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Court grants two CBEX promoters N10m bail each

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The two persons granted bail over CBEX scam
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The Federal High Court in Abuja has granted bail to two promoters of the collapsed investment platform, Crypto Bridge Exchange (CBEX), in the sum of N10 million each.

Justice Mohammed Umar ruled in favour of Awerosuo Otorudo and Chukwuebuka Ehirim, admitting them to bail with two sureties each in like sum.

Justice Umar ordered that the sureties must own property within the court’s jurisdiction equivalent to the bail sum, and their residences must be verified by the court registrar. The judge adjourned the trial to October 13.

This decision followed the July 7 hearing on their bail application, which had been opposed by the Economic and Financial Crimes Commission (EFCC). The EFCC arraigned the defendants on an amended three-count charge marked FHC/ABJ/CR/216/2025. The charges include illegal financial operations and collecting public funds with promises of up to 88 percent return on investment, all without regulatory approval.

In a related development, Justice Umar fixed July 25 for ruling on the bail application of Adefowora Abiodun, the Managing Director of ST Technologies International Limited, who is also facing charges related to the alleged CBEX investment scam. He and his company were arraigned on an amended eight-count charge marked FHC/ABJ/CR/215/2025.

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Abiodun’s counsel, Babatunde Busari, urged the court to grant bail on liberal terms, arguing that the offences are bailable and that his client voluntarily submitted to the EFCC. Busari also cited medical grounds, noting Abiodun’s urgent need for eye surgery which had been delayed due to his detention over the past 80 days.

“He (Abiodun) came to us as counsel and we took him to the commission. He also has a medical report that shows that the 1st defendant requires urgent eye surgery and that has not been possible for him for the past 80 days that he has been in detention. We, therefore, urge the court to admit the defendant on bail as the total of the monetary claim is about N20 million naira,” he said.

EFCC counsel Fatsuma Mohammed opposed the bail, citing the severity of the charges. She warned that Abiodun posed a flight risk, stating, “The section consequent to which the defendant is being charged, upon conviction, is seven years and it is enough number of years which is enough for him to try to run.”

Justice Umar ordered Abiodun to remain in EFCC custody pending the July 25 ruling.

CBEX is among several digital platforms that collapsed after allegedly defrauding investors of large sums.

Justice Emeka Nwite of a sister court had earlier granted the EFCC authority to arrest six CBEX operators, including Abiodun, over their alleged involvement in the fraud.

The EFCC, in its motion ex-parte filed April 23, told the court it was investigating an alleged investment scheme fraud involving CBEX and ST Technologies International Limited.

It claimed the platform promised unrealistic returns of up to 100 percent and instructed victims to convert digital assets into USDT for deposit into the suspects’ crypto wallets.

According to the commission, victims initially had access to monitor investments, but after deposits exceeding one billion dollars, the platform became inaccessible.

Investigations revealed that ST Technologies was registered with the Corporate Affairs Commission but not with the Securities and Exchange Commission, as required for investment operations.

The suspects allegedly vacated their known addresses in Lagos and Ogun States.

The EFCC said a prima facie case of investment fraud had been established and urged the court to keep the suspects in custody to ensure justice.

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Enugu begins commercial production of Palm Oil, targets product refining

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The Enugu United Palm Products Limited (UPPL), a public-private partnership between Pragmatic Palms Limited and the Enugu State Government, has commenced commercial production of palm oil for the Nigerian market, with plans to expand into refined products and establish a new industrial complex.

The development was disclosed on Monday by the Managing Director of the company, Prof. George Nwangwu, when he led other directors of the firm to Government House, Enugu, to brief Governor Peter Mbah on the progress of the company since the commencement of its operations two years ago.

Nwangwu said the company had restored its plantations in Ibite-Olo, Umulokpa and Ugwu-Oba, located in Ezeagu, Uzo-Uwani and Oji River Local Government Areas of the state, respectively, to productive use.

According to him, the company has so far replanted over 1,000 hectares and is gradually replacing old palm trees, some of which are more than 50 years old.

“When we took over, the place was thick forest and nothing but a dead place. We came in and turned the place from being a forest into a plantation.

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“We have cleared the whole place, pruned the trees that were there and started replanting. The trees we met were very old, over 50 years old, and so they needed to be replaced. Gradually, we are replacing them. So far, we’ve planted over 1,000 hectares. The idea is to keep planting until we replant the entire plantation and renew all the trees that are there,” he said.

The UPPL boss said the company was moving beyond primary agricultural production by investing in processing and value addition, noting that it had installed mills and improved the quality and volume of palm oil production.

He disclosed that the company was also investing $2.2 million in a refinery that would process Crude Palm Oil (CPO) into olein and stearin, while refining palm kernel oil.

“We also understand that this is a business and not just planting. Agriculture has moved beyond planting alone. We need to process because value addition is important. So, we’re milling our oil now. We’ve improved the quality and quantity of the oil that we’re producing.

“We have installed mills and also invested heavily in refining the products further down the line. We’re investing about $2.2 million to install a refinery. The refinery will not only refine our Crude Palm Oil (CPO) into olein and stearin, it will also refine our palm kernel oil,” Nwangwu said.

He added that the company was developing a new industrial complex to consolidate its production and processing operations.

Nwangwu further disclosed that the company’s palm oil brand, EVOP, had been launched and was already available in open markets and supermarkets across Nigeria, with sachet packaging expected to hit the market within two weeks.

He explained that the EVOP name was chosen to connect the product with the region’s agricultural and industrial heritage, particularly the former AVOP vegetable oil brand produced in Nachi, Udi LGA.

“We chose the name EVOP to make sure that we keep in touch with our historical foundation. Some of us who are old enough would remember AVOP vegetable oil being bottled in Nachi, Udi. We feel that this is the product of our people and we had to connect with our historical beginnings.

“That’s why we called it EVOP, to connect with and remind people of our historical AVOP,” he said.

According to him, the company’s objective is to make the product accessible to households across Nigeria while maintaining strict standards of quality, natural production and traceability.

“The important takeaway about this palm oil is that it’s natural. Our plantations are in Ibite-Olo, Umulokpa and Ugwu-Oba. You can see the trees there. If you go there, you can see where we harvest the fruit bunches, how we mill the fresh fruit bunches and how we package them.

“Everything is done in-house. Nothing is contracted. We are end-to-end, and we also have certification from NAFDAC, SON and all the relevant agencies.

“If you look at our product, you’ll see a barcode there, and you’ll also see a code that you can scan to tell you where the product is from. For us, traceability matters, and that is the fundamental advantage of our palm oil,” Nwangwu added.

He said the company’s expansion was expected to contribute to employment generation, local economic activity and the development of the state’s agricultural value chain.

Responding, Governor Mbah described the partnership between the Enugu State Government and Pragmatic Palms Limited as a model worthy of emulation, saying it demonstrated the administration’s commitment to reactivating dormant government assets for the benefit of Ndi Enugu.

He assured the company that the state government would fulfil all its obligations under the partnership and provide the necessary support to enable UPPL achieve its full potential.

Mbah also expressed support for the company’s plan to list on the Nigerian stock market within four years, saying Enugu needed companies capable of attracting public investment and creating greater value for the state.

“This is consistent with the state’s ambition, to optimise these assets and to grow them and make them big. We are talking about an investment outlay of over N100 billion, and if in four years you are targeting going to the market, we are with you on that. We will give you all support,” he said.

The governor disclosed that the state government was at the verge of awarding two major road projects to improve access to the company’s plantations, including the road from Umumba Ndiagu to Ebenebe, adding that the projects would be fast-tracked.

He also said he had directed that the headquarters of the state’s Forest Guards be located at Ibite-Olo to strengthen security around the plantation, while assuring the company that the government would address any encroachment on its acquired land.

Mbah further assured UPPL that the government would
provide the 6,700 hectares committed under the partnership and work with the company and the host communities to secure additional land if it decides to expand its target to 10,000 hectares.

He stressed the importance of maintaining transparent and credible financial records ahead of the proposed listing and said the government would hold regular briefings with the company to identify and swiftly resolve challenges.

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FCC boss, Omidiran set to lead Youth-Focused Conversation at Peter Eze Youth Connect 2026

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The Executive Chairman of the Federal Character Commission (FCC), Hon. Hulayat Motunrayo Omidiran, is expected to deliver the keynote address at the maiden edition of Peter Eze Youth Connect 2026 in Enugu.

Omidiran, popularly known as Ayo Omidiran, will be the keynote speaker at the youth-focused gathering, which is expected to provide a platform for discussions on expanding opportunities, promoting inclusion and unlocking the potential of young people in Enugu State.

The programme, themed “Beyond Quotas: Unlocking Opportunities for Enugu Youths Through the Federal Character Commission,” will hold at the International Conference Centre (ICC), Enugu.

Her participation is expected to bring a strong institutional perspective to the event, particularly on the role of the Federal Character Commission in promoting equitable representation and ensuring that young Nigerians have access to opportunities within the public sector and other areas of national development.

Omidiran assumed office as Executive Chairman of the FCC in January 2026 following her appointment by President Bola Ahmed Tinubu. She succeeded Dr. Muheeba Dankaka and became the first person from Southern Nigeria to lead the Commission.

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She is expected to speak to young people on how they can better understand and take advantage of opportunities available through government institutions, while also addressing the broader question of inclusion and representation in Nigeria.

The FCC chairman’s participation comes at a time when youth unemployment, access to opportunities and equitable representation remain important issues in the country.

The event is being hosted by Hon. Peter Ogbonna Eze, the FCC Commissioner representing Enugu State and Chairman of the Commission’s Committee on Works, Transport and Aviation.

Eze, an economist and public administrator, was appointed by President Tinubu and inaugurated on January 22, 2026. At 35, he is the youngest Federal Character Commissioner in Nigeria.

The Peter Eze Youth Connect 2026 will also feature a programme on “Connecting Youths in Enugu State to the European Union Market for Apiculture Products,” aimed at exposing young people to opportunities in honey production, beekeeping and access to the European Union market.

The organisers said the initiative is designed to move beyond conventional discussions on youth empowerment by connecting young people with practical opportunities for economic participation, inclusion and growth.

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Obi ignored protocol, courting trouble – Benue commissioner

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Peter Obi and Benue Gov, Fr Alia
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Benue State Commissioner for Information, Solomon Iorpev, has stated that the presidential candidate of the Nigeria Democratic Congress, Peter Obi, is courting trouble with the state government.

Iorpev, who was reacting to the blockage of Obi by some youths on Tuesday, said this was not the first time Obi had ignored protocol by failing to officially inform the state government about his visit to the state, considering his status.

The commissioner described Obi as a high-profile person and a former governor whose security should be provided by the host state.

He said, “A high-profile person who has been a former governor of a state is coming into the state; he should have written a letter to the State Government.

“We are supposed to guarantee his safety and protection, but in an instance where no letter was written, we could not guarantee his safety.

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“This is not the first time he is doing this. He is just looking for our trouble. We are peace loving and hospitable people.”

The commissioner, who said he did not know those behind the attack on Obi, however, said that Obi’s visit regrettably coincided with the meeting of youths from the 23 local government areas of the state.

“So, if they were coming from either Tarka, Gboko, Buruku, Ushongo, Konshisha or Vandeikya at the same time of his visit and blocked the road, it is unfortunate. I do not know the youths who did that,” the commissioner said. (PUNCH)

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