$ 1 billion fraud: Courts to decide on CBEX operator guarantees held June 30

Judge Emeka Nwite from the Federal High Court, Abuja, on Wednesday, set June 30 for decisions in the guarantee application submitted by three Crypto Bridge Exchange (CBEX) promoters.

The judge set a date after the legal counsel for the Economic and Financial Crime Commission (EFCC), Fadila Yusuf, and the defender lawyer adopted their process on the application.

Judge Nwite, on April 24, given the EFCC of the green light to arrest and arrest six CBEX operators for their involvement in alleged $ 1 billion fraud.

The judge gave an order after EFCC’s lawyer, Yusuf, moved the former party motion for the effect.

The six suspects are – Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

Others are Avwerosuo Autorudo and Chukwuebuka Ehirim.

Also read: EFCC states foreigners who are sought for fraud connected to CBEX

In the ex-party motion dated and submitted April 23 by Joseph, the commission gave four reasons for its application.

He stated that EFCC has legal obligations to prevent and detect financial crime through investigation.

In the Wednesday process, Babatunde Busari, who emerged for Abiodun, and Judge Autorudo, who represented Odorudo and Ehirim, told the court that they had submitted a guarantee application on behalf of their clients.

“We have a delayed application dated May 20, 2025, and submitted on the same date. We are ready to continue, my Lord,” Busari said.