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 fixed the date after counsel for the Economic and Financial Crimes Commission (EFCC), Fadila Yusuf, and the defence lawyers adopted their processes and argued their case for and against the application.

Justice Nwite had on April 24 given the EFCC the go-ahead to arrest and detain six operators of CBEX over their involvement in the fraud. The six suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. Others are Avwerosuo Otorudo and Chukwuebuka Ehirim as the 1st to 6th defendants, respectively.

At the resumed hearing, Babatunde Busari, who appeared for Abiodun, and Justice Otorudo, who represented Otorudo and Ehirim, informed the court that they had filed bail applications on their clients’ behalf. Otorudo equally told the court that he filed a bail application on behalf of the 5th and 6th defendants (Otorudo and Ehirim) dated May 8, but filed on May 9. Order varying the earlier order granting the EFCC leave to arrest and detain his clients pending the conclusion of the investigation or possible arraignment/trial.

The lawyer, who gave six grounds, said the 5th and 6th defendants voluntarily surrendered themselves to the investigation since April 25, and that up to date, they were still in custody without being admitted to bail. He said if granted bail, the applicants are willing and ready to be available for further investigation and attend court whenever required. Itorudo disagreed with the EFCC’s argument on the severity of the charge against his clients. He argued that the offences they are being charged with are bailable ones. He, therefore, prayed the court to use its discretion in their favour.

Responding, Yusuf vehemently opposed their bail application. She said in response to Abiodun’s application, a five-paragraph counter affidavit was filed with three exhibits. The EFCC’s lawyer observed that Abiodun, in his prayer, sought bail pending the preferment of a charge against him. She also urged the court to reject the 5th and 6th defendants’ application for bail.

According to Yusuf, all the defendants in the matter are being charged for offence of obtaining over N1 billion dollars, more than some states’ budgets in Nigeria. She said the commission was still receiving petitions from victims of the alleged fraud. The lawyer said though granting bail is at the discretion of the court, this should be done judiciously and judicially.