The trial of two promoters of Crypto Bridge Exchange (CBEX), over allegations of investment fraud, was on Monday stalled due to the absence of the prosecution counsel.
The News Agency of Nigeria (NAN) reports that Justice Mohammed Umar of the Federal High Court, Abuja, had in July fixed Monday for the commencement of trial of Avwerosuo Otorudo and Chukwuebuka Ehirim, after they were granted bail.
However, when the matter was called, only the defence counsel, Justice Otorudo, appeared in court.
Court records showed that the Economic and Financial Crimes Commission (EFCC) counsel had earlier written to the court seeking an adjournment.
Justice Umar, therefore, adjourned the case until Nov. 5 for the commencement of trial.
The judge had earlier granted the defendants bail in the sum of ₦10 million each, with two sureties in like sum.
The EFCC had arraigned the duo on an amended three-count charge bordering on alleged illegal financial operations and unlicensed investment activities.
In the charge marked FHC/ABJ/CR/216/2025, the defendants were accused of collecting public funds and promising investors up to 88 per cent returns without regulatory approval.
They pleaded not guilty to all the charges.
NAN reports that CBEX was among several digital investment platforms that collapsed after allegedly collecting billions of naira from unsuspecting investors.
Earlier, on April 24, Justice Emeka Nwite of a sister court had granted the EFCC permission to arrest and detain six CBEX operators over alleged involvement in the fraud.
Those affected include Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
