The EFCC arraigned Awerusuo Otorudo and Chukwuebuka Ehirim on July 7, 2025, before Justice Muhammed Umar in Abuja, charging them with defrauding investors through the Crypto Bridge Exchange (CBEX) platform.
The Economic and Financial Crimes Commission accused the defendants of operating an unlicensed investment scheme, promising up to 88% returns without Securities and Exchange Commission approval. They faced a three-count amended charge, including obtaining money by false pretence.
Between January 2024 and May 2025, Otorudo and Ehirim allegedly solicited public funds through CBEX advertisements, violating the Investment and Securities Act, 2025, and the Banks and Other Financial Institutions Act, 2020, according to the EFCC’s statement.
Both defendants pleaded not guilty. EFCC counsel Fadila Yusuf urged their remand in a correctional facility, opposing a bail application filed by defence counsel J.A. Otorudo, who argued the defendants had cooperated with investigations since April 2025.
Justice Umar adjourned the case to July 18, 2025, for a bail ruling and ordered Otorudo and Ehirim remanded at Kuje Correctional Centre, as the EFCC continues probing the alleged N1.3 trillion scam.
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