
News
EFCC traces CBEX funds to many countries, recovery underway
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.
“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.
News
Police raise alarm over planned attacks on worship centres, schools, NYSC camps
The Nigeria Police Force has placed its formations nationwide on red alert following intelligence reports of planned terrorist attacks on worship centres, schools, NYSC orientation camps and other public places.
The alert followed fresh intelligence indicating increased mobilisation of terrorist elements for possible coordinated attacks on vulnerable targets across the country.
Police authorities also reportedly received intelligence on the movement of armed elements from Katsina through Kaduna towards Plateau State.
The operational order was contained in a police wireless message dated September 13, 2026, with reference number CB: 0900/FDPS/DOPS/FHQ/ABJ/VOL38/68, issued by the Department of Operations at Force Headquarters, Abuja.
Marked “Security General” and tagged “Treat as Very Important,” the message was circulated to Assistant Inspectors-General of Police overseeing Zones 1–17, Mobile Police formations, counter-terrorism and other specialised units, as well as Commissioners of Police in the 36 states and the Federal Capital Territory.

The police directed formations to intensify vigilance and take proactive measures to prevent criminal and terrorist elements from carrying out attacks.
The warning specifically highlighted places of worship, educational institutions, NYSC orientation camps and other vulnerable public locations as potential targets.
News
Atiku tackles Tinubu over N1,400 fuel price, demands probe of FAAC allocations
Former Vice President Atiku Abubakar has faulted the administration of President Bola Tinubu over the current pump price of petrol, noting that Nigerians are now paying as much as ₦1,470 per litre even though crude oil, at $102.52 per barrel, sells for far less than the $147 per barrel it fetched in 2008 when petrol sold for ₦65 per litre under the late President Umar Musa Yar’Adua.
In a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku accused the Tinubu administration of presiding over what he described as an organised system of grand larceny against the Nigerian people, built around opaque Federation Account FAAC deductions, questionable management of oil revenues, parallel funding arrangements and allegations of off-book transactions.
“With crude oil around $102.52 per barrel, Nigerians are paying as much as ₦1,470 per litre. In 2008, when crude oil reached about $147 per barrel, petrol sold at ₦65 per litre under the Yar’Adua administration. The difference is that government then understood that economic policy must ultimately protect the welfare of citizens,” he said.
The Presidential Candidate of the African Democratic Congress ADC said it is unconscionable for a government that has extracted unprecedented sacrifice from citizens in the name of subsidy removal to keep raising the cost of survival while refusing to provide a clear, verifiable account of the revenues, savings and deductions accumulated under its watch.
He recalled that Nigerians were told subsidy removal would free resources for education, healthcare, infrastructure and other essential services, yet nearly three and a half years later, fundamental questions remain unanswered about where the money has gone.

“Petrol at ₦1,470 per litre is not merely a figure at the filling station. It enters the price of transportation, food, school runs, farming, manufacturing and virtually everything Nigerians buy. Every increase at the pump travels directly into the household budget.
“After all the pain imposed on Nigerians, they have a right to ask: where are the subsidy savings and where is the money?”, he queried.
Atiku said official FAAC records themselves justify greater scrutiny, pointing out that in June 2025, gross Federation Account revenue was reported at ₦4.232 trillion while only ₦1.818 trillion was eventually distributed, with substantial sums categorised as cost of collection, transfers, interventions, refunds and savings.
He demanded a comprehensive reconciliation of Federation Account revenues from 2023 to date, showing gross collections, every deduction made before distribution, the statutory authority for each deduction, the receiving accounts and the ultimate beneficiaries.
“Nigerians deserve accounts they can interrogate, not accounting labels designed to discourage questions,” he said.
The former Vice President also called for full disclosure around the Renewed Hope Infrastructure Development Fund, OML 143, oil-production revenues, the Nigerian National Petroleum Company NNPC’s international Liquefied Natural Gas LNG trading operations, offshore corporate structures and allegations involving unofficial crude lifting, maritime surveillance contracts and other possible off-book revenue flows.
“These allegations are too serious to be answered with press statements and political insults. Every barrel can be measured, every cargo identified and every legitimate payment traced. If everything is in order, publish the records and allow independent forensic auditors to reconcile them. If the allegations are false, the records will clear the government,” he said.
Atiku equally rejected attempts to use the current international crisis as a blanket excuse for rising domestic fuel prices, drawing attention to the widening gap between what Nigerians earn and what they now pay at the pump compared to other climes.
“At about $4.31 per gallon, U.S. petrol is roughly $1.14 per litre. Yet while the U.S. federal minimum wage is $7.25 per hour, Nigeria’s minimum wage is only ₦70,000 per month.
“Tinubu has brought Nigerians close to American fuel prices while leaving them with Nigerian poverty wages. That is the true cost of his subsidy-removal policy”, he said.
He insisted that the administration can no longer demand endless sacrifice from citizens while treating public accountability as optional.
“After all the oil, all the revenue, all the deductions and all the hardship, petrol is now ₦1,470 per litre. The question Tinubu must answer is simple: where are the savings, where are the revenues, and who is taking Nigeria’s money?”
News
Police, military neutralise terrorists, recover rifles, ammunition, motorcycles in Kebbi
The Kebbi Police Command, in collaboration with the military, has neutralised some suspected terrorists and recovered rifles, ammunition, motorcycles, and other items during a clearance operation in Gumki Forest, Kangiwa.
The Police Public Relations Officer (PPRO), SP Bashir Usman, disclosed this in a statement issued on Monday in Birnin Kebbi.
He said the operation was conducted at about 6:05 a.m. on Monday, adding that Gumki Forest, Arewa Local Government Area, was a known route used by bandits and Lakurawa elements operating in the area.
He said the joint security team successfully engaged the terrorists during the operation and neutralised some of them.
According to him, the operation also led to the recovery of one PKT rifle with 174 rounds of live ammunition and one AK-47 rifle with 14 rounds of live ammunition.

Other items recovered, he said, included a pair of military camouflage uniforms, a pair of boots, two mobile phones, charms, and four motorcycles.
“The area remains relatively calm, while joint operations are ongoing to further clear the area and rid the state of criminal elements,” he said.
Usman quoted the Commissioner of Police, CP Umar Hadejia, as commending the operatives for their gallantry and dedication to duty.
Hadejia reiterated the command’s commitment to sustaining coordinated and intelligence-led operations with other security agencies to counter banditry, terrorism, and other forms of criminality in the state.
He also urged members of the public to continue providing timely and credible information to security agencies to support ongoing efforts to safeguard lives and property.
The commissioner assured residents of the command’s determination to work with other security agencies to maintain peace and security across the state. (NAN)
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