Justice Emeka Nwite of the Federal High Court, Abuja, has adjourned the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX) in the alleged over one billion dollars fraud, until June 30 for ruling.
Justice Nwite has scheduled a date to deliver a ruling after hearing arguments from both the Economic and Financial Crimes Commission (EFCC) and defence counsel regarding the continued detention of six CBEX operators.
During the session, EFCC counsel, Fadila Yusuf, and the defence lawyers adopted their written submissions and presented arguments for and against the application.
Previously, on April 24, Justice Nwite granted the EFCC permission to arrest and detain the six individuals in connection with an alleged fraud case. The order followed an ex parte motion filed by Yusuf, who requested the court’s approval to keep the suspects in custody pending the conclusion of investigations and potential prosecution.
The six defendants are Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim, listed as the 1st to 6th defendants respectively.
In the motion ex parte, dated and filed on April 23, the EFCC outlined four legal grounds for the application. Yusuf emphasized that the Commission is statutorily empowered to prevent and detect financial crimes through thorough investigations.
