Society Gist Editor
Ude Emmanuel
A Federal High Court in Abuja has granted bail to two promoters of the controversial CBEX investment scheme, each in the sum of ₦10 million, following their arraignment on charges bordering on alleged financial fraud and operating an unregistered investment platform.
The defendants, whose names were given as Johnson Okeke and Emmanuel Umeh, were brought before the court by the Economic and Financial Crimes Commission (EFCC) over their alleged involvement in defrauding unsuspecting investors through a cryptocurrency-based investment scheme known as CBEX.
According to the EFCC, the duo lured thousands of Nigerians into investing in CBEX, promising mouthwatering returns within short periods — a claim that later proved to be false, leaving many investors with huge financial losses. The commission stated that the scheme operated without registration or regulation from any recognized financial authority in Nigeria.
During the bail hearing, the defence counsel pleaded with the court to grant the defendants bail on liberal terms, arguing that they are Nigerian citizens with no prior criminal records and would be available for trial. The prosecution, however, opposed the application, citing the severity of the allegations and the risk of the defendants fleeing the country.
After hearing arguments from both sides, the presiding judge, Justice S.B. Belgore, ruled in favor of the defendants, granting them bail in the sum of ₦10 million each, with two sureties in like sum. The judge ordered that the sureties must be residents within the court’s jurisdiction and must provide verifiable means of identification and evidence of tax payment for the past three years.
The court also mandated the defendants to surrender their international passports and to report to the EFCC office once every two weeks pending the determination of the case.
The matter has been adjourned to a later date for the continuation of trial, with Justice Belgore warning both parties against attempts to delay the judicial process.
The CBEX saga has drawn significant attention across the country, with many victims demanding justice and full restitution. The EFCC has reassured the public of its commitment to pursuing the case to a logical conclusion and cracking down on similar fraudulent schemes targeting Nigerian citizens.
