The Economic and Financial Crimes Commission (EFCC) has
filed a three-count charge against two of the detained promoters of the crypto
bridge exchange (CBEX) over allegations of investment fraud to the tune of over
$1 billion.
In the charge marked FHC/ABJ/CR/216/2025 and filed by Fadila
Yusuf, EFCC lawyer, the suspects are identified as Avwerosuo Otorudo and
Chukwuebuka Ehirim,
In the charge filed on June 10 at the federal high court,
Abuja, the anti-graft agency alleged that the two promoters were not duly
incorporated under the Companies and Allied Matters Act (CAMA) nor licensed as
fund or portfolio managers by the Securities and Exchange Commission (SEC).
The commission accused the defendants of performing a
transaction, between January 2024 and May 2025, for the purpose of
administering a scheme with CBEX, an unregistered company.
According to the EFCC, the offence contravenes section
158(1) of the Investment and Security Act, 2007, which is punishable under
section 158(2) of the Act.
Count two alleged that the duo, between January 2024 and May
2025, while not being a bank or persons authorised to take a deposit, invited
the public through to deposit funds with
CBEX contrary to section 44(1) of the Banks and Other Financial Institution
Act, 2020, punishable under section 44(2) of the same Act.
In count three, the EFCC alleged that Otorudo and Ehirim, during the same period, carried on the specialised business of other financial institutions, to wit, an investment management scheme on CBEX, without a valid licence.
The commission said the offence is contrary to section 57(1)
and (2) of the Banks and Other Financial Institutions Act, 2020, and punishable
under section 57(5) of the Act.
The case is yet to be assigned to a judge.
On April 24, Emeka Nwite, the presiding judge, gave the EFCC
the go-ahead to arrest and detain six operators of CBEX over their involvement
in the alleged fraud.
The judge, who gave the order after the EFCC’s lawyer moved
an ex parte motion to the effect, said the detention would be pending the
conclusion of the investigation of the alleged offences and possible
prosecution.
The six suspects are Adefowora Olanipekun, Adefowora
Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka
Ehirim.
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