The {Economic} and {Financial} Crimes Fee (EFCC) on Monday arraigned two promoters of the now-collapsed and fraudulent cryptocurrency funding scheme often called “CBEX” earlier than the Federal Excessive Court docket in Abuja for allegedly promising Nigerians an 88 p.c return on investments with out acquiring written consent from the Securities and Change Fee (SEC), amongst different allegations.
The defendants, Avwerosuo Otorudo and Chukwuebuka Ehirim, entered their pleas earlier than Justice Mohammed Umar, following the EFCC’s amended cost sheet marked FHC/ABJ/CR/216/2025, as seen by Nairametrics.
Nairametrics had beforehand reported that EFCC spokesman Dele Oyewale pledged to recuperate Nigerians’ misplaced investments within the alleged N1.3 trillion CryptoBank Change rip-off, promising motion in collaboration with Interpol and different worldwide businesses.
The EFCC reiterated this dedication whereas addressing public considerations over the huge losses suffered by Nigerians who invested in CryptoBank Change, a digital funding platform at the moment underneath investigation for fraud totaling N1.3 trillion.
Depend 2 states: “That you just, AWEROSUO OTORUDO and CHUKWUEBUKA EHIRIM, someday between January 2024 and Could 2025, throughout the jurisdiction of this Honourable Court docket, while not being a {bank} or individuals approved to take deposits, invited the general public by means of commercial to deposit funds with CRYPTO BRIDGE EXCHANGE (CBEX), and also you thereby dedicated an offence opposite to Part 44(1) of the Banks and Different {Financial} Establishments Act, 2020 and punishable underneath Part 44(2) of the identical Act.”
“Whereas the EFCC alleges that the defendants have been concerned within the investigation of $1 billion, there is no such thing as a such cost in opposition to the defendants. There isn’t any truth stating that the defendants obtained funds by false pretence,” the lawyer confused, whereas urging the court docket to grant bail.
“The defendants have been alleged to have connived with others at giant in selling an funding rip-off that defrauded harmless Nigerians of their hard-earned cash,” she mentioned.
This growth is a fallout of the EFCC’s ongoing probe of six CBEX promoters in reference to an alleged $1 billion rip-off focusing on Nigerian victims.
The invoice’s passage was additionally anticipated to affect investor confidence, foster transparency, and modernize Nigeria’s {financial} market, particularly amid an ongoing authorized clampdown on unlawful crypto-dealing firms. On March 29, 2025, President Bola Tinubu signed the ISA into regulation
