
News
CBEX resumes operations as EFCC probes N1.2tn fraud
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.
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.
News
INSECURITY: How 98 Policemen Were Killed Across 21 States in 10 Months
At least 98 police officers were killed in various incidents across 21 states between January and October 2026, according to data compiled by Daily Trust.
The figures, gathered from media reports and incidents confirmed by police authorities, show that the casualties resulted from attacks by bandits, gunmen and terrorists, as well as road accidents and shootings involving fellow police officers.
Yobe State recorded the highest number of casualties, with 17 officers killed, followed by Zamfara and Kebbi states, which recorded 14 deaths each.
Katsina recorded five deaths, while Borno and Taraba states recorded four each. Rivers, Sokoto, Plateau, Enugu, Lagos and Imo recorded three deaths each.
Oyo, Anambra, Abia, Kaduna and Kogi states recorded two deaths each, while Adamawa, Kano and Niger recorded one death each.

A breakdown of the figures showed that bandits were responsible for 35 deaths, gunmen accounted for 29, while Boko Haram terrorists killed 22 officers. Two officers were also killed by Lakurawa terrorists.
Other fatalities included three officers allegedly shot dead by fellow policemen, four killed in road incidents involving accidents and hit-and-run drivers, one killed by kidnappers, one by hoodlums and another by thugs.
Deadly Attacks in Kebbi, Yobe
One of the deadliest attacks occurred in Kebbi State, where 10 police officers were killed during a gun battle with bandits around the Rafin Makuku axis of Sakaba Local Government Area on August 10.
According to the police, the incident occurred at about 9:25 a.m. on Monday, August 10, 2026, when operatives intercepted suspected bandits moving between Zamfara and Kebbi states.
The police said 17 suspected bandits were neutralised during the encounter, while four motorcycles belonging to the attackers were destroyed.
In Yobe State, 17 police officers were reportedly killed during an attack on the Nigerian Army Special Forces School in Buni Yadi on May 16.
The officers were undergoing specialised operational training at the facility when militants launched a coordinated assault from multiple directions.
“The officers, who were undergoing specialised operational training at the institution, lost their lives when the militants launched a coordinated attack on the facility from multiple directions,” the then police spokesman, DCP Anthony Okon Placid, said in a statement.
He added that several soldiers were also killed in the attack but did not disclose the number of military casualties.
Four Policemen Killed in Benue Attack
Benue State also recorded multiple attacks, including the killing of four police officers during a gun battle with armed men in Ayilamo community, Logo Local Government Area, on September 10.
The Benue State Police Command said the officers engaged the attackers and repelled the assault, forcing the gunmen to retreat into the surrounding forest.
“The operatives stood firm in defence of the community and successfully repelled the attack, forcing the criminal elements to retreat into the surrounding forest with heavy casualties in the early hours of 11th September 2026,” the command said in a statement.
The slain officers were identified as Paul Ina, Mohammed Yusuf, Oge Ikechukwu and Edeh Andrew.
According to the police, their bodies were recovered from surrounding bushes during subsequent search-and-rescue operations.
Seven civilians were also killed in the attack. Their bodies were recovered and deposited in a mortuary, the command added.
Policemen Killed by Colleagues
Beyond attacks by criminal groups, the data also highlighted cases of police officers allegedly killing their colleagues.
In January, Inspector Sani Malumfashi was reportedly shot dead by a fellow police officer at Intels, Onne, in Rivers State.
Similarly, in October, Corporal Amos Yusuf allegedly shot and killed his colleague, Corporal Grace Onimisi, at their residence in Asco Camp, Ajaokuta, Kogi State, before taking his own life.
The incidents highlight the various security challenges confronting the Nigeria Police Force, with officers losing their lives not only in confrontations with armed groups but also in road incidents and cases of violence involving fellow personnel.
News
FG Considers Banning Heavy-Duty Trucks on First Niger Bridge
The Federal Government is considering diverting heavy-duty vehicles and trucks to the Second Niger Bridge as part of measures to ease persistent traffic gridlock on the First Niger Bridge.
The Anambra State Federal Controller of Works, Timothy Emenike, disclosed this in an interview with our correspondent on Tuesday, saying the government might install barriers at both ends of the First Niger Bridge to prevent heavy-duty trucks from accessing it.
The development follows another weekend of severe traffic gridlock on the bridge linking Onitsha, Anambra State, and Asaba, Delta State, with motorists and commuters reportedly stranded for several hours.

Second River Niger Bridge
The traffic congestion has persisted since the bridge was reopened on October 15, following its temporary closure on September 7, 2026.

The bridge was initially shut after the Minister of Works, Dave Umahi, during an on-the-spot inspection, discovered extensive structural vandalism, including missing bolts, severed steel components and damaged expansion-joint steelwork.
Following its reopening, new road demarcations and concrete median barriers were installed, effectively narrowing the available lanes.
However, motorists have complained that the new arrangements have created difficulties for vehicles, particularly heavy-duty trucks and trailers, which frequently break down or become trapped within the narrowed lanes, obstructing traffic.
They said the situation becomes particularly challenging whenever a vehicle develops a mechanical fault, as the limited space makes it difficult for other motorists to manoeuvre around it.
The resulting blockages have reportedly left commuters stranded for hours, triggering widespread complaints and criticism of the newly installed concrete dividers.
Speaking on the recurring gridlock, Emenike said the proposed diversion of heavy-duty vehicles to the Second Niger Bridge would free up space on the First Niger Bridge and improve traffic flow.
He, however, urged motorists, particularly truck drivers, to ensure that vehicles developing mechanical faults were moved to positions where they would not obstruct other road users.
He said: “The gridlock on the First Niger Bridge is noted, and the ministry is exploring a lot of measures to ensure ease of traffic, especially as we approach the Yuletide season. This gridlock can be prevented if motorists are intentional.
“A vehicle does not just develop a problem on the road; before a problem occurs, it does not just stop the vehicle automatically. If a vehicle is in motion and a problem happens, at least the driver can narrowly clear the vehicle properly to allow other vehicles to move without blocking them. But our people don’t clear off the road whenever they notice a fault on their vehicle while driving.
“Those road demarcations were done to ensure ease of movement, and before we did them, we tested and ensured that two vehicles could pass at a time. The problem is that some drivers park intentionally and obstruct others’ movement whenever their vehicle breaks down.
“We know that a heavy-duty truck and a small vehicle can pass on one lane of the First Niger Bridge at the same time. But two heavy-duty vehicles cannot pass at the same time on the bridge.
“That is why the ministry is considering diverting the heavy-duty trucks to the Second Niger Bridge, which is wide enough to accommodate them.
“So, for now, we are carrying out a lot of measures, and one of the things we are considering is to divert heavy-duty trucks to the Second Niger Bridge, which is wide enough to accommodate as many vehicles as possible.
“The Second Niger Bridge is wide enough to accommodate all of them, but we don’t know why that place is underutilised.”
Meanwhile, motorists and drivers have expressed divergent opinions over the new demarcations, with some blaming the concrete barriers for worsening traffic congestion.
A driver, who identified himself as Emeka, said the new arrangement had made it difficult for motorists to navigate around vehicles that break down on the bridge.
“Since the installation of the concrete demarcations, whenever a car, bus or truck breaks down or stalls, it completely blocks that single lane, triggering severe traffic standstills.
“As it is, a single lane cannot accommodate two vehicles at a time, and that is where the problem lies. Whenever a vehicle, especially a heavy-duty vehicle, breaks down, other vehicles are left stranded as no other vehicle can pass through.
“The ministry promised to provide towing vans at both ends of the bridge for the easy removal of broken-down vehicles, but till date, that has not been done. Each time a vehicle breaks down, other vehicles are left stranded for several hours until a solution is found,” he said.
A truck driver, Sanni, blamed the situation partly on the inability of some drivers to adapt to the new road design, urging them to ensure their vehicles were in good condition before using the bridge.
“It is unfortunate that my colleagues still find it difficult to adapt to the new design on the bridge. I urge them to always ensure their vehicles are in order before plying the road to avoid breakdowns.
“Whenever a heavy-duty vehicle breaks down, it takes over the space on the single lane and prevents other vehicles from passing. However, everything boils down to the authorities. They should provide towing vans at both ends of the bridge for the easy removal of broken-down vehicles,” he said.
However, a civil servant, who identified herself as Amaka, described the new demarcation as a positive development intended to discourage reckless driving, particularly among commercial motorists.
She said the arrangement had nevertheless contributed to traffic congestion because of frequent vehicle breakdowns.
“The demarcation is a good development intended to ward off bad driving habits, especially from commercial drivers. But as it is, it has been creating gridlock for motorists due to frequent vehicle breakdowns.
“In order not to make it a situation of solving one problem and, at the same time, creating multiple problems, a barrier should be placed at both ends of the bridge to prevent heavy-duty trucks from plying it,” she said.
News
NBS: Enugu Records Lowest Tax Revenue-to-IGR Ratio in 2025
• Abia, FCT, Bayelsa top states with highest tax contributions to IGR
Enugu State recorded the lowest tax revenue-to-Internally Generated Revenue (IGR) ratio among the 36 states and the Federal Capital Territory in 2025, according to figures from the National Bureau of Statistics (NBS), as reported by StatiSense.
Data published on StatiSense’s verified X handle showed that Enugu generated N51.52 billion in tax revenue, representing 12.67 per cent of its total IGR of N406.7 billion in 2025. The remaining revenue came from non-tax sources.
The figures indicate that taxation accounted for a relatively small proportion of Enugu State’s total internally generated revenue, with income from other sources making up the bulk of its earnings.

This comes after the NBS earlier ranked Enugu among the leading states in IGR growth, placing it third nationally, behind Lagos and Rivers states.

In the breakdown of tax contributions to IGR, Abia State ranked first, with 100 per cent of its N70.41 billion IGR coming from tax revenue.
The Federal Capital Territory (FCT) also recorded a 100 per cent tax contribution to its N356.34 billion IGR, according to the figures.
Bayelsa ranked third with 99.39 per cent, followed by Rivers with 96.72 per cent and Sokoto with 92.44 per cent, completing the top five states with the highest tax-to-IGR ratios.
Apart from Enugu, other states with relatively low tax contributions to their IGR included Kwara (38.42 per cent), Katsina (39.93 per cent), Osun (41.53 per cent) and Ogun (44.10 per cent).
The figures come amid public debate over the revenue policies of Governor Peter Mbah’s administration, which has repeatedly dismissed allegations of overtaxation in the state.
Speaking at a recent town hall meeting in Enugu, which was televised live by some national television stations, Mbah attributed the allegations to opposition narratives and resistance from individuals who benefited from the irregularities and sharp practices that characterised the state’s revenue collection system before his administration introduced reforms.
The governor maintained that the growth in Enugu’s IGR was driven by improved revenue collection, the deployment of technology to block leakages, economic diversification and the activation of previously dormant government assets, rather than increased taxes.
He also argued that taxation falls under the Exclusive Legislative List of the Constitution, noting that states do not have the authority to independently determine or increase federal tax rates such as Personal Income Tax, Company Income Tax, Value Added Tax and Withholding Tax.
According to him, his administration’s strategy has been to expand the tax net by bringing more eligible individuals and businesses into the system, rather than increasing existing tax rates.
“This is one falsehood that has been so peddled that it’s even beginning to take a semblance of a truth.
“Meanwhile, overtaxation does not exist, and I think those who think we may be taxing more are essentially looking at the sort of growth we have recorded in our IGR.
“Because they couldn’t have imagined such growth happening within the period it happened, they felt perhaps the only justification is that we have burdened the people of Enugu to realise that. But that’s far from the truth,” he said.
Explaining the measures responsible for the increase in revenue, Mbah said the government had eliminated cash-based revenue collection on its behalf to improve transparency and accountability.
“So, what did we do to grow our IGR? First of all, we plugged all the leakages. We ensured that nobody makes payments in cash on behalf of the state government.
“But, importantly, we have so far activated a whole lot of our dormant assets. We now earn quite a lot from those assets, and we built new ones,” he stated.
The governor listed the Hotel Presidential, Enugu United Palm Products Limited, Nigergas, Nike Lake Resort and the International Conference Centre, among others, as government assets his administration had recovered, completed or resuscitated and subsequently optimised for revenue generation.
He also identified newly established revenue-generating ventures, including Enugu Air, as part of the administration’s strategy to diversify the state’s income sources.
Mbah acknowledged, however, that the contribution of tax revenue to the state’s IGR was expected to increase as economic activities expanded and more businesses became operational.
The governor further said some payments made by residents for government services were often wrongly classified as taxes.
He cited payments for the processing of Certificates of Occupancy (C-of-O) and waste disposal services provided by the Enugu State Waste Management Authority (ESWAMA), explaining that such charges were payments for services rather than taxes.
He said the administration had also consolidated several charges and service costs to reduce the financial burden on residents and businesses.
“How much did we say they should pay? N36,000 annually for businesses. And that includes business premises and other rates and services. So, it’s N100 per day.
“We also had the complaints about people going to the market, I’m sure maybe from the local governments, to collect money. I made an announcement to stop that; that nobody should collect N100 or N200 from our market women,” he explained.
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