EFCC Arraigns Two Over Alleged Crypto Investment Fraud

The Economic and Financial Crimes Commission (EFCC) has arraigned two individuals, Awerusuo Otorudo and Chukwuebuka Ehirim, over an alleged fraudulent investment scheme tied to a platform known as Crypto Bridge Exchange (CBEX), which promised up to 88 percent returns.

The duo were brought before Justice Muhammed Umar of the Federal High Court, Abuja, on Monday, where they faced a three-count amended charge bordering on obtaining by false pretence, inducement, and misleading members of the public into investing in an unlicensed scheme.

This development was contained in a statement by Dele Oyewale, Head of Media and Publicity for the EFCC.

According to one of the charges, Otorudo and Ehirim allegedly invited members of the public between January 2024 and May 2025 to invest in CBEX with the promise of high returns, despite not obtaining the necessary approval from the Securities and Exchange Commission (SEC).

The count reads: That you, Awerusuo Otorudo and Chukwuebuka Ehirim, sometimes between January 2024 and May 2025, within the jurisdiction of this honorable court, did invite the public to deposit money for a fixed period or payable on call with CRYPTO BRIDGE EXCHANGE (CBEX), with a promise of up to 88% return on investment, without obtaining the written consent of the Securities and Exchange Commission and thereby committed an offense contrary to Section 96(1) of the Investment and Securities Act 2025 and punishable under Section 96(5) of the same Act.

Another charge alleged that the defendants, while not being licensed financial institutions or banks, advertised and received deposits from the public under the guise of operating a crypto investment platform, thereby violating the Banks and Other Financial Institutions Act (BOFIA) 2020.

The defendants pleaded not guilty to the charges when they were read in court.

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Following their plea, prosecution counsel Fadila Yusuf requested that the court remand the defendants in a correctional facility pending further proceedings.

She also urged the court to adjourn the matter to allow for trial preparations.

However, the defence counsel, J.A. Otorudo, informed the court of a pending bail application for the defendants. The EFCC counsel objected, reiterating her request for remand.

The learned counsel is very elaborate before this honorable court. He had complained of the EFCC holding them in our facility, and we are saying if they are not comfortable with us, they are before the court now. My Lord can move them to more comfortable accommodation, Yusuf argued.

In his ruling, Umar adjourned the matter to July 18, 2025, for hearing on the bail application and ordered that the defendants be remanded at the Kuje Correctional Centre.

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