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Interpol joins EFCC in N1.3tn CBEX probe as investors lament losses

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Alleged N100m fraud: Prosecute Yahaya Bello now – PDP chieftain tells EFCC
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The Economic and Financial Crimes Commission has launched an investigation into the alleged N1.3tn frauds perpetrated through a digital investment platform, CryptoBank Exchange.

CBEX, operated by a group of foreign nationals in collaboration with their Nigerian partners, reportedly collapsed on Monday, leaving thousands of investors stranded and unable to access their funds.

The EFCC spokesman, Dele Oyewale, confirmed on Tuesday that the commission would collaborate with the International Criminal Police Organisation to investigate the incident.

Oyewale stated that the agency had already begun investigating CBEX before its collapse.

He added that efforts were underway to arrest both the local and international operators behind the fraudulent scheme.

He said, “We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in.

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“We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes. Don’t forget that we already issued an advisory — the 58 companies we alerted the public about. There are many more we are currently investigating.”

He also revealed that the commission was working to uncover other Ponzi schemes operating across the country.

“We are actively working to handle the CBEX situation. We will collaborate with other regulatory agencies to ensure that Nigerians are protected from this kind of scheme. We will do our job—where recovery is possible, we will recover; where prosecution is possible, we will prosecute.

“Overall, we will do our best. Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering INTERPOL to trace the foreign operators,” he added.

The quantum of the CYBEX fraud could not be immediately verified but unconfirmed reports claimed Nigerian and foreign investors on the platform lost about N1.3trn in USDT.

Reports put the volume of stolen investors’ funds at $847m, which may likely increase.

The investment platform claims to offer 100 per cent returns within 30 days via online trading, but it restricted withdrawals on April 9, 2025.

Users were shocked to find that their accounts balance had been wiped out. The platform curiously asked them to deposit at least $100 to access their funds.

Several new users were said to have signed up in the days after the restricted withdrawals, in the belief that it was only a temporary security glitch and would be resolved in a matter of days.

Shortly before locking out its subscribers, the platform sent a message to them stating, “All accounts need to undergo the following verification steps to ensure their authenticity. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews.”

CBEX had reportedly changed its domain name several times between January 2024 and February 1, 2025.

The platform, widely promoted on social media and among peer networks, promised high returns on investment, which induced Nigerians to invest substantial amounts.

The development came a few days after the Securities and Exchange Commission warned Nigerians to stay clear of unregistered trading platforms.

The SEC particularly pointed out that, in accordance with the Investment and Securities Act, 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.

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.”

Agama 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.

“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 planning to set 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.”

Meanwhile, the crash of the platform has triggered nationwide outrage.

In Ibadan, Oyo State, aggrieved investors stormed the CBEX office in the Oke Ado area, forcing their way into the building and carting away furniture and office equipment in a show of frustration.

Members of the Nigeria Police Force and Western Nigeria Security Network, codenamed Operation Amotekun, were subsequently drafted to maintain peace at the CBEX office.

One of our correspondents, who visited the area on Tuesday, observed that patrol vehicles belonging to both the police and Amotekun were strategically stationed in the area.

An eyewitness said, “The crash of the online platform was announced yesterday (Monday). That’s what prompted many of those who invested in the scheme to storm the office to express their displeasure.

“As you can see, some security agents have been stationed at the office to prevent breakdown of law and order.”

The state Police Public Relations Officer, Adewale Osifeso, could not be reached for comments as of the time of filing this report.

In Abuja, the CBEX office located in the Jahi district was under lock and key when The PUNCH visited on Tuesday.

A private security guard stationed at the gate said access was now strictly limited to prevent possible attacks.

He also said no staff of the company came to work on Tuesday for fear of being attacked by frustrated investors.

“The instruction we received this morning was to lock the gate and carry out a due check to ensure the facility is not invaded. They are not the only ones here, and it may affect other businesses.

“That is why we did not allow you in. People have been coming, but we have refused to allow them to enter. Apart from this, none of their staff came to work today. I think they might have been informed not to show up, “the security guard said.

An investor lamented that she lost $10,000 to the scheme, adding that she was convinced that the business was legitimate when she saw her friend’s huge profit.

The victim, who spoke on condition of anonymity, stated, “I invested over $10,000 in the scheme. It has been a tough time for me. I was introduced by a friend and was convinced after I was shown evidence of the amount she made.”

She urged the security agencies to intervene and help them recover their funds.

“If the security agencies can help us recover our money back, we would be grateful.”

A businessman said he introduced three friends who invested about $8,000, while bemoaning the situation.

He said, “I am lucky to have escaped being defrauded. I invested $100 and I have made more than I invested, so I didn’t lose anything, though my $100 capital is trapped.

“But I feel bad that the people I introduced to the scheme might have lost their $8,000 investment. I don’t know how to broach the issue with them.”

In a post on Instagram, #the_real_aduke posted that she lost the $1,000 she was saving for her wedding.

She said, “I lost $1,000. That was my bridal savings. I don’t even know how to tell my fiancé. I feel numb.”

Chinenye Nduka disclosed her brother’s loss in a Facebook post, saying, “My brother invested his school fees and now he can’t even face my parents. God, this country keeps dealing with us.”

The Minister of the Federal Capital Territory’s spokesman, Lere Olayinka, called on the EFCC and the police to intensify efforts to unravel the fraudulent scheme.

However, he criticised the victims for their greed.

In a post on X (formerly Twitter), Olayinka wrote, “As for victims of CBEX, police and EFCC should be on the lookout. I don’t have sympathy for greed and foolishness.”

In March, the EFCC released a list of 58 companies involved in illegal investment schemes across Nigeria.

The EFCC spokesman, in a statement, revealed that some of the companies have already faced prosecution with five convicted for fraudulent activities.

He said another five companies pleaded guilty and are awaiting further legal procedures, but other companies on the list are yet to be arraigned in court.

Among the indicted companies are Wales Kingdom Capital and Bethseida Group of companies.

Others include AQM Capital Limited, Titan Multibusiness Investment Limited, and Farmforte Limited & Agro Partnership Tech, Richfield Multiconcepts Limited, Forte Asset Management Limited, and Biss Networks Nigeria Limited and others.

The commission said the companies lured investors with promises of quick and unrealistic profits in agriculture, real estate, and forex trading.

“They operated without proper licenses, deceiving the public with false investment opportunities. Many investors suffered heavy financial losses after these companies disappeared with their money. The EFCC has intensified efforts to recover stolen funds from these fraudulent companies,’’ the anti-graft commission stated.

Oyewale warned Nigerians to exercise caution before committing funds to any financial entity not duly registered with regulatory bodies.

“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” the statement added.

He urged victims of fraudulent schemes to come forward with complaints and assured them that efforts were ongoing to recover funds where possible.

Meanwhile, as news of the collapsed CBEX scheme continues to ripple through Nigeria’s financial space, the staggering losses have left many questioning how such a massive fraud flew under the radar.

But for experts, the answer lies in a painful mix of unchecked greed and willful ignorance.

A banker and financial educator, Kelechi Godfrey, told The PUNCH how he was wooed to join the scheme.

He said, “Someone approached me to join CBEX, saying, ‘you are into finance, you can talk about this, generate leads and get people on it.’ When I asked, I said that they traded crypto using AI and they get plenty of returns. And in 30 days, you can get like 100 per cent of what you invested. I told the person that while AI is good when you start allowing AI to trade for you, some things happen in the market that AI cannot understand. But the person insisted that it was legitimate.

“Here’s one thing about us Nigerians, we are greedy, we want to eat our cake and have it back. You want to invest N100 and get N200 in the next hour and that has eaten deep into the finances of so many people and the funny part is due diligence is not being done. Google is your friend, and ChatGPT is there, how many minutes would it take to search for information on something that they want to invest in?

“We are talking about $800m worth of investment going down the drain. This amount of money put into the economy can impact positively on the economy and it’s lost to a Ponzi scheme that ran for how many days. Always do your due diligence, when you see returns that are not normal, that is too good to be true, just know that there is something fishy going on there. I also heard that they were forcing them to register people. A system that works well will not need you to bring in people. There is a lot we need to do.”

A financial analyst and investment banker, Segun Aremu, echoed similar sentiments saying that basic human greed was forcing Nigerians to go into these Ponzi schemes.

“From experience, I have discovered that our investors are oriented in such a way that they want big returns but not big risks. When it comes to this type of scheme, the number one reason is greed. Everyone who has become a victim of the Ponzi scheme is greedy. You may say that the economy is tough and people are trying to beat inflation but the truth is, there are verifiable investment products in the market for people. We keep saying these things but people turn a deaf ear. People are bullish without fundamentals.

“Secondly, the higher the returns, the higher the risks involved. Anywhere they are telling you about 100 per cent returns, just know that your money can also go missing. Many Nigerians don’t understand their risk appetite vis-à-vis their investment objective. That means when you are saving for school fees, you don’t use such funds for risky investments. Also, a lot of Nigerians don’t see financial advice and we are many in the market.”

Aremu projected that this experience would stop the next set of victims of the Ponzi scheme.

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Attorney General asks Court to deregister ADC, Accord, three other parties

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The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN
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The Attorney General of the Federation has urged the Federal High Court in Abuja to compel the Independent National Electoral Commission (INEC) to deregister five political parties, arguing that their continued existence violates constitutional provisions and undermines Nigeria’s electoral integrity.

In court filings, the Attorney General contended that unless the court intervenes, INEC would “continue to act in breach of its constitutional duty” by retaining parties that have failed to meet the minimum requirements prescribed by law.

The filing stressed that the right to associate as a political party is not absolute and must be exercised within constitutional limits. It further argued that it is in the interest of justice for the court to grant the reliefs sought by the plaintiffs.

The suit, marked FHC/ABJ/CS/2637/2026 and filed at the Abuja Judicial Division of the Federal High Court, lists the Incorporated Trustees of the National Forum of Former Legislators as the plaintiff.

The defendants include INEC as the first defendant and the Attorney General of the Federation as the second defendant, alongside five political parties: African Democratic Congress (ADC), Action Alliance (AA), Action Peoples Party (APP), Accord (A), and Zenith Labour Party (ZLP).

At the center of the issue in the case is whether INEC has a constitutional obligation to remove parties that fail to meet electoral performance thresholds set out in Section 225A of the 1999 Constitution (as amended) and reinforced by the Electoral Act 2022 and INEC’s own regulations.

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The plaintiffs argue that the affected parties have persistently failed to satisfy the constitutional benchmarks required to retain their registration. These include winning at least 25 per cent of votes in a state during a presidential election or securing at least one elective seat at the national, state or local government level.

They contend that the parties performed poorly in the 2023 general elections and subsequent by-elections, failing to win seats across key tiers of government, yet continue to be recognised by INEC as eligible political platforms.

The plaintiffs maintain that this continued recognition is unlawful and undermines the integrity of Nigeria’s electoral system.

In the affidavit supporting the suit, the forum’s national coordinator, Igbokwe Raphael Nnanna, states that allowing parties that have not met constitutional requirements to remain on the register “is unconstitutional, illegal and a violation” of the governing legal framework.

The suit asks the court to declare that INEC is duty-bound to deregister such parties and to compel the commission to do so before preparations for the 2027 elections advance further.

Beyond declaratory reliefs, the plaintiffs are also seeking far-reaching orders that would bar the affected parties from participating in the next general elections or engaging in political activities such as campaigns, rallies and primaries. They further request injunctions restraining INEC from recognising or dealing with the parties in any official capacity unless and until they comply strictly with constitutional provisions.

Central to the plaintiffs’ argument is their interpretation of the law as imposing a mandatory duty on INEC. They argue that the use of the word “shall” in the Constitution leaves no room for discretion once a party fails to meet the stipulated thresholds.

In their written address, they rely on statutory provisions and judicial precedents to contend that electoral performance is an objective condition that must be enforced to maintain discipline, transparency, and accountability in the political system.

Attorney General backs plaintiff
In a notice filed pursuant to Order 15 Rule 1 of the Federal High Court (Civil Procedure) Rules, 2019, the Attorney General, who is a defendant in the suit, formally admitted the plaintiff’s case to the extent of his constitutional responsibilities.

He maintained that, as the chief law officer of the federation, he is duty-bound to defend and uphold the Constitution, including ensuring compliance with the Electoral Act and other laws governing elections in Nigeria.

The filing emphasised that the Attorney General’s role extends beyond litigation to preventive oversight, ensuring that laws are faithfully implemented to maintain public confidence in the electoral process. It described the case as a public interest litigation aimed at safeguarding democratic integrity and promoting constitutional observance.

According to the document, the Attorney General argued that citizens, including the plaintiff group, have the right to challenge constitutional breaches, particularly where electoral processes are concerned. He added that supporting such litigation aligns with his dual role as both a defender of the state and an advocate for citizens’ rights.

The submission also highlighted the broader implications of non-compliance by political parties. It argued that the continued existence of parties that fail to meet constitutional thresholds contributes to ballot congestion, increases the cost of election administration, and undermines the intent of Section 225A of the 1999 Constitution (as amended), which empowers INEC to deregister underperforming parties.

The plaintiff further contended that INEC has no residual discretion to retain parties that do not satisfy the constitutional criteria, insisting that failure to deregister them constitutes a continuing breach of constitutional duty. The suit warned that such inaction could be challenged through public interest litigation, as is the case before the court.

Additionally, the filing noted that the plaintiff, comprising former legislators, possesses the requisite standing to institute the action, having been directly involved in the enactment and oversight of Nigeria’s constitutional and electoral framework.

The Attorney General also underscored the importance of access to justice, arguing that his support for the suit would help bridge gaps faced by citizens seeking to enforce constitutional rights. He maintained that collaboration between government institutions and civic actors is essential to strengthening legal literacy, accountability, and democratic participation.

The Attorney General of the Federation is represented in the suit by a team of lawyers led by Prof. J. O. Olatoke, SAN, alongside O. J. David, U. O. Olufadi, D. O. Bamidele, V. D. Maiye, Waheed Abdulraheem and A. K. Abdulmumin, all of whom signed the court filing before the Federal High Court in Abuja.

The case, which has drawn significant attention within political and legal circles, could have far-reaching implications for Nigeria’s party system ahead of future elections, particularly if the court grants the request to compel INEC to act against the affected parties. (TRIBUNE)

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Tinubu names Bianca Odumegwu-Ojukwu as Minister of Foreign Affairs

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Bianca Odumegwu-Ojukwu, Minister of Foreign Affairs
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…Nominates Amb. Sola Enikanolaiye as Minister of State

President Bola Tinubu has appointed Ambassador Bianca Odumegwu-Ojukwu as Nigeria’s new Minister of Foreign Affairs after the resignation of Ambassador Yusuf Tuggar, who is reportedly preparing for a political move ahead of the 2027 general elections.

The President also forwarded the name of Ambassador Sola Enikanolaiye for appointment as Minister of State for Foreign Affairs, pending approval by the Senate.

The appointments were disclosed in a statement released on Wednesday by presidential spokesman Bayo Onanuga.

According to the statement, the reshuffle is aimed at improving Nigeria’s diplomatic strategy and ensuring that the country’s foreign policy supports the administration’s economic agenda more effectively.

“These adjustments are part of ongoing efforts to reposition Nigeria’s foreign policy architecture for greater efficiency, strategic engagement, and stronger global partnerships,” the statement read.

Odumegwu-Ojukwu, who previously served as Minister of State for Foreign Affairs and has years of diplomatic experience, is expected to oversee Nigeria’s international relations as the government intensifies focus on economic diplomacy, regional peace, and wider global partnerships.

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The presidency highlighted her long-standing involvement in global affairs, stating:

“Ambassador Odumegwu-Ojukwu brings decades of diplomatic experience and a deep understanding of Nigeria’s engagement with the global community,” the statement read.

Enikanolaiye, a seasoned career diplomat, had earlier worked as Senior Special Assistant to the President on Foreign Affairs and International Relations.

He has represented Nigeria in several cities around the world, including Addis Ababa, London, Ottawa, Belgrade, and New Delhi.

The statement noted that his nomination is expected to strengthen institutional continuity within the foreign service.

“Ambassador Enikanolaiye’s extensive experience across multiple diplomatic missions will support Nigeria’s evolving foreign policy objectives,” the statement added.

President Tinubu congratulated the two diplomats and urged them to place national interest at the forefront while promoting economic diplomacy and improving the welfare of Nigerians living abroad.

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Awka blacksmiths lament neglect by Govt, indigenes

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