The Economic and Financial Crimes Commission (EFCC) has filed a three-count charge against two of the detained promoters of Crpto Bridge Exchange (CBEX) over allegations bordering on investment fraud to the tune of over one billion dollars. The two in the charge marked: FHC/ABJ/CR/216/2025 and filed by EFCC lawyer Fadila Yusuf, are Avwerosuo Otorudo and Chukwuebuka Ehirim listed as 1st and 2nd defendants.
The commission, in the charge filed June 10 at the Federal High Court in Abuja, alleged that the two promoters were not duly incorporated under the Companies and Allied Matters Act (CAMA) nor licenced as a fund or portfolio manager by the Security and Exchange Commission (SEC).
In the charge, the anti-graft agency accused the defendants of performing a transaction, between January 2024 and May 2025, for the purpose of administering a scheme with CBEX, an unregistered company. It said the offence is contrary to Section 158(1) of the Investment and Security Act, 2007 and punishable under Section 158 (2) of the same Act.
Count two alleged that the duo, between January 2024 and May 2025, while not being a bank or person authorised to take deposits, invited the public through advertisement to deposit funds with CBEX contrary to Section 44(1) of the Banks and other Financial Institution Act, 2020 and punishable under Section 44 (2) of the same Act. In count three, the EFCC alleged that Otorudo and Ehirim, between the same period, carried on specialised business of other financial institutions, to wit: investment management schemes on CBEX, without a valid licence.
The commission said the offence is contrary to Section 57(1) and (2) of the Banks and other Financial institution Act, 2020 and Punishable under Section 57 (5) of the same Act. The case is yet to be assigned to a judge. Justice Emeka Nwite had, on April 24, given the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the alleged fraud The judge, who gave the order after the EFCC’s lawyer, 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 Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 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 suspects for proper investigation and prosecution of this case.” Olanipekun, Otorudo and Ehirim were said to have voluntarily surrendered themselves for investigation at the EFCC’s office after the court ruling. Tajudeen Reaffirms Reps’ Commitment to Citizen-Centered Legislation. Speaker of House of Representatives, Rep. Abbas Tajudeen, has emphasised the central role of citizens’ participation in shaping effective legislation and sustaining Nigeria’s democratic progress. He said this at a citizens’ roundtable with the House of Representatives, co-organised by an NGO, Global Foundation, in Abuja on Wednesday. Represented by the Deputy Speaker, Rep. Benjamin Kalu, Tajudeen underscored the 10th House’s commitment to fostering inclusive governance through active public dialogue.
“As speaker of the house of representatives, I am more convinced than ever that the strength of our legislative work depends on the depth of our engagement with citizens. That is why we placed citizen participation at the heart of the legislative agenda of the 10th House. That is why we have committed ourselves to regular platforms like this one to listen, to learn and to act. We believe that laws must reflect the values and realities of the people they are meant to serve. We believe that governance must be transparent, inclusive and accountable. And above all, we believe that the people must remain at the centre of our democratic process,” he said.
The speaker urged all stakeholders to exhibit the spirit of dialogue beyond the walls of the chamber. Let every citizen remain engaged, active and determined to shape the future of Nigeria’s democracy with courage and purpose,” he said. Earlier, the Minority Leader of the house, Rep. Kingsley Chinda (PDP-Rivers), said that the roundtable was designed to bring the leaders and the followers together for continuous engagements. Chinda said that the edition, which coincided with mid-term of the house and Nigeria’s 26th anniversary of unbroken democracy, gave room for reflections and affirmed the dedication of the house to people’s priority.
“We are eager to hear your perspectives and engage you in a productive dialogue,” he said. Chinda noted that at its inauguration in 2023, the house recognised that its legitimacy and effectiveness was linked to the trust placed in it by the citizenry. We, therefore, considered it a solemn duty to create avenues for open dialogue, constructive criticism and collaborative problem solving. Since then, we have included citizens’ engagement as a key point of our eight-point legislative agenda. We have series of engagement on different legislations and issues of national interests, including appropriation, state policing, state of the economy, political inclusion, among others,” he said. The lawmaker said that the voice and views of citizens were very important in shaping legislations and policies affecting their lives. In his remarks, the Minister of Livestock Development, Alhaji Idi Maiha, described the forum as democracy in action, saying that democracy was only not about working for the people but working with the people.
Maiha commended the leadership of the house for the foresight and the political will to deepen the dialogue between the government and the governed. He said that the National Livestock Growth Acceleration Strategy (NLGAS) had been approved by the National Economic Council and was already guiding the activities of the ministry. The minister explained that the strategy was designed to transform the livestock sector from subsistence-based practices to a modern commercial, vibrant and climate resistant system. He called for investments in rural roads, infrastructure, extension services, animal health systems, feeds and fodder development and access to credits, among others, through legislative interventions to meet desired goals. In his remarks, the immediate past Governor of Katsina State, Alhaji Aminu Massari, commended the house for the initiative. Massari, who was the speaker of the Fifth Assembly, urged the leadership of the house to expand the forum to accommodate more Nigerians and move from rural areas across the country.
