News Investigators/ The arraignment of Adefowora Abiodun, the Managing Director, ST Technologies International Limited, also know as Crypto Bridge Exchange (CBEX), was on Thursday, stalled at the Federal High Court in Abuja.
Mr Abiodun, who was billed to be arraigned before Justice Mohammed Umar by the Economic and Financial Crimes Commission (EFCC), was conspicuously absent in court.
The News Agency of Nigeria (NAN) reports that the EFCC had, in a charge marked: FHC/ABJ/CR/215/2025, preferred a five counts against Abiodun and his company as 1st and 2nd defendants.
The charge, dated June 4, was filed on June 10 by anti-graft agency’s lawyer, Fadila Yusuf.
The allegations bordered on alleged case of obtaining by false pretense, money laundering and 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).
When the matter was called, Mr Abiodun was not in court and EFCC’s lawyer, M.B. Baraya, told the court that the 1st defendant and the commission’s officers were on their way.
He sought a stand down of the matter and the judge granted the application.
After other matters were taking, and the case was recalled, the defendant was still not in court.
Mr Abiodun’s lawyer, Babatunde Busari, then told the court that Baraya informed him that the EFCC officers, escorting the defendant, had a delay on the road.
Responding, Baraya stated that though the matter was slated for arraignment, when he made a phone call to his office, he was informed that the team was “experiencing a delay as a result of the ongoing Call to Bar event in the area”
He therefore sought an adjournment.
But Busari drew the attention of the court to a bail application already filed on behalf of his client.
”In as much as we cannot tell the prosecution how to do their case, I wish to draw you lordship attention to our application for bail,” he said.
He said it was predicated primarily on the health of the defendant.
According to the lawyer, he (Abiodun) has been in the EFCC custody for over 70 days.
Justice Umar said Busari’s application was not ripe for ruling.
”I have not assumed jurisdiction on the case,” he said.
The judge then asked the parties to take another date for hearing.
But Busari begged the court for a standdown, which the judge refused.
Busari, however, prayed the court to give a short date for an adjournment.
”Can we take a short date my lord. The sister case came up on Monday and the ruling was adjourned until July 18.
”We pleaded passionately to your lordship,” he said.
Justice Umar subsequently adjourned the matter until July 18 for defence application.
The offence, the prosecution said is contrary to the provisions of Section 158(1) of the Investment and Security Act, 2007 and punishable under Sect’on 158 (2) of the same Act.
NAN
