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CBEX resumes operations as EFCC probes N1.2tn fraud

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Despite the alleged N1.2tn digital trading fraud that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange trading platform, accused of these acts, has resumed operations, announcing fresh withdrawal options in a move to restore investor confidence.

Two traders on the CBEX platform confirmed Wednesday that the digital trading firm has quietly resumed operations, allowing new users to register, trade, and withdraw profits, despite ongoing investigations by regulatory agencies.

According to the sources, an insurance verification process and an external audit of the company’s financial records are currently underway to ascertain the actual amount lost in the scheme, which collapsed in April.

They added that existing investors, many of whom have been unable to access their funds for weeks, will be able to take out their funds starting from June 25, 2025, when the audit is expected to be concluded by an insurance firm based in the United Kingdom.

This development comes barely weeks after the Securities and Exchange Commission declared the platform illegal, and the Economic and Financial Crimes Commission confirmed an ongoing investigation into the firm’s operations.

CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading. The trading platform started operations in 2024 after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.

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No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.2tn after it collapsed on April 14, 2025.

Miffed by the development, the EFCC declared eight persons wanted for promoting the program. They include Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

On Monday, Adefowora Abiodun, a prominent leader and trader on the platform, voluntarily surrendered himself to the anti-graft agency for interrogation.

Other regulatory agencies, such as the SEC, also condemned the operations of the suspected Ponzi scheme, warning Nigerians to exercise extreme caution and steer clear of investment platforms that offer unrealistic returns under the guise of digital trading.

However, in defiance of regulatory warnings, fresh findings by The PUNCH on Wednesday revealed that more Nigerians are still being lured by promises of quick profits, with new users flocking to the platform in hopes of cashing in on its resumed operations.

One of the sources told one of our correspondents in confidence due to lack of authorisation to speak on the matter, that withdrawal options on the CBEX platform had been reactivated, noting that while new accounts could process withdrawals, funds from older accounts—allegedly wiped—remained inaccessible for now.

The trader noted that the platform is making efforts to clear its name of any allegations of fraud or any association as a Ponzi scheme.

The source said, “People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain the withdrawal. The old account was wiped; you can’t take out funds from it yet. On the 14th of this month, the Artificial Intelligence on the platform traded 100 per cent, lost its trade, and wiped people’s money out.

“But now, the promoters are saying that the platform and the CBEX application are insured, with verification of funds ongoing by the insurance company. Now, previous investors who have $1,000 as their capital would have to inject $100, and the former account balance would be restored, while persons with over $1,000 would have to put in $200 to bring back the account balance. And we have started seeing people put in these funds to get back their money, and are using it to trade now, as I talk to you.

“According to the latest information shared, previous investors can only trade but not withdraw because the United Kingdom government is carrying out an audit on their financial account, which will be completed between 30 to 60 days. Hence, the reason why previous investors cannot withdraw their funds yet.

“But from June 25th, you can now withdraw up to 50 per cent of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital. But if you don’t do the verification, it won’t reflect in your account.”

Another source explained that fresh investors are currently able to register new accounts, fund them, and withdraw profits without restrictions, as the newly created accounts are not subject to ongoing audits.

According to the source, only the old accounts remain under financial review.

The promoters also refute allegations of fraud, insisting that funds remain intact and that the ongoing audit was focused on reconciling discrepancies in old accounts.

“Currently, fresh investors can register a new account, fund it, and withdraw their profit. The new accounts are not under audit. It is the old account that is under review.

“What they are auditing is because the Federal Government said they scammed Nigerians of N1.2tn, and they are insisting that the amount is not up to half of the publicised amount. They are claiming only N126bn was lost, and that is the reason for the audit. But new accounts can now start investing and get their money. There is also a bonus for referrals that you can withdraw immediately, and this is ongoing currently.

“They just want to prove to Nigerians that they are not scammers. It was just because AI traded 100 per cent of the funds that the money was lost. There is a new group where people can say whatever they want to say; they also drop signals for trading three times a day, but it is no longer automated; you have to do it by yourself. They would give you a code; you just have to put it in your account and trade. If you notice any abnormality, you can cancel it. That was how it was before AI started doing the trading,” the source stated.

When questioned on why the audit was not conducted by the Nigerian government, a source explained, “The firm is registered in the United Kingdom, not in Nigeria. They merely extended their operations here. In fact, they also have branches in Kenya, South Africa, and Egypt.”

Similarly, messages sent to a new Telegram group created for information sharing showed that a person could withdraw referral bonuses.

Addressing concerns from interested members in a user group, an admin identified simply as Laura stated that the specific cause of the platform’s issues was still under investigation, adding that the findings of the ongoing probe by the UK government would determine what is eventually made public.

The message read, “There are some factors in the incident on April 14th that I cannot tell you in detail. I can only tell you that Al was attacked and the trading strategy was tampered with.

“This is why some users who did not turn on HOSTING were able to survive. And this attack was definitely not from an individual, because Al’s firewall cannot be easily breached. Including the Bybit hacker incident last month, it was definitely not something that an individual could do. This was an organized and premeditated action.

“The specific cause is under investigation, and we need to wait for the official investigation results of the UK government before we make it public. As for this channel, some scammers affected by ST and online rumour mongers who received donations from scammers deliberately stigmatized the compensation.

“Some rumour mongers even claimed that CBEX administrators transferred more than $800m in assets. These are purely slanderous rumours. An exchange’s payment system can’t have only one common account. The payment system will randomly generate deposit addresses. These are all procedures of the exchange Including any wallet we use now will regularly update the deposit address.”

According to her, users must first accept the claims process initiated by the insurance company linked to the ST Fund firm.

She said, “We need to accept the claims processing of the insurance company that the ST fund company is tied to.”

The process involves verifying the authenticity of each account before any compensation can be issued for losses allegedly caused by the AI-related incident on April 14.

She added that many users have already begun receiving compensation.

“Moreover, the impact of this incident on the Internet has seriously exceeded our expectations. The UK government has also been negotiating with the Nigerian government.

“So the EFCC of Nigeria also contacted the CBEX official yesterday and provided absolute evidence through ST, proving that the ST fund company has indeed compensated users for their losses. You know the EFCC of Nigeria… If they are not absolutely sure, how can they have such courage to say to the public, ‘you will get your money back?’”Efforts to get the EFCC’s spokesman, Dele Oyewale, reaction on the latest development proved abortive. He did not pick up calls to his line and was yet to respond to a message sent to him on the matter.
However in furtherance of its investigation, the anti corruption agency has declared a foreign national, Elie Bitar, wanted for his alleged involvement in a cryptocurrency investment fraud linked to the online trading platform, Crypto Bridge Exchange.

In a bulletin released on Wednesday via the commission’s official social media platforms, the EFCC called on members of the public with useful information about Bitar’s whereabouts to contact any of its offices nationwide or reach out through its hotlines and email.

His last known address, according to the EFCC, is Eng. George Enemoh Crescent, Lekki Phase 1, Lagos.

It read, “The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the EFCC for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange,” the statement read.

Meanwhile, the Nigerian Financial Intelligence Unit has issued a strong advisory warning Nigerians against engaging in unregulated digital asset investment platforms, many of which exhibit traits of Ponzi and pyramid schemes.

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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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Man drags wife to court over denial of conjugal rights

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A man, Mr Monday Atabo, on Friday dragged his wife. Grace, before an Upper Area Court in Masaka, Nasarawa State for denying him his conjugal rights.

Atabo, is seeking dissolution of his marriage to Grace, a businesswoman.

He also accused his wife of infidelity.

His words: “I married Grace according to Igede customs and tradition of Benue in 2010 at the Upper Area Court.

“We have four children. My wife is short tempered and does not respect me.

“She denies me of my conjugal rights. She started using family planning medication without my knowledge and consent,” he said.

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He averred that all efforts made for the respondent to change, failed.

Atabo said he wants a divorce because the union has broken beyond repair.

“I am seeking this divorce based on lack of trust. If she doesn’t swear to Aleku (traditional deity) I will not allow her in my house because I don’t want to die,” he said.

Responding to the claims, Grace, denied all allegations against her by her husband saying he married her at the age of 17 but later changed.

“He started suspecting me of infidelity because I started a business in 2021.

“I was cleared after performing the ritual before the Aleku,” she said.

Grace told the court that she was no longer interested in the marriage.

She also claimed joint ownership of the house they lived in.

The News Agency of Nigeria (NAN) reports that both parties are seeking custody of the children.

The judge, Salisu Mohammed, granted them the divorce based on their prayers.

He adjourned the matter of custody until July 9 for hearing. (NAN)

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Xenophobia Crisis: 700 Nigerians stranded in South Africa as June 30 deadline sparks anxiety

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‘We’re hungry and homeless“, Stranded Nigerians in South Africa cry out
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More than 700 Nigerians remain stranded in South Africa three days before the June 30 deadline issued by anti-immigration groups.

It was gathered that despite President Bola Tinubu’s approval of funds for their evacuation, bureaucratic delays have prevented the release of the money, leaving hundreds stranded amid escalating xenophobic tensions.

Findings by Saturday PUNCH showed that although the President approved funding for four additional rescue flights after the first evacuation brought home 258 Nigerians, the money had yet to reach the designated carrier, Air Peace.

Stranded Nigerians in South Africa awaiting evacuation

This delay, according to officials of the Ministry of Foreign Affairs, the Nigerians in Diaspora Commission and the Nigeria High Commission in South Africa, is stalling the evacuation operation and leaving hundreds of Nigerians exposed to attacks.

The officials confided in one of our correspondents that Air Peace had declined to deploy aircraft to evacuate the remaining stranded Nigerians until payment was confirmed.

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The delay has heightened fears among the stranded Nigerians as xenophobic tensions continue to escalate across South Africa.

The President of the Nigerian Citizens Association in South Africa, Rev. Frank Onyekwelu, said that over 20 Nigerians had died since the renewed wave of anti-foreigner attacks, while many others had been assaulted, displaced or forced to abandon their businesses.

Over 700 Nigerians stranded

According to the officials, over 1,000 Nigerians registered with the Federal Government for evacuation.

However, only 324 have been successfully brought home so far through a combination of government efforts and private intervention, leaving more than 700 Nigerians at risk of attacks and exposed to the elements.

The first batch of returnees (258) arrived in Lagos on June 11 aboard Air Peace, while the second batch (66) arrived on June 24 aboard ValueJet.

Welcoming the second batch of evacuees, the Coordinator and Head of the Lagos Liaison Office of NiDCOM, Dipo Odebowale, who represented the Chairman of the commission, Abike Dabiri-Erewa, commended Tinubu for facilitating the operation.

He noted that the logistical challenges encountered after the first evacuation flight were being addressed by the Minister of Foreign Affairs, Bianca Ojukwu, who pledged that all Nigerians registered for evacuation would eventually be brought home.

Probing the logistical challenges, it was gathered that Air Peace, which was expected to evacuate the stranded Nigerians, had yet to receive payment two weeks after Tinubu approved the request.

It was further gathered that the airline had planned to deploy its Boeing 777 aircraft to evacuate the registered Nigerians in four separate flights.

However, the operation was allegedly stalled because the payment issues had yet to be resolved.

A top official in the aviation industry, who spoke on condition of anonymity because she was not authorised to comment on the matter, said, “Air Peace was supposed to complete the rescue mission in four flights, but even before the mission started, we started hearing that about five airlines were bidding for the operation. Meanwhile, it had always been Air Peace doing this job before now.

“I have enough information that Air Peace has yet to embark on the second evacuation operation because of the payment issue.”

She further disclosed that the delay in payment to Air Peace was responsible for the intervention of ValueJet, which conveyed the second batch of stranded Nigerians to the country.

“The government gave ValueJet the job because discussions with Air Peace seemed to be dragging over payment, and operators are not ready to do free jobs now, considering the price of aviation fuel,” she stated.

However, an official of the Ministry of Foreign Affairs, who also spoke on condition of anonymity, told Saturday PUNCH that Air Peace was scheduled to carry out the second batch of the evacuation on Monday but failed to deploy its aircraft because of the payment issue.

The official disclosed that some Nigerians who had already been directed to report at the airport in Johannesburg in anticipation of the Air Peace flight were later returned to the Nigeria High Commission.

The source lamented that the administrative bottleneck was frustrating the evacuation plan.

He said, “When we operated the first flight, it was paid for by Mr President. Then we submitted requests for four subsequent flights, which have also been approved by him. That was two weeks ago. But approval is different from when the money reaches Air Peace’s account.

“So, we are waiting for the administrative procedure that will ensure the money is paid into Air Peace’s account before we can authoritatively say when the next batch of the four flights will be.”

On the arrival of the 66 Nigerians, the official said, “The second flight was supposed to leave Johannesburg on Monday. We invited those who were supposed to be on the flight to come to the High Commission. From the High Commission, they were to be moved to the airport to board the flight to Nigeria.

“However, after inviting them, we later got information that the Monday flight would not come because of this administrative issue.

“Some of those who had already arrived and could not return to any reliable accommodation were sheltered at the High Commission. The High Commission was feeding and taking care of them pending when the flight would be ready. Because of the administrative issue last week, the mission decided to raise the alarm to see how well-meaning Nigerians could intervene to assist those already waiting with their luggage at the High Commission.

“The owner of ValueJet responded and paid for 66 tickets on South African Airways to bring them (the stranded Nigerians) to Lagos on Wednesday night.”

Asked how soon the administrative issue would be resolved, the official expressed optimism that the next evacuation flight might depart for South Africa on Monday.

“I am optimistic that between now and Monday, we will be able to state exactly when the next flight will commence.

“The issue is not about approving a request; it is about Air Peace confirming payment, then giving us a date to deploy its aircraft.”

Similarly, a NiDCOM official, who also spoke on condition of anonymity, lamented that the logistical challenges, including the non-availability of aircraft, were responsible for the delay.

“The Federal Government is committed to evacuating the affected Nigerians in South Africa. About 1,000 of them registered for evacuation. But logistical issues, including the non-availability of aircraft, are delaying the subsequent evacuation process,” he said.

Meanwhile, efforts to obtain comments from Air Peace and ValueJet were unsuccessful.

Calls and text messages sent to Air Peace’s spokesperson, Efe Osifo-Whiskey, and ValueJet’s Managing Director, Capt. Dapo Majekodunmi, were neither answered nor acknowledged as of the time of filing this report.

The renewed xenophobic attacks

Since late April, xenophobic tensions have resurfaced in South Africa, where foreign nationals, particularly Africans, have increasingly become targets of hostility over allegations that they are taking jobs and straining public services.

Political leaders and parties such as ActionSA, the Patriotic Alliance and uMkhonto we Sizwe have continued to portray foreign nationals as competitors for jobs and government services, fuelling anti-immigration sentiments across parts of the country.

The growing hostility has triggered violent attacks on foreign nationals, including Nigerians, with many reportedly assaulted, displaced or forced to abandon their businesses and other means of livelihood.

Social media has also been awash with videos showing protests and intimidating marches by anti-immigration groups demanding the removal of foreigners.

During several of the demonstrations, Nigerians and other African nationals reportedly came under attack.

Among the groups driving the campaign are March and March and Operation Dudula, two South African anti-immigration movements advocating stricter enforcement against undocumented migration.

They have repeatedly used messages and videos circulated online to call on foreign nationals to leave South Africa on or before June 30.

The renewed threats prompted the Federal Government to activate an emergency evacuation plan by deploying aircraft to bring willing Nigerians back home.

Xenophobic tensions claim over 20 Nigerian lives

Speaking on the death of over 20 Nigerians, Onyekwelu disclosed that they died between late 2025 and June 2026.

He explained that some of the victims were killed extrajudicially, while others died from shock following the vandalisation of their shops or the destruction of their businesses.

Speaking with Saturday PUNCH on Thursday, Onyekwelu said, “The claim that Nigerians have not suffered as a result of these xenophobic attacks is not true. Between late last year and now, over 20 Nigerians have been reported dead.

“Some of them died due to extrajudicial actions. Others died from the stress that followed the vandalisation or looting of their businesses in places like KwaZulu-Natal.

“Some Nigerians were forced to lie on the streets and were flogged publicly. You could see the wounds on their bodies. In the Eastern Cape, some had their cars torched. In Johannesburg, some businesses were vandalised.

“This is not propaganda by the community or the media. We have names, pictures and evidence. These incidents happened in Cape Town, KwaZulu-Natal, East London and Johannesburg. We have leaders in all these areas, who compile the reports and send them to us.”

Anxiety mounts over June 30 deadline

Meanwhile, many Nigerians who have chosen to remain in South Africa have expressed anxiety over the June 30 deadline issued by the anti-immigration groups.

The Public Relations Officer of the Nigerian Union South Africa, Akin Olunloyo, said the situation remained volatile, with many Nigerians and other foreign nationals living in fear amid rising cases of harassment, intimidation and attacks.

According to him, immigrants have been subjected to verbal abuse, threats, physical assaults, forced evictions and the destruction of property, while organised vigilante groups have increasingly targeted foreign communities.

“The situation remains very volatile and deeply troubling because people are scampering, and there is a lot of fear in town as we approach the June 30 deadline. The organised hostility manifests in various forms, including verbal harassment, threats and intimidation.

“While these protests target undocumented migrants, the violence and intimidation affect everyone perceived to be of African descent, whether they are in South Africa legally or not.

“The pervasive nature of the threat means that many Nigerians feel very unsafe and are choosing to leave rather than risk their personal safety,” he said.

Olunloyo explained that anti-immigration groups had maintained constant pressure through regular marches, demonstrations and coordinated campaigns on social media, creating what he described as a “thick climate of fear” affecting the daily lives of foreign nationals, regardless of their legal status.

He disclosed that the Federal Government would soon release the flight schedules for the evacuation of the remaining Nigerians at the deportation camp.

Olunloyo commended the Nigerian Government, the Nigerian High Commission in Pretoria and the Consulate General in Johannesburg for providing humanitarian support, including temporary shelter, food, bedding and toiletries for stranded Nigerians, particularly women and children, while continuing to issue safety advisories ahead of the planned anti-migrant protests.

Businesses crumble

Also, a Nigerian trader based in Johannesburg, Eniola Bayewunmi, said many Nigerians had been forced to remain indoors for the past month for fear of being attacked by anti-foreigner protesters or arrested by the police.

She lamented losing more than N15m after being unable to operate her business for about a month.

“We have been staying indoors for the past month. They have prevented us from going out to open our shops or conduct our businesses,” she said.

According to her, protesters, with the backing of security operatives, have been carrying out raids on foreigners’ residences, demanding documents and forcing those arrested to pay between 1,500 and 2,500 rands as bail.

She further alleged that South African police officers have been blocking neighbourhoods where foreigners live, preventing them from leaving their homes to open their shops, conduct business or carry out other daily activities.

“The police are backing the protesters and even encouraging them to carry out raids on the residences of foreigners. The protesters, with the support of the police, are going from house to house demanding documents from migrants,” she said.

Evacuation to resume any moment — FG

However, the Federal Government has promised that the evacuation programme will resume at any moment, urging Nigerians who have already been screened to remain on standby for their departure.

In a statement issued on Thursday by the Nigerian High Commission in Pretoria and made available to Saturday PUNCH by the spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, the mission said the evacuation was temporarily suspended due to logistical and technical challenges.

The High Commission said the issues had been resolved and assured affected citizens that flight arrangements were being finalised.

“The ongoing voluntary repatriation of Nigerian nationals, which was temporarily suspended due to logistical and technical reasons, will resume any moment from now.

“The mission reassures all persons who have been screened to hold themselves in readiness to depart anytime their flight arrangements are finalised,” the statement read.

The mission explained that travellers would be contacted individually based on the flight schedule and cautioned screened Nigerians against coming to the High Commission unless officially invited.

“Everybody who has been screened should remain on alert, as the mission will directly notify those scheduled to travel to come to the High Commission based on the sequence of flights arranged for their respective dates and times.

“Please take note that unless you are called, do not come with your luggage or personal belongings, as we do not want anybody to be left stranded at the gate of the mission,” it warned.

The mission said it had formally appealed to the South African authorities to ensure adequate protection for Nigerian nationals.

“Moreover, the mission is obliged to inform all that a written appeal has been forwarded to the host authorities, seeking protection for our nationals in the country before, on and after June 30, 2026.

“While we await an immediate and positive response from the authorities, we urge our nationals to continue to be law-abiding, remain united and exercise caution in the face of extreme provocation,” it added. (Saturday PUNCH)

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