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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.

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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.

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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Troops neutralise 85 bandits, rescue 283 hostages as 1 Brigade intensifies operations in Zamfara

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1 Brigade Commander, Brig-Gen Mustapha Jimoh
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By ZAGAZOLA MAKAMA

The Headquarters 1 Brigade, Nigerian Army, has recorded significant operational successes in its ongoing counter-banditry campaign in Zamfara State, neutralising 85 bandits, rescuing 283 kidnapped victims, recovering a large cache of weapons and destroying several terrorist camps through sustained intelligence-driven operations.

The Brigade Commander, Brig.-Gen. Mustapha Jimoh, disclosed the achievements during an operational briefing, saying the successes were recorded through coordinated kinetic and non-kinetic operations conducted across the brigade’s Area of Responsibility (AOR).

Jimoh said the operations had significantly degraded the operational capability of armed groups operating in Zamfara State, while improving security for residents, farmers and commuters.

He explained that banditry in the North-West, particularly in Zamfara, had evolved over the years from isolated criminal activities such as cattle rustling into organised violent networks engaged in kidnapping for ransom, attacks on communities, highway ambushes, destruction of public infrastructure and attacks against security personnel.

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According to him, the proliferation of illicit small arms and light weapons, weak governance in remote communities and the exploitation of expansive forest reserves enabled criminal groups to establish strongholds and expand their operational reach.

He noted that from about 2011, armed groups became increasingly organised, establishing camps within the expansive forests of Kuyambana, Kagara, Kamuku and Gungu, which served as operational bases and mobility corridors for criminal activities.

“As the security situation deteriorated, some of these criminal groups adopted tactics commonly associated with terrorist organisations, including coordinated attacks on communities, the use of improvised explosive devices, sophisticated weapons and deliberate intimidation of civilian populations,” Jimoh said.

The Brigade Commander noted that the Federal Government subsequently intensified military operations and designated several of the armed groups as terrorist organisations under Nigerian law, providing a stronger legal and operational framework for confronting the threats.

He said Zamfara remains one of the country’s major security flashpoints because of its strategic location, vast forested terrain and proximity to neighbouring states, which criminal elements continue to exploit for movement, logistics and concealment.

According to him, the activities of the criminal groups have disrupted farming and commercial activities, displaced thousands of residents, destroyed livelihoods and threatened critical national infrastructure.

Jimoh said Headquarters 1 Brigade, in collaboration with other components of the Armed Forces, security agencies and relevant stakeholders, had sustained intelligence-led operations aimed at dismantling terrorist and bandit networks, destroying their camps, rescuing kidnapped victims, recovering arms and ammunition and restoring civil authority across affected communities.

He said the Brigade’s sustained operational efforts, enhanced inter-agency cooperation and robust civil-military engagements had continued to yield positive results despite the evolving security challenges.

Providing a breakdown of recent operational achievements, the Brigade Commander disclosed that troops neutralised 85 terrorists and bandits, while also recovering 144 motorcycles used by criminal elements for mobility, logistics and attacks.

He said the seizure of the motorcycles had significantly disrupted the operational capability and movement of the criminal groups across the theatre.

Jimoh further revealed that troops recovered a substantial cache of weapons, including 46 AK-47 rifles, one PKT machine gun, two General Purpose Machine Guns (GPMGs), three Rocket-Propelled Grenade (RPG) launchers, and six locally fabricated rifles.

He added that troops also recovered large quantities of ammunition, further weakening the firepower available to the criminal groups.

According to him, additional recoveries included 48 AK-47 magazines, one handgun magazine and one locally fabricated rifle magazine, significantly reducing the terrorists’ operational effectiveness.

In one of the most significant humanitarian outcomes of the operations, Jimoh disclosed that troops rescued 283 kidnapped victims, comprising women, children, students and other civilians held captive by criminal gangs.

He added that several rustled livestock recovered during operations had been returned to their rightful owners, helping affected families rebuild their livelihoods while restoring public confidence in security forces.

The Brigade Commander also disclosed that troops destroyed several terrorist camps, logistics bases and command hideouts during clearance operations, thereby denying criminal elements safe havens from which to launch attacks.

He noted that the Brigade had maintained sustained area domination through offensive clearance operations, fighting patrols, ambushes, long-range patrols, cordon-and-search operations and rapid response missions across identified flashpoints.

Jimoh explained that Headquarters 1 Brigade is responsible for military operations across Zamfara and Kebbi states, adding that while Kebbi remains relatively peaceful, Zamfara continues to experience persistent threats from banditry, kidnapping, cattle rustling and related violent crimes, particularly in the central and western senatorial districts.

To dominate the operational environment, he said the Brigade had established Forward Operating Bases (FOBs), combat locations, checkpoints and fighting patrols across vulnerable areas to ensure rapid response and sustained military presence.

The Brigade Commander described the operating environment as particularly challenging due to the vast forest reserves, rugged terrain and widely dispersed rural settlements, which provide concealment and mobility corridors for criminal elements.

Despite these challenges, he said sustained intelligence-led operations had considerably degraded the capabilities of armed groups, leading to improved freedom of movement for residents and safer conditions for farming, commerce and other socio-economic activities.

Jimoh assured that the Brigade would continue to intensify intelligence-driven offensive operations while strengthening collaboration with other security agencies and local communities to achieve lasting peace across Zamfara and Kebbi states.

“The evolving nature of the threat requires sustained military operations, credible intelligence, responsible media engagement and continuous support from local communities to achieve enduring peace and security,” he said.

He reaffirmed the Brigade’s commitment to protecting lives and property, restoring civil authority and creating a secure environment that would support sustainable socio-economic development across its area of responsibility. (Zagazola)

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Japa: 1,429 Nigerians repatriated from Niger Republic – Report

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Nigerians were repatriated from Niger Republic
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At least 1,429 Nigerians were repatriated from Niger Republic in May 2026, the latest data from the Mixed Migration Centre show.

This is as the West African country continues to serve as a major transit corridor for citizens attempting the dangerous journey to Europe through Libya and Algeria.

The figures are contained in the Quarterly Mixed Migration Update for West Africa, Quarter 2 2026 and obtained by Saturday PUNCH as the latest data on stranded Nigerian migrants along the Sahel migration corridor.

The latest data come as Nigeria continues to grapple with a wider japa wave, driven largely by economic hardship that has also pushed hundreds of thousands of citizens toward the UK, the United States, Canada, and other destinations through both regular and irregular channels in recent years.

The data cited a Saturday PUNCH report from May in which the Nigeria Immigration Service confirmed the arrival of at least 1,100 Nigerians who travelled by road from Niger Republic on May 22, 2026.

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Two days later, the National Emergency Management Agency received an additional 329 returnees from Agadez, Niger’s main desert transit hub, bringing the total to more than 1,400.

The Mixed Migration Centre, a Geneva-headquartered research body affiliated with the Danish Refugee Council, stated that the mass return “highlight the continued presence of stranded migrants in Niger, many of whom face prolonged stays in IOM (International Organization for Migration) centres or urban areas with limited resources.”

Agadez, roughly 950 kilometres north-east of Niger’s capital, Niamey, has for over a decade functioned as the main northbound staging post for West Africans attempting to cross the Sahara into Libya or Algeria, before onward sea crossings to Italy or Spain.

The report showed that Nigerians remained among the persistent nationalities still attempting the Central Mediterranean Route into Italy.

As of May 2026, 163 Nigerians had arrived in Italy via that route, behind only Mali (193) among West African nationalities, though the figure was down from 196 Nigerian arrivals recorded over the same period in 2025.

The document also showed that Nigerians were also being swept up in a parallel and largely unrecorded expulsion running from Algeria back into Niger.

Citing Alarm Phone Sahara, a Sahel-based migrant rights network, the report disclosed that at least 14,602 people were expelled from Algeria into Niger between January 18 and May 17, 2026 alone.

It said this was equivalent to 43 per cent of the reported 34,000 expulsions recorded through the whole of 2025.

While most of these convoys officially return Nigerien nationals, the report noted that “increasing numbers of Nigeriens have also been included in unofficial convoys, which have primarily affected non-Nigeriens,” with those affected reportedly including nationals of Mali, Guinea, Nigeria, Sudan, and Chad.

The report added that on several occasions, migrants expelled from Algeria into Niger Republic were subsequently pushed back across the border into Algeria by Nigerien police.

It said this cycle of expulsion and re-expulsion has left affected migrants, Nigerians among them, in prolonged limbo along the borders.

Regionally, the report said Spain recorded 12,138 irregular arrivals by sea and land as of June 30, 2026, a 33 per cent decline from the same period in 2025, driven mainly by a 67 per cent drop in Atlantic Route crossings to the Canary Islands.

But the report cautioned that falling number of arrivals “do not necessarily reflect fewer crossing attempts,” noting that recorded deaths and disappearances on that same route fell by just 16 per cent, which was a far smaller decline than the drop in arrivals.

The role of Niger Republic as West Africa’s principal transit corridor dates back more than a decade, but accelerated after the collapse of the Muammar Gaddafi regime in Libya in 2011 and opened new smuggling routes northward.

Agadez, a UNESCO World Heritage desert town, became the last major stopover before migrants crossed hundreds of kilometres of open desert into Libya or Algeria.

Under pressure from the European Union, Niger Republic in 2015 passed a law criminalising migrant smuggling, which reduced visible transit through Agadez for several years but pushed smugglers and migrants onto riskier, less-monitored desert routes.

Niger’s military government, which seized power in a 2023 coup, later repealed the anti-smuggling law, a move rights groups said reopened Agadez as one of Africa’s busiest migration routes and complicated cooperation with European partners on migration control.

Nigeria, under the ECOWAS Protocol on Free Movement of Persons, allows its citizens to travel to Niger Republic without a visa for up to 90 days.

The report said this freedom has long made the neighbouring country both a legitimate trade corridor and an easy first step for Nigerians attempting onward irregular migration to North Africa and Europe.
(Saturday PUNCH)

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Police arrest ASP, three inspectors over viral video of ‘ethnic comment’ against motorist

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The Ondo state police command says it has arrested four police officers seen in a viral video making “unprofessional and ethnically insensitive” remarks to a motorist during a roadside stop on the Lagos-Ibadan expressway.

In the viral video, one of the officers appeared to solicit a bribe from the motorist and made an ethnic remark after the driver refused to pay.

The officer is seen repeatedly asking the motorist to leave the scene without stating any traffic offence.

According to a statement on Friday, the arrested officers are: “AP/No. 207454, ASP Elomore Sodayo; AP/No. 332012, Inspector Adefila Adewale; AP/No. 332449, Inspector Olorunfemi Opeyemi; and AP/No. 332369, Inspector Odusola Peter.”

During the exchange, the officer said, “I just see that we are very close. If you were Igbo or another person, I would have just I’d have asked you to park…” before gesturing toward the roadside.

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The police command said the officers involved had been taken into custody while a full investigation had commenced.

Speaking at the command headquarters in Akure on Friday, the state Commissioner of Police, Felix Ohagwu, said the police had zero tolerance for indiscipline and unprofessional conduct.

He added that a comprehensive investigation had been ordered to establish the circumstances surrounding the incident and determine the level of culpability of each officer involved.

Ohagwu said the police remained a disciplined and professional institution that would not condone misconduct, incivility or any action capable of undermining public confidence in the Force.

He added that officers were expected to conduct themselves with the utmost professionalism, respect human dignity and comply strictly with the Force’s Code of Conduct and Standard Operating Procedures.

“The Nigeria Police Force is a disciplined and professional institution that does not condone any form of misconduct, incivility, or actions capable of undermining public confidence, promoting ethnic division, or bringing the Force into disrepute,” the commissioner said.

He assured the public that the investigation would be conducted to determine the facts of the case, adding that any officer found culpable would face appropriate disciplinary action.

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