Two of the operators of the detained Crypto Bridge Exchange (CBEX) were arraigned by the Economic and Financial Crimes Commission (EFCC) in the Federal High Court in Abuja on Monday.  

Awerosuo Otorudo and Chukwuebuka Ehirim, the defendants, were charged with unlawful financial operations and unlicensed investment activities when they were arraigned before Justice Mohammed Umar.  

FHC/ABJ/CR/216/2025 was the modified three-count charge on which they were arraigned.  

Without obtaining regulatory authority, they were accused of collecting public cash and making investment returns of up to 88%.

Fadila Yusuf, the EFCC's attorney, told the court that an amended charge had been filed and that the case was scheduled for arraignment when the issue was summoned. She asked the court to replace the previous charge with the July 7 revised charge.

“We still rely on all the proof of evidence and other documents filed to prove our case,” she said.

Justice Otorudo, the defendants' attorney, did not object to the application, and the judge directed that the accusation be read to them so they may enter a plea.  

However, Otorudo and Ehirim entered not guilty pleas to all three charges.

Source