A Federal High Court in Abuja has fixed June 30 to rule on the bail applications of six operators of Crypto Business Exchange (CBEX) who were detained by the Economic and Financial Crimes Commission (EFCC) over an alleged $1 billion fraud. The defendants include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The EFCC had on April 24 obtained a court order to arrest and detain the six suspects, who were accused of involvement in the alleged fraud. The anti-graft agency claimed that it had a statutory duty to prevent and detect financial crimes through investigation. The defendants were said to be at large, and a warrant of arrest was required to apprehend them for proper investigation and prosecution.
At the resumed hearing, the defense lawyers, Babatunde Busari and Justice Otorudo, informed the court that they had filed bail applications on behalf of their clients. The lawyers argued that the offenses alleged against their clients were bailable and urged the court to exercise its discretion in their favor. They also assured the court that the defendants would be available for further investigation and would attend court whenever required.
However, the EFCC’s lawyer, Fadila Yusuf, vehemently opposed the bail applications. She argued that the defendants were accused of obtaining over $1 billion, an amount that exceeded the budgets of some states in Nigeria. Yusuf also informed the court that the commission was still receiving petitions from victims of the alleged fraud. She urged the court to judiciously and judicially exercise its discretion in considering the bail applications.
In response to Abiodun’s application, the EFCC filed a five-paragraph counter affidavit with three exhibits. Yusuf argued that Abiodun’s prayer for bail pending the preferment of a charge against him was not meritorious. She also urged the court to discountenance the 5th and 6th defendants’ application for bail.
The court, after listening to the arguments, fixed June 30 to rule on the bail applications. The outcome of the ruling will determine whether the defendants will be granted bail or remain in detention pending the conclusion of the investigation and possible prosecution. The EFCC’s investigation into the alleged $1 billion fraud is ongoing, and the commission is expected to provide more evidence to support its claims.
