The Court rejects the CBEX promoter guarantee application

Judge Emeka Nwite from the Federal High Court, Abuja, on Monday, refused to provide a guarantee application submitted by three Crypto Bridge Exchange (CBEX) promoters detained for alleged fraud.

The three men were charged with the Economic and Financial Crime Commission (EFCC) for alleged $ 1 billion fraud.

Judge Nwite on June 11 improved Monday for the decision after the EFCC adviser, Fadila Yusuf, and the defender lawyer adopted their process on the application.

Judge, on April 24, gave EFCC salary lights to hold six CBEX operators for their involvement in fraud

Judge Nwite, who gave an order after the EFCC lawyer, Yusuf, moved the ex parte motion for the effect, said the defendants would be detained while waiting for conclusions from the investigation of alleged violations and the possibility of prosecution.

The six suspects are – Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.

Also read: CBEX announces the start of the operation despite the EFCC Probe, sec Ban

The judge, in the verdict on Monday, stated that the evidence of the defendants was strong.

He also argued that because of the nature of this case, EFCC received an order to depend on the defendants by a competent jurisdiction court.

The judge observed that at the time of the request for guarantee by the CBEX promoter, there were no accusations that were officially submitted against them.

Nwite said: “Given the above and take an awareness about the nature of this case and in particular, the accusation has been submitted against applicants, I am of the view and I am of the opinion that the interests of justice will be fulfilled by bringing this application to the court where the accusation is waiting for the court to take the applicant’s indictment and hear the guarantee application simultaneously.

“Therefore, the application is rejected.”