The Federal High Court in Abuja has granted ₦20 million bail to Adefowora Abiodun, a promoter of the cryptocurrency platform Crypto Bridge Exchange (CBEX), with two sureties in like sum.
In a ruling delivered on Friday, Justice Mohammed Umar ordered that the sureties must possess landed property worth the bail sum within the court’s jurisdiction. He also instructed the prosecution to verify the residence of the sureties before adjourning the case to November 3 for trial.
Abiodun, Managing Director of ST Technologies International Limited, is alleged to have used CBEX to operate an investment scam and was arraigned on July 18 on an amended eight-count charge. He pleaded not guilty to the charges, which include obtaining by false pretence, money laundering, and operating a financial institution without the necessary licences from the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
Two other defendants, Awerosuo Otorudo and Chukwuebuka Ehirim, facing separate charges in the matter, had earlier been granted ₦10 million bail each.
Abiodun is accused of defrauding several investors while promoting CBEX. Alleged victims include Emem Akpan, who reportedly lost $4,000; Samuel Jeremiah, $4,773; Izong Felix, ₦2 million; Asuquo Erete, ₦1 million; and Nnana Okon, ₦5 million.
The funds were said to have been deposited into CBEX wallets under the false promise that the investments were safe and accessible on demand, claims the prosecution alleges were knowingly false.
The alleged offences were committed between January 2004 and May 2005.