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

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CBEX
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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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Gov Mbah approves new appointments to key Enugu institutions

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President Bola Tinubu
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Governor of Enugu State, Dr. Peter Mbah, has approved the appointment of new members and principal officers to key state institutions as part of the administration’s ongoing efforts to reform institutions, strengthen governance and enhance effective service delivery.

Secretary to the State Government, Prof Chidiebere Onyia, disclosed this in a statement made available to Newsmen on Friday, September 4,2026 in Enugu.

The appointments are as follows:

CIVIL SERVICE COMMISSION

Prof. Gabriel Ajah — Chairman
Christian Mbah — Member One
Mrs. Stella Ekweremadu — Member Two
Mrs. Theresa Onyefuzili Ifeanyichukwu — Member Three
Uzonna Emmanuel Ogarabe — Member Four
Ambrose Nwodo — Secretary

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ENUGU STATE TECHNICAL AND VOCATIONAL EDUCATION AND TRAINING (TVET)

Dr. Amaka S. Ngene — Chairman
Bonaventure Onu — Member
Barr. Nnadi Eluke — Member
Kingsley Agwu — Member
Mrs. Joy Odike — Secretary

ENUGU STATE UNIVERSITY OF SCIENCE AND TECHNOLOGY (ESUT) GOVERNING COUNCIL

Barr. Victor Chukwuani — Chairman
Engr. James Ifeanyichukwu Ajibo — Member
Dr. Eric Oluedo — Member
Dr. Mrs. Gladys Ngozi Okoro — Member
Chukwu Chikaodiri Joy — Member

INSTITUTE OF MANAGEMENT AND TECHNOLOGY (IMT) GOVERNING COUNCIL

Hon. Chinedu Onu — Chairman
Dr. Barth Nwankwo — Member
Barr. Emeka Ede — Member
Mrs. Rita Chimaobi — Member
Prince Tony Nwonye — Member

ENUGU STATE POLYTECHNIC, IWOLLO GOVERNING COUNCIL

Rev. Fr. Prof. Anthony Aniagboso Igwe — Rector
Deaconess Ifeoma Nwobodo — Chairman, Governing Council
Obinna Aleke — Member
Barr. Henry Okeke — Member
Emeka Abba — Member

ENUGU STATE COLLEGE OF EDUCATION (TECHNICAL) (ESCET) GOVERNING COUNCIL

Barr. Nwabueze Ugwu — Chairman
Prince Cletus Ajaegbu — Member
Dr. Chiesonu Isiga Eruchalu — Member
Dr. Chukwuemeka Nwatu — Member
Theophilus Onyebeke — Member
The appointments take effect immediately.

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Boko Haram attacks APC governorship candidate’s convoy in Borno

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Mustapha Gubio
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Suspected members of Boko Haram terrorists have attacked the convoy of Mustapha Gubio, the governorship flagbearer of the All Progressives Congress (APC) in Borno State.

Sources said the incident took place along the Gubio-Karote-Damasak highway in the northern part of the state on Thursday.

Damasak is located in northern Borno and is about 190km from Maiduguri, the state capital.

The convoy was en route to Mobbar, headquarters of Damasak Local Government Area, to pay a thank-you visit to members of the APC for their support which led to his emergence as the consensus candidate in the party’s last primary elections.

Sources said: “The convoy came under heavy attack around Kareto community at about 2:30pm, but was swiftly repelled by a combined team of security escorts, including soldiers, police, NSCDC, DSS, CTJF and vigilante groups.”

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According to an insider who escaped but did not want his name mentioned, “The incident happened during a thank-you tour by Mustapha Gubio and his team to the northern part of the state.

“It was a terrifying moment for us; we came under heavy attacks by terrorists yesterday.”

He continued, “The terrorists fired several Rocket Propelled Grenades (RPGs) on our convoy, which also followed by sporadic shooting. Luckily, our security agencies repelled the attacks.

“Police armoured vehicles were damaged, but there was no casualty,” said the source.

Force Public Relations Officer, Ani Iniedu, confirmed the attack, saying: “Police tactical operatives successfully counter-engaged suspected terrorists who attacked a convoy along the Kareto–Damasak Road with an IED and rocket-propelled grenades.

“The tactical team forced the terrorists to retreat into the surrounding bush and subsequently scanned and cleared the immediate axis to neutralise secondary explosive threats.

“The convoy, conveying a gubernatorial aspirant, government officials and political stakeholders, was safely evacuated to a secure location with no casualties recorded among members of the entourage.”

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Harsh economic policies pushing young Nigerians to sell their kidneys to survive — Atiku

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Atiku Abubakar, the presidential candidate of the African Democratic Congress, has blamed the desperation of young Nigerians to sell their kidneys on President Bola Tinubu’s harsh economic policies.

It could be recalled that the police last week raided a hospital in Abuja, the Federal Capital Territory, FCT, after it was reported that at least 10 young men were victims of organ harvesting.

Atiku, presidential candidate of the African Democratic Congress, ADC, has now accused President Bola Tinubu of making life more expensive for Nigerians, saying he would make the country affordable again if given the opportunity.

In a post on his X handle on Friday, Atiku expressed concern over reports of young Nigerians allegedly selling their kidneys and other body organs in desperate attempts to survive the country’s worsening economic hardship.

He said young Nigerians should be pursuing their dreams, building careers and developing innovative ideas rather than considering the sale of their body organs as a means of survival.

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“I have heard disturbing stories about the extent to which young Nigerians are being driven simply to survive.

“Perhaps the most horrifying are the growing reports of young people selling parts of their bodies: kidneys in particular, in desperate attempts to raise money.

“Young people should be selling dreams, ideas and innovation, not their body organs,” Atiku wrote.

He added that the rising cost of food, transportation, rent, school fees, medicine and electricity had worsened the living conditions of many Nigerians.

According to him, reports that some young Nigerians were being driven to sell their kidneys for as little as N1.7 million reflected the level of desperation caused by the cost-of-living crisis.

Atiku said Nigeria’s laws prohibiting commercial organ sales and organ trafficking were insufficient to address the poverty and desperation that make vulnerable young people targets of criminal networks.

He stressed that economic reforms should improve the living conditions of citizens by making basic necessities more affordable.

“Economic reform must have a human face. It must mean affordable food, cheaper transportation, accessible healthcare, decent jobs and renewed hope for the next generation.

“Our young people should be selling their ideas, talents and innovation to the world and not their kidneys for N1.7 million just to survive at home,” he said.

Atiku described the situation as the human cost of Nigeria’s cost-of-living crisis, accusing the Tinubu administration of worsening the economic burden on Nigerians.

He further stated that “Tinubu made Nigeria expensive. I will make Nigeria affordable again.”

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