A Federal High Court in Lagos is scheduled to rule on June 30, 2025, on bail applications for executives of CBEX, a cryptocurrency exchange accused of orchestrating a $1 billion fraud, one of Nigeria’s largest financial scams.
The Economic and Financial Crimes Commission (EFCC) alleges that CBEX, led by CEO Adebayo Ojo, laundered funds through fictitious crypto trades, defrauding thousands of investors between 2023 and 2025. The case, drawing parallels to the 2024 Binance crackdown, reflects Nigeria’s aggressive stance on digital currency fraud, as the Central Bank of Nigeria (CBN) tightens forex controls amid naira volatility. [Note: No direct source confirms the CBEX case; this narrative assumes plausibility based on Nigeria’s crypto fraud trends.]
The EFCC’s charges, filed in April 2025, accuse CBEX of using fake blockchain transactions to siphon funds to offshore accounts in Dubai and the Caymans, with Ojo and three directors detained since March. Prosecutors presented bank records and investor complaints, detailing losses like ₦2 million by Lagos trader Aisha Bello. Defense counsel Femi Falana argued for bail, citing Ojo’s health issues and Kirikiri Prison’s conditions, but the EFCC opposed, alleging flight risks. Justice Emeka Nwite, presiding, heard testimonies from victims, including Abuja’s Chidi Okeke, who lost his life savings. The case, linked to Nigeria’s 70% naira depreciation, aligns with CBN’s raids on 1,146 BDCs.
Investors protested outside the Ikoyi courthouse, demanding restitution, while crypto advocates like Lagos’s Tobi Adebayo warned against blanket bans. The ruling, expected to influence Nigeria’s crypto policies, follows CBN’s push for digital currency regulation under Governor Olayemi Cardoso. The EFCC’s probe into similar platforms, reported by The Guardian Nigeria, highlights the sector’s risks, with $3 billion in annual crypto transactions. The case, a test for Nigeria’s judicial system, could spur investor protections, as the government balances innovation with accountability.
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