
News
CBEX: Can Nigerians still withdraw their money? — What you need to know
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.
“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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News
Tinubu Departs for Saudi Arabia to Perform Umrah, Pray for Nigeria
President Bola Tinubu will depart Abuja on Thursday, October 29, for Makkah, Saudi Arabia, to perform Umrah, an Islamic pilgrimage involving religious rites in the holy city.
The President’s visit will provide an opportunity for spiritual reflection and prayers for Nigeria’s peace, unity, stability and continued progress.
His Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement on Wednesday.
According to Onanuga, Tinubu will seek Allah’s guidance and blessings for Nigeria and its people during the spiritual exercise.
“While in Makkah, President Tinubu will perform the religious rites associated with Umrah, seeking Allah’s guidance and blessings for Nigeria and its people,” the statement read.

Before departing Abuja, the President is scheduled to commission equipment acquired by the Nigerian Air Force for its operations.
The commissioning will take place at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja.
Onanuga said Tinubu was expected to return to Nigeria next week after completing the religious exercise.
Umrah is an Islamic pilgrimage to Makkah that can be undertaken at any time of the year, unlike Hajj, which takes place during a specific period on the Islamic calendar.
News
Mbah Denies Alleged Order to Block Opposition Town Hall Meeting
…Warns Opposition Against Defamation
Enugu State Governor, Peter Mbah, has dismissed as false a viral social media allegation that he ordered a political party to be denied access to a private facility for its town hall meeting, warning opposition figures against making defamatory statements.
Mbah, in a statement issued in response to the circulating video, described the allegation as “preposterous and utter falsehood,” insisting that he neither issued such a directive nor had any involvement in preventing the party from using the facility.
The controversy followed the circulation of a video on social media alleging that the governor directed the management of Amadeo Event Centre, a private facility, to deny a political party the use of its premises for a town hall meeting.
Reacting to the allegation, the governor said his attention had been drawn to the video, which he described as an attempt by the opposition to mislead the public and attract attention.
“My attention has just been drawn to a video circulating on some social media platforms, alleging that I gave an order denying a political party use of a private facility for their town hall event. This is preposterous and utter falsehood, because I did not,” he said.

Mbah further accused the opposition of relying on what he described as propaganda and falsehood rather than presenting substantive issues to the electorate.
“This is shameful and reveals a desperate pattern adopted by the opposition to attract attention,” the governor stated.
He emphasised that although freedom of expression was a fundamental feature of democracy, it should not be used as justification for making defamatory allegations against individuals.
“There’s no doubt that democracy guarantees freedom of expression. It should be noted, however, that it does not grant anyone the right to defamation,” he said.
The governor also maintained that democratic institutions provide avenues for individuals and groups to seek redress when they believe they have been wronged, rather than resorting to statements capable of damaging the reputation of others.
“Democracy also offers avenues to seek redress. So, let it be known that there are redlines that should never be crossed,” he added.
The statement’s accompanying commentary questioned why Mbah would interfere in the operations of a private establishment, stressing that Amadeo Event Centre was not a government-owned facility.
It also accused opposition figures of making allegations against the governor to gain public attention, insisting that the claims were politically motivated.
The development comes amid political activities in Enugu State, where opposition parties and the ruling All Progressives Congress (APC) continue to engage in political campaigns and public debates ahead of future electoral contests.
News
Bandits Abduct 29 Women, Child in Niger Communities as 11 Escape
Suspected bandits have abducted 29 women and a male child during attacks on four communities in Mariga Local Government Area of Niger State, with 11 of the female victims reportedly escaping from captivity.
The affected communities are Kwimo, Kalgo, Kakaki and Mabona.
The latest development was disclosed in an operational update by the Nigeria Police Force covering security operations across several states between October 27 and 28, 2026.
According to the report, the 11 women escaped from their abductors’ hideout following sustained tactical pressure from police operatives.
Security personnel are continuing efforts to secure the release of the remaining victims and apprehend those responsible for the abduction. The State Criminal Investigation Department in Minna is investigating the incident.

A resident, Mohammed Ibrahim, said a joint security team led by operatives of the Bangi Police Division immediately launched a pursuit of the attackers after the incident.
He said the security operatives tracked the assailants, leading to efforts to rescue the abducted residents.
The Police Public Relations Officer of the Niger State Command, SP Wasiu Abiodun, also confirmed the attack and the ensuing security operation.
Mariga Local Government Area has experienced repeated attacks and kidnappings in recent months, raising concerns over the safety of residents, particularly those in rural communities.
In September, suspected bandits abducted dozens of farmers, most of them women, while they were harvesting groundnuts in the area. The police confirmed that more than 20 people were abducted, while the local government chairman put the figure at 47.
The recurring attacks have heightened concerns about the security of farming communities and the impact of kidnappings on residents’ livelihoods.
As of the latest available report, efforts were ongoing to rescue the remaining victims of the latest abduction.
The status of the male child and the exact number of victims still in captivity had not been independently established in the reports reviewed.
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