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CBEX: Can Nigerians still withdraw their money? — What you need to know

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Nigerians on several social media platforms have begun to count their losses as a digital asset trading platform popularly known as CBEX reportedly swept over N1.3 trillion from their investors’ accounts.

The digital trading platform crashed on Monday after the money in their investors’ wallets vanished.

CBEX also locked its telegram channels and postponed its withdrawals while giving investors the lifeline of $2,000 for $200 verification and $1,000 for $100 verification.

Analysing the crash on X space organised by Trending X, a cryptocurrency expert and security analyst, Taiwo Owolabi said data has shown that the money was moved to a TRX address (yourself:TDqSquXBgUCLYvYC4XZgrprLK589dkhSCf) and a total volume stolen so far in USDT is $847 million and likely to increase.

Owolabi stressed that the invested funds are gone because CBEX is not a licensed platform, and the creators designed a weak website to look like ByBit, which is a legitimate trading platform.

“They designed the weak website to convince people in the future that it was a security breach that affected them. Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, then to ETH. So, when you are logging into your account, there is literally no money on your profile.

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“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money.

“Since, you won’t be leaving them because of greed. You will most likely put the money back and even more. So, they will use that same money to pay another person. As you spread the word for them, more people will join and do the same.”

What exactly is CBEX?

CBEX is a digital trading asset platform that gives investors 100 per cent Return On Investment in 30 days. Its purported goal was to create a secure, transparent environment for transactions.

However, its operational model now comes under scrutiny as allegations of fraud and deceptive practices emerge. The platform is said to display falsified withdrawal records to mask the difficulties users encounter when trying to access their funds.

Can Nigerians still withdraw their money?

Owolabi, while explaining on the X space, said that in reality, all the funds are gone. Unless people decide to pay the $100 and $200 verification fees, that way, they will settle some people and leave others to languish.

He also maintained that it was the same way popular Ponzi schemes that have duped Nigerians in the past behaved, adding, “It is a rob Peter to pay Paul’ deal.

SEC warns Nigerians against investing in Ponzi schemes

However, amid the growing concerns of the crash, the SEC clarified that, in accordance with the ISA 2025 recently signed by President Bola Tinubu, it is now an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.

“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.

“Any business entity with the plan of setting up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” it added.

The commission noted that “Under the newly enacted legislation, the Securities and Exchange Commission (SEC) is now empowered to regulate a broader scope of market activities as Section 3(3)(b) of the Act explicitly mandates the commission to “register and regulate securities exchanges, commodity exchanges, virtual and digital asset exchanges, and other market venues.”

Speaking on the development, the director general of the commission, Dr Emomotimi Agama, described the new law as “a landmark step in positioning Nigeria’s capital market to be more inclusive, robust, and in tune with global best practices.”

He stated, “The ISA 2025 has given the commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms.”

The commission reaffirmed its commitment to supporting innovation while maintaining strict oversight. “We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama added.

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Soludo threatens to arrest, prosecute fake Traditional Rulers in Anambra

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Anambra Gov Chukwuma Soludo
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The Governor Chukwuma Soludo-led Government of Anambra State has warned persons allegedly parading themselves as traditional rulers without official recognition to immediately desist from the act or risk arrest and prosecution under the state’s Traditional Rulers Law.

The government also directed residents and Presidents-General of town unions across the state to report individuals who unlawfully assume traditional ruler titles or perform functions reserved for duly recognised traditional rulers.

The warning was contained in a letter dated July 22, 2026, signed by the Commissioner for Local Government and Community Affairs, Mr. Ifeanyi Ezeaka, Esq., and addressed to Presidents-General of town unions in the state.

According to the commissioner, the directive followed reports received by the state government concerning individuals who allegedly parade themselves, allow themselves to be addressed or portrayed as traditional rulers, or perform functions legally reserved for recognised traditional rulers despite not having been formally recognised by the Anambra State Government.

The government stressed that under the Traditional Rulers Law of Anambra State, 2007, only a person duly selected, appointed and formally recognised by the state government in accordance with the law is entitled to function as, or present himself as the recognised traditional ruler of a town or community.

According to the government, the law makes it a criminal offence punishable with imprisonment for any person who has not been recognised by the Governor as a traditional ruler to parade himself as one, permit himself to be portrayed or addressed as a traditional ruler, or perform any function or ceremony reserved for a recognised traditional ruler.

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The state government consequently announced its decision to prosecute individuals found to be unlawfully parading themselves as traditional rulers, assuming reserved traditional titles or performing functions legally designated for recognised traditional rulers.

The Commissioner therefore directed Presidents-General of town unions to submit complaints to the Ministry of Local Government and Community Affairs and the Ministry of Justice against persons within their communities who are allegedly violating the provisions of the law.

The letter:

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40 abducted as bandits raid 11 communities in Zamfara

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No fewer than 40 residents from 11 communities in the Mayanchi District of Maru Local Government Area of Zamfara State have been abducted by armed bandits.

It was gathered that the attackers are loyalists of a notorious bandit kingpin, Kachalla Sa’idu, with most of the abducted victims reportedly women and children.

Sources said Kachalla Sa’idu has long terrorised communities in Maru, Maradun and Talata Mafara local government areas of the state.

A visit to some of the affected communities revealed scores of women and children hurriedly packing their belongings and fleeing for fear of further attacks and abductions.

A resident, Alhaji Lauwali Abdullahi, said that about a week ago, gunmen loyal to Kachalla Sa’idu invaded Garagi village in an attempt to abduct residents.

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According to him, villagers resisted the attack, killing one of the bandits and seizing his rifle.

He said the bandit leader subsequently threatened to attack all neighbouring communities up to Mayanchi town unless the rifle was returned.

Another source disclosed that Kachalla Sa’idu sent a message to community leaders threatening to kill all those currently being held captive if his seized rifle was not returned or replaced with another firearm.

Chairman of Maru Local Government Area, Hon. Bello Jabaka, confirmed the incident, saying the council was aware of the security situation in the Mayanchi District.

He said the local government, in collaboration with security agencies, was taking steps to restore peace and address the worsening insecurity in the area.

Jabaka acknowledged that bandits had continued to terrorise communities across the local government, stressing that urgent measures were needed to tackle the menace.

Mayanchi District is a strategic area linking Sokoto State with the Niger Republic, as well as Zuru Local Government Area of Kebbi State and parts of Niger State. (The Guardian)

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Mbah advocates experiential learning, unveils Enugu’s human development model at UNN convocation

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Enugu Gov Peter Mbah
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Governor Peter Mbah of Enugu State has called for a fundamental overhaul of Nigeria’s education system, urging schools to focus on producing problem-solvers and innovators rather than graduates armed only with certificates.

Speaking on Thursday while delivering the 55th Convocation Lecture of the University of Nigeria, Nsukka (UNN), Mbah said education must become the driving force for restoring human dignity through experiential learning, innovation and inclusive prosperity.

Delivering the lecture titled, “Restoring the Dignity of Man: Enugu’s Quantum Leap in Human Development and Inclusive Prosperity Through Experiential Learning,” the governor described UNN’s motto as a timeless mission whose relevance has become even greater in the era of artificial intelligence, biotechnology and the knowledge economy.

He argued that true development should be measured by citizens’ ability to transform knowledge into productivity and shared prosperity rather than by physical infrastructure alone.

“True dignity exists when people possess not merely the freedom to aspire, but the capability to transform aspiration into achievement, potential into productivity, and possibility into shared prosperity,” he said.

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Mbah said Enugu’s education reforms were inspired by the Igbo apprenticeship system, which, according to him, embodies learning by doing, mentorship, trust, discipline and entrepreneurship.

“Our purpose is not to romanticise the past, but to apply its deepest principle to the future. This is why we embraced experiential learning—not as a foreign educational idea, but as a modern expression of our knowledge tradition and a twenty-first-century development imperative,” he said.

The governor explained that through experiential learning, the state seeks to democratise opportunities by ensuring that access to quality education, technology, healthcare, infrastructure, mentorship, capital and connectivity is no longer determined by birthplace, income or social status.

He disclosed that the Centre for Experiential Learning and Innovation (CELI), Enugu, is driving reforms in curriculum development, teacher training, research, digital literacy, technical education and industry partnerships to bridge what he described as the “activation gap” between knowledge and opportunity.

Mbah said his administration’s vision of growing Enugu’s economy from about $4.4 billion to $30 billion is anchored on human capital development rather than conventional infrastructure projects alone.

He noted that about one-thirds of the state’s annual budget has consistently been allocated to education, leading to the construction of 268 Smart Green Schools across the state’s 260 political wards, equipped with smart classrooms, laboratories, digital libraries, innovation studios, clinics, smart farms, solar power and internet connectivity.

According to him, over 23,000 teachers have undergone digital literacy training, while the state has approved the recruitment of 4,698 teachers to strengthen the Smart Green School initiative.

The governor added that students in the state’s Technical and Vocational Education and Training (TVET) colleges were already receiving practical industry training in ICT, mechatronics, aquaponics, precision welding, fashion and design through partnerships with industries, including the Enugu Haier Factory.

He also announced plans to establish three specialised universities dedicated to Artificial Intelligence and Technology, Education and Technology, and Agriculture, Agro-industrialisation and Technology, while new degree programmes in Automation, Artificial Intelligence and Mechatronics have already been introduced at ESUT and IMT.

To demonstrate the impact of experiential learning, Mbah narrated the story of Arinze Edeoga, a pupil of a Smart Green School in rural Owo community, who recently taught digital literacy to pupils in Enugu metropolis.

“A village child became a teacher of urban peers. In Arinze, you see restored confidence, democratized opportunity and a child once defined by geography becoming a creator of knowledge rather than merely a consumer of it. You see the dignity of man,” he said.

Mbah, however, said education reforms alone would not guarantee prosperity unless supported by investments in healthcare, electricity, roads, aviation, tourism and technology, stressing that Enugu’s development strategy integrates all sectors into a single human development architecture.

He cited projects such as the 300-bed Enugu International Hospital, the transport terminals, Enugu Air, the expansion of primary healthcare centre, the Enugu Command tourism infrastructure, and the proposed 660-megawatt power plant, as interconnected investments designed to unlock productivity, attract investment and improve citizens’ quality of life.

Mbah concluded by urging governments, universities, communities and the private sector to reject what he described as the “poverty of imagination,” insisting that the future belongs to societies willing to invest boldly in human capability.

“Let us measure leadership by the capabilities it develops in others, education by the lives learners become able to shape, and development by the dignity and opportunity it extends to every citizen,” he said.

Meanwhile, in their various remarks, the Vice Chancellor of UNN, Prof. Simon Ortuanya and Chairman of the event and former Minister of Power, Prof. Chinedu Nebo commended Mbah’s milestones in human capital development.

They noted that Mbah had, in three years, made a resounding impact in development across all sectors.

The event was attended by notable dignitaries, including the Deputy Governor of Enugu State, Barr. Ifeanyi Ossai; Deputy Speaker, Enugu State House of Assembly, Hon. Ezenta Ezeani; Minister of Innovation, Science and Technology, Dr. Kingsley Udeh and Catholic Bishop of Nsukka Diocese, Most Rev Godfrey Igwebuike Onah and Senator Ikeje Asogwa.

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