investment and security act 2025and punishable under section 96(5) of the same act.”

Another reads: That you Aweosuo 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 Institution Act, 2020 and punishable under Section 44(2) of the same Act.

They pleaded  not guilty when the charges were read to them, prompting the prosecution counsel, Fadila Yusuf to urge the court to remand the defendant in a Correctional Facility and adjourned the matter for hearing.

Responding, defense counsel, J.A. Otorudo informed the court that the defence has an application for bail for the defendants.  In her reaction, the EFCC’s counsel objected to the application and restated her earlier plea that the defendants be remanded in a Correctional Centre.

“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 said

In his ruling, Justice Umar adjourned the matter to July 18,2025 for ruling on the bail application and remanded the defendant at Kuje Correctional Centre.