
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 has called me, congratulated me,’ Adeleke says after Osun Re-election Victory
• Adeleke of the Accord Party, polled 511,067 votes to defeat APC’s Oyebamiji, who scored 444,815 votes
Osun State Governor, Ademola Adeleke, has revealed that President Bola Tinubu called and congratulated him shortly after he was declared winner of the August 15 governorship election.
Adeleke made the disclosure while speaking to journalists on Sunday after the Independent National Electoral Commission (INEC) declared him winner of the election.
He thanked President Tinubu for congratulating him, saying the president had contributed to the sustenance of democracy.
“I feel great. First of all, I thank the God Almighty for what has happened today. It’s a victory for democracy in Nigeria,” And, of course, I want to seize the opportunity to thank Mr President. Mr President has called me, and he has congratulated me, and I thank you, Mr President, for making sure democracy lives on because you fought for it, Mr President,” the governor said.
President Tinubu and Governor Adeleke have maintained a pragmatic relationship despite belonging to rival political parties. Despite their political differences, both leaders have maintained a cordial relationship, with Adeleke making high-profile visits to Tinubu and the President engaging with the Osun governor.

Victory for Osun people, Olive Branch
Speaking further, Adeleke said the result represented a victory for the people of Osun, who, according to him, had endorsed his administration’s performance in office.
“A victory for democracy. A victory for Osun people that stood by me and said, Imole, you have done a lot for us. You have given us the dividends of democracy in terms of infrastructure, improving our education, agriculture and so forth. So this is the Osun people saying, ‘Thank you, Mr Governor,’” he said.
The governor, who secured a second term after defeating his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC), said his administration would focus on transforming Osun from a civil service-dependent state into an industrial hub.
“I will repay that thank you by making sure that I have a vision. My vision is to make sure that Osun State moves from a civil servant state to an industrial state. I will make sure, all across Osun State, development is on. I love you all, Osun State,” Adeleke said.
Adeleke also extended an olive branch to his opponents, describing the election as a contest without a victor or vanquished.
“Yes, this is no victor, no vanquished. I want them to come over. I’m expecting Oyebanji, even as a civilised person, to call me and congratulate me,” he said.
Asked whether he had ever feared that the election could go against him, Adeleke replied: “No. I have a God. I have a God who never fails.”
News
Osun: When the people stand, democracy wins, says Obi, congratulates Adeleke
The presidential candidate of the National Democratic Coalition (NDC), Peter Obi, has congratulated Osun State Governor, Ademola Adeleke, on his re-election, describing the outcome of the governorship poll as a victory for democracy and the people.
The Independent National Electoral Commission (INEC) on Sunday morning declared Adeleke of the Accord Party as the winner of the 2026 Osun State governorship election.
Announcing the final results, INEC Returning Officer, Prof. Joshua Ogunwole, the Vice- Chancellor of the Federal University, Oye-Ekiti declared Adeleke winner and returned him elected.
Ogunwole announced that the Accord Party candidate secured 511,067 while his closest challenger, Bola Oyebamiji of the All Progressives Congress (APC) recorded 444,815 votes.
Adeleke trounced his major opponent with 66,252 votes amid wild jubilation by party supporters and other residents.

Reacting in a statement on his official X account, Obi said the people of Osun had spoken clearly through the ballot, while commending citizens, particularly youths, for defending their democratic mandate.
“I warmly congratulate Governor Ademola Adeleke on his re-election and the good people of Osun State on this important democratic victory,” Obi said.
“They, the people of Osun, have spoken with courage and clarity, reaffirming that the power to choose their leaders belongs to the people.
“Through his commitment to the people, compassion for their needs, and the strength of his work and achievements in office, Governor Ademola Adeleke has earned their renewed confidence and been entrusted once again with their mandate.
“I particularly commend the courageous youths of Osun who rose to the occasion and peacefully defended their democratic mandate.
“Their vigilance and determination demonstrate that when citizens stand firmly to protect their votes, the forces of good can overcome the forces of darkness.
“The lesson from Osun is clear: democracy is strongest when citizens are alert, conscious of their civic responsibility, and determined to ensure that their votes count.
“Every genuine vote must be respected, and every lawful mandate must be protected. This is also a clarion call as we approach 2027. Nigerians must remain informed, participate actively, vote, and protect their votes.
“The Nigerian people are the ones experiencing hunger, deprivation, insecurity, and hardship; therefore, they are also the ones with the power, through their votes, to bring about the change that will end these conditions.
“I urge all political actors to place the interests of the people above partisan considerations and to embrace peace, unity, and the rule of law.”
Obi warned that elections should never be battles of violence, but contests of ideas, competence, character, and service.
“May the Osun experience strengthen our confidence in the democratic process and inspire Nigerians everywhere to remain vigilant and committed to building a just, secure, prosperous, and truly people-centred nation. A New Nigeria is possible,” the former Governor of Anambra State added.
News
BREAKING: INEC declares Adeleke winner of Osun gov election
Osun State Governor, Ademola Adeleke, was on Sunday declared elected, having won 19 out of the 30 local government areas in the governorship election held across the state on Saturday.
The State Returning Officer, the Vice-Chancellor of the Federal University, Oye Ekiti, Prof Joshua Ogunwole, declared the result of the poll at about 7:24 am on Sunday.
Adeleke polled a total of 511067 votes to emerge victorious in the contest.
Ogunwole subsequently returned the governor to office for another term.
The incumbent Osun governor, who contested the poll on the platform of the Accord, defeated his closest challenger, Bola Oyebamiji of the All Progressives Congress, who won in 11 LG areas of the state.

While Adeleke won in Ede North, Ede South, Ejigbo, Iwo, Egbedore, Ife North, Ife East, Ife Central, Oriade, Ifelodun, Orolu, Ayedaade, Ayedire, Odo Otin, Boluwaduro, Ilesa West, Ifedayo, Osogbo and Ayedire local government areas.
Oyebamiji, however, won in Irewole, Isokan, Olorunda, Atakumosa East, Atakumosa West, Ilesa East, Boripe, Irepodun and Obokun local government areas.
Declaring the results, Ogunwole said, “Accredited voters, 1010684, total votes received by political parties, A, 511067, AA, 2308, AAC, 1458, ADC, 17180, ADP, 2946, APC, 444815, APGA, 1475, APM, 234, APP, 114, BP, 111, NNPP, 118, PRP, 83, SDP, 155, YPP, 534, ZLP, 2482, total valid votes, 985079, rejected votes, 207, total vote cast, 1,005,800.”
After agents of the political parties have signed the results of the election, the Returning Officer declared Adeleke of the Accord as the winner of the poll.
“That Ademola Nurudeen-Jackson Adeleke having satisfied the requirements of the law is hereby declare the winner of the August 15 Governorship election and returned elected,” Ogunwole said.
The candidate of the African Democratic Congress in the poll, Najeem Salaam, came third in the poll.
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