MIRIAM NNOLI 
Justice Emeka Nwite of the Federal High Court, Abuja, adjourned the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX) in the alleged over one billion dollar fraud, until June 30 for a ruling.
New Telegraph gathered that Justice Nwite fixed the date after counsel for the Economic and Financial Crimes Commission (EFCC), Fadila Yusuf, and the defence lawyers adopted their processes and argued their case for and against the application.
Justice Nwite had on April 24 given the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud
The judge gave the order after the EFCC’s lawyer, Yusuf, moved an ex parte motion to the effect, saying the detention would be pending the conclusion of the investigation of the alleged offences and possible prosecution.
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The six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as the 1st to 6th defendants, respectively.
In the motion ex-parte dated and filed April 23 by Yusuf, the anti-graft agency gave four grounds for its application.
She said the EFCC has a statutory duty of prevention and detection of financial crimes through investigation.
Yusuf said that “the defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case”
During Wednesday’s hearing, Babatunde Busari, representing Abiodun, argued for bail, citing constitutional and statutory provisions that safeguard suspects’ rights.
He emphasised that Abiodun had voluntarily surrendered to the EFCC and had been detained beyond the statutory period without being charged.
Similarly, counsel for Otorudo and Ehirim argued that their clients, who also voluntarily surrendered, should be granted bail. Both defence lawyers assured the court of their client’s willingness to cooperate with investigations.
In opposing the bail applications, EFCC counsel Fadila Yusuf contended that charges had already been filed against the defendants, including allegations of defrauding victims of over $1 billion—a sum exceeding the annual budgets of several Nigerian states.
Yusuf urged the court to deny bail, stressing the gravity of the charges and the ongoing influx of petitions from victims.
The court will rule on the bail applications on June 30.
