Justice Emeka Nwite of the Federal High Court, Abuja, on Monday, declined to grant the bail application filed by three detained promoters of Crypto Bridge Exchange (CBEX), detained for alleged fraud.
The three men were arraigned by the Economic and Financial Crimes Commission (EFCC) for an alleged $1 billion fraud.
Justice Nwite had on June 11 fixed Monday for the ruling after the EFCC counsel, Fadila Yusuf, and the defence lawyers adopted their processes on the application.
The judge, on April 24, gave the EFCC the go-ahead to detain six operators of CBEX over their involvement in the fraud
Justice Nwite, who gave the order after the EFCC’s lawyer, Yusuf, moved an ex parte motion to the effect, said the defendants will be in detention pending the conclusion of the investigation of the alleged offences and possible prosecution.
The six suspects are – Adefowora Abiodun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.
The judge, in a ruling on Monday, held that the evidence against the defendants was strong.
He also held that due to the nature of the case, the EFCC obtained an order of remand of the defendants by the court of competent jurisdiction.
The judge observed that at the time of the application for bail by the CBEX promoters, there was no charge formally filed against them.
Nwite said: “Given the foregoing and taking cognisance of the nature of the case and particularly, a charge has been filed against applicants, I am of the view and I so hold that interest of justice will be met by taking this application to the court where the charge is pending for the court to take the arraignment of the applicants and hearing the bail application simultaneously.”
“Hence, the application is refused.”
