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EFCC traces CBEX funds to many countries, recovery underway

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EFCC chairman raises the alarm over cybercrime epidemic
EFCC chairman, Ola Olukoyede
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The Economic and Financial Crimes Commission says it has traced funds linked to the failed crypto bridge exchange scheme to at least four countries.

Speaking on Politics Today, a Channels Television programme, on Wednesday, Ola Olukoyede, EFCC chairman, said although efforts are underway to recover the stolen funds, full restitution to victims may be impossible.

Olukoyede said several accounts have been blocked and funds frozen, although the amounts cannot be disclosed yet.

He said most of the transactions were conducted in cryptocurrency and routed through wallets beyond Nigeria’s jurisdiction.

“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” the EFCC boss said.

“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system.

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“We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners, they are not within our jurisdiction, and you know what that entails.

“In fact, it took our impunity, our proficiency, to be able to even freeze some assets that we have done now. So, yes, we’ve embarked on that journey. Whatever we can get back, we will get it back and let Nigerians know. But we will not be able to confirm that we will restitute every victim. That may be practically impossible.”

He added that the agency has arrested three suspects who are currently in custody and have made “very useful statements” to investigators.

“We have made arrests. Right now, we have about three people in our custody who have made very useful statements,” Olukoyede said.
“We have been so committed to this investigation because we have promised Nigerians. We have gone deep, we have gone far. We have established contact with our foreign counterparts, and we have been able to make some inroads.”

In April, reports emerged that CBEX users could no longer withdraw their funds.

Many Nigerians who had invested in the platform reportedly lost their funds.

The Securities and Exchange Commission had said that the CBEX digital trading platform is not registered with the agency.

Recently, a federal high court in Abuja granted permission to the EFCC to arrest and detain six CBEX promoters over a $1 billion investment fraud allegation.

Emeka Nwite, the presiding judge, gave the order following an ex parte application made by Fadila Yusuf, counsel to the EFCC.

Also, the EFCC, on April 30, declared Elie Bitar, a foreign national, wanted over the alleged fraud perpetrated on the trading platform.

Bitar joins the list of the eight Nigerians who were previously declared by the EFCC for allegedly promoting the CBEX scheme.

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Akani Landlords in Enugu raise alarm over alleged encroachment, urge buyers to exercise caution

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The Akani Ancestral Layout Landlords Association has issued a public warning to prospective land buyers and investors over alleged encroachment issues involving parts of the Akani Land Layout Planning Scheme located in Emene-Nike, Enugu.

In a public notice released on Monday, the association said its attention had been drawn to videos circulating online concerning individuals allegedly involved in controversial land transactions within sections of the Akani Ancestral Layout.

According to the association, one of the videos featured a female investor who allegedly paid for plots of land in New Enugu Estate and Dolphine Estate but was yet to receive allocation of the purchased plots.

While sympathising with the investor over the development, the association stated that its members had reviewed the location and size of the land reportedly belonging to Dolphine Estate and now suspect that parts of the estate may have encroached on the area officially known as the Akani Land Layout Planning Scheme.

The association explained that the layout was approved through a Public Notice issued under the Urban and Regional Planning Law, 2012, and signed on August 16, 2012, by the then Commissioner for Lands and Urban Development in Enugu State, Dr. Chukwuemeka Ujam.

Raising what it described as a “red flag” to the public, the association urged intending land buyers to conduct proper due diligence before purchasing land in the area, stressing the importance of ensuring that any property being acquired does not violate the boundaries of the Akani Layout Planning Scheme.

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The group also disclosed that many members of the Akani Layout Landlords Association had already completed verification processes and payments for their title documents with relevant authorities in the Enugu State Government.

The association noted that the notice was aimed at preventing future disputes and helping prospective investors avoid costly mistakes.

“Forewarned is forearmed,” the statement concluded.

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Tinubu congratulates Rangers International after ninth NPFL title win

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Victorious Rangers International FC
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…Lauds Gov Mbah’s investment in youth, sports

President Bola Ahmed Tinubu has congratulated Rangers International FC on winning the 2025/2026 Nigeria Premier Football League (NPFL) title, describing the club’s triumph as a remarkable achievement and a testament to its enduring football legacy.

Rangers secured the league crown for a record ninth time after finishing the season with 68 points from 38 matches, ahead of closest rivals Rivers United.

In a statement issued on Monday by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu congratulated the management, players and supporters of the Enugu-based side for their successful campaign.

The President recalled the club’s dominance in Nigerian football during the 1970s and 1980s, highlighting its historic exploits on the continental stage.

He specifically referenced Rangers’ run to the final of the African Cup of Champions Clubs in 1975 and their triumph in the African Cup Winners’ Cup in 1977.

President Tinubu also praised the Governor of Enugu State, Peter Mbah, for supporting youth and sports development in the state, saying the club’s success reflected the impact of such investments.

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“I must also congratulate Governor Peter Mbah of Enugu State on the victory of Rangers International FC. This victory is an obvious fruit of his administration’s investments in youth and sports in the state. I commend him,” the President said.

He further noted that Rangers, as one of Nigeria’s oldest football clubs, has produced several players who brought honour to the country on the global stage.

The President equally commended Rivers United for their impressive performance throughout the season and for displaying sportsmanship during the competition.

Tinubu wished both Rangers International FC and Rivers United success as they prepare to represent Nigeria in next season’s CAF Champions League.

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INEC appeals ruling against Election Guidelines

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INEC Chairman, Professor Joash Ojo Amupitan (SAN)
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The Independent National Electoral Commission (INEC) has asked the Abuja Division of the Court of Appeal to set aside the judgement of the Federal High Court, Abuja, which nullified part of the the election guidelines put in place by the commission for the conduct of the 2027 general election.

Justice Muhammed Umar of the Federal High Court sitting in Abuja, had last week nullified guidelines issued by the INEC directing political parties to submit their membership registers and databases by May 10, 2026, as a condition for participation in the 2027 general election.

A political party, the Youth Party, had filed a suit challenging the legality of the electoral body’s directive or guidelines.

The court said in its judgement that INEC could not lawfully shorten the timeline already provided under Section 29(1) of the Electoral Act 2026 for the submission of party membership records and candidates’ particulars.

But, in the appeal notice dated May 25, 2026, filed by INEC, through its Counsel, Chief Alex Izinyon, SAN, the electoral umpire prayed the court to set aside the judgement of the lower court.

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