By Correspondent in Abuja.
The trial of two promoters of the Crypto Bridge Exchange (CBEX) over alleged investment fraud was on Monday stalled due to the absence of the prosecution counsel.
Our correspondent recalls that Justice Mohammed Umar of the Federal High Court, Abuja, had in July fixed Monday for the commencement of the trial of Avwerosuo Otorudo and Chukwuebuka Ehirim after they were granted bail.
However, when the matter was called, only counsel to the defendants, Justice Otorudo, appeared in court.
It was gathered from court records that the Economic and Financial Crimes Commission (EFCC) counsel had earlier filed a letter seeking an adjournment of the case.
Justice Umar consequently adjourned the matter until November 5 for trial.
The judge had earlier granted the defendants bail in the sum of ₦10 million each, with two sureties in like sum.
The EFCC had arraigned the duo on an amended three-count charge bordering on alleged illegal financial operations and unlicensed investment activities.
In the charge marked FHC/ABJ/CR/216/2025, the defendants were accused of collecting public funds and promising up to 88 percent returns on investment without obtaining regulatory approval.
They, however, pleaded not guilty to the charges.
CBEX was among several digital investment platforms that allegedly defrauded investors of billions of naira before collapsing.
Justice Emeka Nwite of a sister court had on April 24 authorized the EFCC to arrest and detain six operators of CBEX in connection with the alleged fraud.
The order followed an ex parte motion moved by EFCC counsel, Fadila Yusuf, seeking permission to detain the suspects pending the conclusion of investigations and possible prosecution.
The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, as well as the current defendants, Avwerosuo Otorudo and Chukwuebuka Ehirim, listed as first to sixth defendants respectively.
Edited by Dada Ahmed.
