In Nigeria, two promoters of Crypto Bridge Exchange (CBEX) have been arrested and are set to face court over fraudulent schemes and misleading investments.
Charges Against CBEX Promoters
Awerusuo Otorudo and Chukwuebuka Ehirim have been arraigned on three counts of obtaining by false pretence and misleading the public. EFCC officials stated that between January 2024 and May 2025, they invited the public to invest in CBEX with promises of returns up to 88% without the necessary approval from the Securities and Exchange Commission.
Court Reaction and Defense
The defense requested bail for the defendants, which the prosecution opposed. Judge Muhammed Umar ruled to remand Otorudo and Ehirim in custody and scheduled the next hearing for July 18, 2025.
Context of Crypto Investment Issues in Nigeria
This case is part of a broader crackdown by EFCC on CBEX promoters following substantial financial losses experienced by Nigerians. Preliminary estimates indicate that the CBEX platform caused approximately 1.3 trillion naira in losses, affecting over 600,000 individuals.
Proceedings regarding the CBEX case continue amidst law enforcement efforts to combat financial crimes in the cryptocurrency sector.
