“CBEX Promoters Voluntarily Surrendered But Have Been Detained Beyond 14 Days Without Charge” – Defence Counsel Tell Court

Justice Emeka Nwite of the Federal High Court in Abuja has adjourned ruling on the bail applications filed by three detained promoters of Crypto Bridge Exchange (CBEX), who are facing allegations of involvement in a $1 billion fraud scheme. The ruling is now scheduled for June 30.
The adjournment followed arguments presented on Wednesday by counsel for the Economic and Financial Crimes Commission (EFCC), Fadila Yusuf, and defence lawyers, who adopted their written submissions and argued for and against the bail applications.
Justice Nwite had previously granted the EFCC permission on April 24 to arrest and detain six operators of CBEX in connection with the alleged financial crime.
The six defendants are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC, through an ex parte motion filed on April 23, argued that the suspects were at large and needed to be arrested and detained for proper investigation and prosecution. The court granted the order the following day.
At the resumed hearing, counsel for Abiodun, Babatunde Busari, and counsel for Otorudo and Ehirim, Justice Otorudo, informed the court that they had filed bail applications on behalf of their clients.
Busari argued that Abiodun voluntarily surrendered to the EFCC on April 28—six days after notifying the commission of his intention to cooperate with the investigation. He contended that Abiodun, who has a serious medical condition, has now been in detention for more than the legally permitted 14 days without charge, in breach of his constitutional rights.
He based his argument on provisions of the Nigerian Constitution and the Administration of Criminal Justice Act (ACJA), urging the court to grant bail on liberal terms or at least compel the EFCC to produce Abiodun in court.
Busari also challenged the EFCC’s counter affidavit, noting that the agency failed to dispute the key claims in his client’s affidavit. He stressed that Abiodun’s voluntary surrender contradicted the commission’s fear that he might jump bail.
Similarly, Otorudo, representing the 5th and 6th defendants, argued that his clients had also voluntarily submitted themselves to the EFCC since April 25 and had remained in custody without being charged. He stated that the offences are bailable and urged the court to exercise its discretion in their favor.
However, EFCC counsel Fadila Yusuf strongly opposed the bail requests. She submitted a five-paragraph counter affidavit along with three exhibits in opposition to Abiodun’s application and urged the court to deny bail to all three applicants.
Yusuf emphasized the gravity of the alleged offence, noting that the $1 billion involved exceeds the annual budgets of many Nigerian states. She also disclosed that more petitions from victims of the alleged fraud were still being received by the commission.
She urged the court to exercise caution in granting bail, noting that while the decision is at the court’s discretion, it must be guided by legal standards and the severity of the alleged crimes.
Justice Nwite subsequently adjourned ruling on the bail applications to June 30.
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