Two Crypto Bridge Exchange promoters have been granted N10m bail each after being accused of defrauding investors in a billion-dollar crypto investment scheme
The Federal High Court in Abuja has granted bail to two detained promoters of the defunct Crypto Bridge Exchange, Avwerosuo Otorudo and Chukwuebuka Ehirim, in the sum of ₦10 million each.
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Justice Mohammed Umar, who ruled on Monday, ordered that each of the accused must present two sureties with property worth the bail amount within the court’s jurisdiction.
The two defendants are among six individuals being investigated for allegedly defrauding investors through an unlicensed cryptocurrency platform, which promised unrealistic returns of up to 100%.
According to the Economic and Financial Crimes Commission (EFCC), the suspects used the company ST Technologies International Limited to operate the Crypto Bridge Exchange fraud, collecting digital assets from victims and converting them into stablecoin (USDT).
EFCC investigations revealed that once investors deposited over \$1 billion into the platform, access was suddenly restricted, leaving them unable to withdraw their funds.
The EFCC also noted that ST Technologies was not licensed by the Securities and Exchange Commission (SEC) to operate as an investment firm and that the suspects had vacated their known addresses in Lagos and Ogun states.
Following a court-approved remand request in April, Otorudo, Ehirim, and co-defendant Adefowora Abiodun were detained by the EFCC.
While their earlier bail request was denied by Justice Emeka Nwite, Otorudo and Ehirim re-applied before Justice Umar, who approved the new request and adjourned the trial to October 13.
The EFCC has charged the duo with illegal financial operations and collecting public funds without the required regulatory authorisations.
In a separate proceeding, Adefowora Abiodun and his company, ST Technologies, were arraigned on an amended eight-count charge including money laundering, obtaining money by false pretence, and operating an unlicensed financial institution.
Abiodun’s lawyer, Babatunde Busari, argued for bail citing medical grounds and the relatively low amount—₦20 million—involved in the current charge. He noted that Abiodun had voluntarily submitted to the EFCC.
The EFCC, however, opposed the bail request, with counsel Fatsuma Mohammed warning that the charges carry up to seven years’ imprisonment, creating a flight risk.
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Justice Umar adjourned ruling on Abiodun’s bail to July 25 and ordered that he remain in EFCC custody until then.
