The trial of two of the promoters of Crypto Bridge Exchange (CBEX) over allegations bordering on investment fraud suffered setback on Monday following the absence of the prosecution lawyer.
Recalled that Justice Mohammed Umar had, in July, fixed Monday 13 October for the trial of Awerosuo Otorudo and Chukwuebuka Ehirim, after they were admitted to bail.
However, when the matter was called on Monday, only counsel for the defendants, Justice Otorudo, was in court.
It was, however, learnt from the court record that the Economic and Financial Crimes Commission (EFCC)’s lawyer had earlier filed a letter seeking an adjournment of the case.
Justice Umar subsequently adjourned the matter until Nov. 5 for commencement of trial.
The judge had granted the duo bail in the sum of N10 million each with two sureties each in like sum.
The commission had arraigned the defendants on an amended three-count charge over allegations bordering on illegal financial operations and unlicensed investment activities.
In the charge marked: FHC/ABJ/CR/216/2025, the defendants were alleged to have collected public funds and promised up to 88 per cent returns on investment without regulatory approval.
They, however, pleaded not guilty to the amended counts.
CBEX was one of several digital platforms that collapsed after allegedly collecting billions of naira from unsuspecting investors.
Justice Emeka Nwite of a sister court had, on April 24, gave the EFCC the gbo-ahead to arrest and detain six operators of CBEX over their involvement in the fraud.
The judge, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex-parte motion to the effect, said the detention would be pending the conclusion of investigation of the alleged offences and possible prosecution.
The six suspects include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants respectively.