The legal representative for Adefowora Abiodun, one of the alleged masterminds behind the controversial CBEX investment scheme, has called on the Economic and Financial Crimes Commission (EFCC) to grant his client administrative bail, citing voluntary compliance and extended detention without charges.
In a statement issued to journalists in Abuja on Sunday, Abiodun’s lawyer, Babatunde Busari, criticized the EFCC for what he described as the unwarranted continued detention of his client, who has been in the agency’s custody for nearly three months following his voluntary surrender in April.
Abiodun was declared wanted by the EFCC earlier this year, alongside five others, over alleged involvement in a fraudulent investment scheme said to be worth over \$1 billion. The public declaration came after EFCC’s legal counsel, Fadila Yusuf, submitted evidence linking the accused individuals to the alleged scam.
According to the statement, Abiodun was shocked by the EFCC’s public notice but chose to appear at the Commission’s headquarters in Abuja—accompanied by his legal team—to cooperate with investigators and clear his name amid growing public speculation.
“The EFCC’s public notice took my client by surprise,” Busari said. “But he made the decision to submit himself voluntarily in order to clear his name and correct the damaging media narratives.”
Busari noted that CBEX has since begun returning investor funds and has announced plans to allow withdrawals by June 25, yet Abiodun remains in custody without formal charges. This, he argued, raises concerns about abuse of power and violation of Abiodun’s fundamental rights.
“Given that he voluntarily turned himself in, has no prior arrest record, and is cooperating fully with authorities, there is no justification for his continued detention. We are calling on the EFCC to grant him administrative bail in the interest of justice and fairness,” the statement added.
The CBEX case has drawn widespread public attention, with many investors and stakeholders closely monitoring the EFCC’s handling of the investigation and its implications for financial accountability and rights protection.
As of the time of this report, the EFCC has not issued an official response to the lawyer’s appeal.
