The Federal High Court in Abuja on Friday, granted a N20 million bail to Adefowora Abiodun, another promoter of Crypto Bridge Exchange (CBEX) with two sureties in like sum.

Justice Mohammed Umar, in a ruling on the bail application, directed that the sureties must have landed property that worth the bail sum within the jurisdiction of the court.

Justice Umar also directed the prosecution to verify the sureties’ residence and adjourned the matter until Nov. 3 for commencement of trial.

9news Nigeria reports that the EFCC had, on July 18, arraigned Abiodun, the Managing Director of ST Technologies International Limited, who was allegedly using another company, CBEX, to perpetrate investment scam, on amended eight counts.

He, however, pleaded not guilty to the amended charge marked: FHC/ABJ/CR/215/2025 dated and filed July 9 by Fadila Yusuf.

Abiodun, including Awerosuo Otorudo and Chukwuebuka Ehirim, who had earlier being granted a N10 million bail each in a separate charge, are being prosecuted on allegations bordering on a case of obtaining by false pretense, money laundering and advance fee fraud.

He was also alleged to be carrying on the activities of other financial institutions without having the required license from the Central Bank of Nigeria (CBN) and Security and Exchange Commission (SEC).

In the charge, Abiodun was alleged to have, while promoting CBEX, defrauded Emem Akpan the sum of 4, 000 US dollars.

He was alleged to have defrauded Samuel Jeremiah the sum of 4,773 US dollars.

The defendant was also alleged to have defrauded Izong Felix his N2 million and Asuquo Erete the sum of N1 million, while Nnana Okon was defrauded the sum of N5 million.

The currencies were alleged to have been deposited into wallet of CBEX as capital on investment scheme under the false pretence that the said capital was safe and can be assessed upon request which representation he knew to be false.

The offence was said to have been committed between January 2004 and May 2005 within the jurisdiction of the court.