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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.

“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.

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“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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DSS releases, compensates man wrongfully arrested over alleged links with Boko Haram

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The Director-General of the Department of State Services (DSS), Oluwatosin Adeola Ajayi, has ordered the immediate release of a man wrongfully linked to Boko Haram terrorists.

The setting free followed a DSS investigation review panel that cleared Nura Idris of allegations of collaboration with Boko Haram terrorists.

Aside from giving Idris N3 million monetary compensation to meet his immediate needs, the DSS DG promised to help the wrongfully detained herder in his business, a practice common with the DG.

According to a security source, the farmer and animal rearer from Soba Local Government Area of Kaduna State, was arrested by a sister security agency in Suleja, Niger State, in June 2024, for alleged links with terrorists, and was thereafter transferred to DSS custody.

Following a thorough review of Nura’s case, the DSS investigation panel found no basis for the charges against him, prompting the DGSS to order his immediate release and payment of compensation.

Receiving the compensation, Nura thanked the DGSS for what he described as a kind gesture, saying the money would help him restart his life.

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“I thank the DGSS for his kindness. I was well treated in DSS custody and I pray that Allah rewards the DGSS immensely,” the source quoted Nura as saying.

His father, Yusuf Idris, who received Nura upon his release, also expressed appreciation to the DGSS for his compassion and generosity, and assured that the compensation would be put to good use.

“When such cases are recorded, the DSS would usually follow up with the detainee, provide psychological and medical support, after which the Agency would further set up any business of the victim’s choice”, another source disclosed.

The release is part of an internal review exercise which the DSS began last year. The exercise is aimed at reassessing prolonged inherited cases to ensure that erroneously detained individuals do not remain in detention.

“The setting free and compensations across multiple cases underscores the DSS’s growing reputation for institutional integrity and humanness,” added the source.

“The Service under the current DG, has continued to show that safeguarding national security and citizens must go hand in hand with upholding the rights and dignity of citizens,” declared the source.

“Recall the case of Sunday Ifedi and his wife, Calista who were arrested on 8th November 2021 and detained in Wawa facility, three years before the appointment of the current DG in August 2024,” added the source. Sunday was released on 16th December, 2025, after the review of detainees ordered by the DG cleared him of ties with the outlawed Indigenous People of Biafra (IPOB), the DG awarded him N10 million as compensation.

“Importantly, plans are underway by the DSS to rebuild a restaurant in memory of Ifedi’s wife, Calista, who died while in custody in a detention facility in Wawa. The initiative is to compensate Sunday for the allegations that his late wife operated a restaurant being patronized by IPOB, for which they were arrested. This brings to bear, over thirty cases that have since been reviewed with over N300m paid as compensation,” the source disclosed.

It would also be recalled that, barely one month after ordering the release and payment of N10 million compensation of one Abuja-based business woman, Mrs. Chineze Ozoadibe, in October 2025, the DSS boss ordered the release of one Kenneth Okechukwu Nwafor, arrested in July 2022, for his alleged involvement in the activities of the proscribed IPOB. Five other detainees wrongfully linked to IPOB were by the same directive of the DG, released and each given an initial N2 million cash compensation. Last month, the DSS also released a Yobe State resident, Ya’u Mohammed, after investigations confirmed that he had no connection to terrorism.

Following his release, the Service provided initial financial support worth N2 million to assist his reintegration and restoration of his livelihood.

“There are many more instances where DSS investigations have established innocence and have been followed by efforts to facilitate reintegration,” stated the source, adding, “these are the kind of measures the DSS is using to build public trust.”

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Adeboye, Oyedepo thank Trump, seek more US action against terrorism in Nigeria

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The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, and Founder of Living Faith Church Worldwide, Bishop David Oyedepo, have praised the United States President, Donald Trump, for taking recent military actions against terrorism and called for more of such action to stem the tide of the unrelenting terror attacks by extremists in Nigeria.

They spoke to a packed audience drawn from a cross section of activists of all races and cadres from across the United States.

The event was in Washington DC during an award night for President Trump, two Congressmen: Rep. Chris Smith and Rep. Riley Moore, both of whom have tabled a bill seeking to end terrorism in Nigeria by punishing the sponsors, and other activists who have championed the cause of religious freedom in Nigeria.

The RCCG leader also spoke on the criticism that he had maintained a stoic silence while extremists carried out the killing and kidnap of Christians and other vulnerable communities across Nigeria, noting that as an elder religious leader, he embarked on a “spiritual warfare” rather than scream to escalate tension with concomitant reactions.

Bishop David Oyedepo delivered his keynote address at the gala night represented by 4 persons- Pastor Deji Akin Abiri, Pastor Dayo Ojo, Apostle Jacob Sharpe and Pastor Seyi Adeyeri

According to him it was not a surprise when President Trump intervened, having followed events and warned of dire consequences for the perpetrators of the violence.

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The grand event, tagged: “Faith Heroes Award Gala.” was organised by the Save Nigeria Group, USA with the participation of the US-Nigeria Civil Society Coalition at the Hilton Garden Inn, Capitol Hill, Washington, D.C.Nigerian lifestyle content

Adeboye, who rued that “terrorism is now at my doorstep,” appealed for a global coalition, led by the United States and its Western allies, to help defeat terrorism in Nigeria, while cautioning that the violence that has consumed communities across the country was no longer distant from him.

The appeal came as former United States Ambassador-at-Large for International Religious Freedom, Sam Brownback, and Dr. Katrina Swett, a prominent advocate for human rights, religious freedom and international justice, criticised Nigerian authorities for failing to protect citizens of all faiths from extremist violence.

In an emotion-laden address after receiving an award at the gala, Adeboye said terrorism had worsened since the December attacks on terrorist camps in northern Nigeria.

He said the United States and other Western powers would need to take more decisive action if peace was to return to Nigeria.

Drawing from Isaac Newton’s first law of motion, he said Nigeria was trapped by what he described as a structure of untouchables, powerful actors who make the fight against terrorism difficult from within.

He said: “There are certain people in my country that, I regret to say, are untouchable, and only God can deal with them.

“If you want to help us, help us more.

“No matter who is in office in Nigeria, only God can help us.

“Use your influence to help us.”

Adeboye thanked President Trump and the United States Government for what he described as assistance to Nigeria. Nigerian lifestyle content

But he said the work had not gone far enough.

He said Nigeria needed the combined effort of countries such as the United States, Britain, Australia, and other Western allies to help confront terrorist groups and restore peace.

While acknowledging that people of different religions have suffered from terrorist attacks, Adeboye said Christians had become the prime targets of many of the killings.

He added that none of the major ongoing attacks could be traced to Christians.

The cleric also responded to criticism that he had not done enough because much of the violence was concentrated in northern Nigeria.

He said the scale of the crisis had moved beyond what any religious leader or local institution could address alone.

He warned that without external support, Nigeria might not know peace, saying terrorists were emboldened and communities were being overrun.

Adeboye said his church had established an internally displaced persons camp to help victims of terrorist violence.

He said victims were being provided food and relief, and that plans were underway to establish a secondary school for young people in the camp, along with skills training for adults.

The crisis, he said, had created an estimated 11 million displaced persons, many of whom had lost homes, livelihoods, and access to education.

Adeboye, however, said he did not support sweeping accusations that the administration of President Bola Tinubu was doing nothing to fight terrorism. Executive Branch

He said, like Trump, Tinubu’s role as commander-in-chief was to give instructions to the military, but the effectiveness of those instructions depended on execution.

He also said he had advised Tinubu to meet with Trump to demonstrate seriousness in the fight against terrorism before the December military action.

Though Adeboye said he does not agree with everything Trump says, he described the American president as the best politician he had ever known because, according to him, Trump acts on his promises.

“To be a good politician, you must be able to speak two different things from the same mouth,” Adeboye said, adding: “And I like him because when he says: ‘I want to do this,’ you better get ready.”

He said that as Trump winds down the Iran war, he should complete what the cleric described as the good work he started in December against terrorist camps in Nigeria.Nigerian lifestyle content

He said the terrorists were mocking the faith of their victims.

“They are asking: ‘Where is their God?’” Adeboye said, adding that he had gone to God in agony and deep prayer several times over the crisis.

Brownback, a former Governor of Kansas, who also served in the United States Senate and House of Representatives, said it was painful that Nigeria was still bleeding, making apparent reference to the latest killings of 22 persons in Plateau State by suspected Islamist terrorists.

He warned that Nigeria risked losing the nation if terrorists were allowed to overrun it.

He said the United States wanted to help Nigeria defeat terrorism so that Nigerians could fulfil the promise of their country.

He described Nigeria as being “out in the fork” and urged Nigerians and their allies to subdue terrorist networks, including Fulani terrorist groups, and resist any attempt to turn the country into a caliphate.

Swett, in her remarks, described Nigeria as a country of extraordinary people and said America must do more to help Nigeria fight terrorism.

“Yes, the future is in the hands of Nigerians, but America has powerful leverage to do more,” she said.

She expressed satisfaction that the Trump administration was placing Nigeria at the centre of international discussion on religious freedom and terrorism.

In his remarks, Stephen Osemwegie, President of Save Nigeria Group USA and convener of the US-Nigeria Civil Society Coalition, said the mission would not be complete until the entire terrorist network in Nigeria was dismantled.

“Terrorism is not a Nigerian or American issue,” Osemwegie said, adding: “We need global support to establish global peace.”

He urged both chambers of the United States Congress to speedily pass H.R. 7457, the Nigeria Religious Freedom and Accountability Act of 2025, and send it to President Trump for signature.Nigerian lifestyle content

Osemwegie paid tribute to two members of Congress, Christopher Smith of New Jersey’s 4th Congressional District and Riley Moore of West Virginia’s 2nd Congressional District, for their sustained efforts in keeping terrorism in Nigeria on the American policy agenda.

He also praised Rev. Ezekiel Dachomo and Leah Sharibu, describing them as symbols of Christian resilience in the face of persecution.

The event, which organisers called: “Thank You, America,” brought together religious leaders, Nigerian diaspora advocates and American human rights voices pressing for stronger action against terrorism and religious persecution in Nigeria.

Among those honoured with the Faith Heroes Award was Bishop Oyedepo, who was represented at the event.

For the organisers, the Washington gathering was both a tribute and a warning: a tribute to those they say have stood for persecuted Christians in Nigeria, and a warning that without global intervention, the crisis could further unravel Africa’s most populous nation.

My Heart Bleeds — Oyedepo

Echoing the profound urgency in a powerful keynote address, Bishop Oyedepo, who extended his apologies for his physical absence, but whose words resonated deeply through the hall, declared that Nigeria is “virtually at the brink of collapse.”

The fiery Chancellor of Covenant University threw his weight behind a monumental legislative move unfolding in Washington: “Nigeria Religious Freedom and Accountability Act of 2026.”

Citing the horrific data compiled within the US Congressional findings, Oyedepo confronted the stark reality of Nigeria’s bleeding landscape.

The findings reveal that between 2009 and 2025, an estimated 50,000 to 125,000 Christians have been martyred, with over 19,000 churches destroyed.

Shockingly, the report confirms that Nigeria alone accounts for a staggering 72 percent of all Christians martyred worldwide.Nigerian lifestyle content

Pointing directly to the operations of Fulani-ethnic militias, Boko Haram, and ISWAP, Oyedepo backed the US legislative framework seeking to designate these militant groups as Foreign Terrorist Organizations (FTOs) under international law, referencing the brutal massacres in Benue and Plateau States that claimed over 9,500 lives between 2023 and 2025 alone.

“From the above, you can see that the happenings in our country today call for urgent action from all stakeholders and well-meaning individuals to prevent a situation of total anarchy,” he warned, adding: “The intervention of the United States of America in Nigeria’s affairs is a most welcome one.”

He expressed deep gratitude to President Trump for his passionate concern.

He added: “My heart bleeds as I put down these few lines.

“We look forward to a nation that will be safe, peaceful, and prosperous again.”

Diaspora Ignites Washington

The Gala Night capped off a week of intense advocacy by Save Nigeria USA, which began on Saturday with a massive, roaring Save Nigeria Rally at MacPherson Square, just steps away from the White House.

With 26 civil society groups united under a single banner, the diaspora community has made it clear: they will no longer remain silent while their homeland bleeds.

Oyedepo was represented by Pastor Deji Akin Abiri, Pastor Dayo Ojo, Apostle Jacob Sharpe, and Pastor Seyi Adeyeri.

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Army appoints new GOCs, principal staff officers in major reshuffle

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The Chief of Army Staff (COAS), Lieutenant General Waidi Shaibu, has approved the appointment of new General Officers Commanding for 6 Division, Port Harcourt and 3 Division, Jos, as well as a new Commander for Army Headquarters Garrison.

Acting Director, Army Public Relations, Col Appolonia Anele, in a statement on Saturday, said the “strategic reshuffling of senior officers across key operational, command, training and staff appointments within the Nigerian Army (NA) is part of ongoing efforts to enhance operational effectiveness, strengthen national security and consolidate the Army’s capacity to address emerging security challenges across the country.”

In the new posting, Major General WM Dangana has been appointed General Officer Commanding 3 Division Nigerian Army and Commander Joint Task Force Operation Enduring Peace, replacing Major General EF Oyinlola.

Major General EI Okoro takes over as General Officer Commanding 6 Division Nigerian Army and Land Component Commander Joint Task Force South-South Operation Delta Safe, replacing Major General EE Emeka.

Major General JR Lar has been appointed Commander Army Headquarters Garrison, while Brigadier General OM Oyekola assumes office as Acting Military Secretary (Army). Brigadier General I Waziri remains in the Office of the COAS as Chief of Staff.

Also, as part of efforts to deepen operational leadership and force readiness, Brigadier General IB Buhari has been appointed Commander Headquarters 63 Brigade, while Brigadier General K Rabiu takes command of Headquarters 31 Artillery Brigade.

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Major General SA Emmanuel has been appointed Commander Nigerian Army Space Command, reinforcing the Army’s growing focus on emerging domains of warfare and technology-driven security operations.

Major General O Adegbe has also been appointed Director of Intelligence and Security at Defence Headquarters.

In the area of professional military education and institutional development, Major General KE Chigbu has been appointed Deputy Commandant of the National Defence College while Major General SD Makolo has been appointed Commandant of the Nigerian Army Armour School.

Major General SO Adejimi becomes Commandant of the Nigerian Army School of Supply and Transport, and Major General FS Etim has been appointed Chief of Training at Headquarters Training and Doctrine Command Nigerian Army (TRADOC NA). Brigadier General U Ahmad takes over as Commandant, Depot Nigerian Army, Zaria.

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Other appointments include Major General KO Ukandu as Managing Director/Chief Executive Officer of Post Housing Development Limited (PHDL) and Major General AI Allison as Managing Director of Defence Properties Limited.

The COAS charged the newly appointed senior officers to justify the confidence reposed in them by demonstrating exemplary leadership, professionalism, innovation and unwavering commitment to the Nigerian Army’s constitutional mandate of defending Nigeria’s sovereignty, protecting its territorial integrity and supporting civil authority in maintaining peace and security across the nation.

“The Nigerian Army remains resolute in its transformation drive and commitment to building a highly professional, combat-ready and people-oriented force capable of effectively addressing contemporary and future security challenges in pursuit of Nigeria’s national security objectives,” the statement said.

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