Two individuals accused of orchestrating a billion-dollar investment scam through a cryptocurrency platform have been formally charged by Nigeria’s anti-graft agency.
The Economic and Financial Crimes Commission (EFCC) filed a three-count criminal charge at the Federal High Court in Abuja against Avwerosuo Otorudo and Chukwuebuka Ehirim, alleged promoters of Crypto Bridge Exchange (CBEX), a platform suspected of operating outside legal financial frameworks.
The charges, submitted on 10 June under case number FHC/ABJ/CR/216/2025, claim the duo ran an unregistered investment scheme from January 2024 to May 2025. Prosecutors say CBEX was not incorporated under the Companies and Allied Matters Act and lacked authorisation from the Securities and Exchange Commission to act as a fund manager.
Count one alleges that the defendants administered an unauthorised financial scheme, while the second count states they illegally solicited public deposits—despite lacking a banking licence. The final count accuses them of running a specialised financial service, in breach of Nigeria’s banking laws.
These actions, if proven, are punishable under multiple sections of the Investment and Securities Act and the Banks and Other Financial Institutions Act of 2020.
The EFCC further revealed that the matter has not yet been allocated to a trial judge.
Earlier, on 24 April, Justice Emeka Nwite granted the EFCC’s request to arrest and detain six suspects linked to CBEX for the duration of their investigation. The court order followed an ex-parte application by EFCC counsel Fadila Yusuf, who argued that some of the suspects were evading arrest and needed to be detained to facilitate ongoing inquiries.
While several of the accused—including Otorudo and Ehirim—later presented themselves voluntarily to EFCC investigators, the agency maintains its focus on uncovering the full extent of the alleged fraud and securing justice for affected investors.
