Connect with us

Latest News

EFCC, SEC Crack Down on CBEX After ₦1.3 Trillion Ponzi Collapse

Published

1 year ago

on

Following the sudden collapse of CBEX, a digital asset investment platform that lured investors with promises of 100% returns within 30 days through artificial intelligence-based crypto trading, Nigerian authorities have pledged decisive action.....KINDLY READ THE FULL STORY HERE▶

The Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) are now pursuing individuals responsible for the alleged scam that has left investors counting losses estimated at ₦1.3 trillion.

In a press statement on Wednesday, SEC Director-General, Dr. Emomotimi Agama, reassured the public of the commission’s resolve to identify and apprehend those behind CBEX. Although no formal complaints had been lodged with the SEC at the time, Agama emphasized that investigations would proceed regardless. “We sympathize with the victims and will do all within our power to trace and prosecute the culprits,” he stated.

Agama also issued a strong warning to Nigerians about the risks of investing in schemes that appear too good to be true. He advised potential investors to verify the registration status of platforms via the SEC’s website or official contact lines. He also disclosed that the Senate had recently approved ₦10 billion to enhance investor education and expand SEC’s national outreach to prevent future fraud.

Meanwhile, EFCC spokesperson Dele Oyewale revealed that the commission had been monitoring CBEX even before public complaints emerged. Alerts had been raised in March, and EFCC operatives were already profiling the platform.

Oyewale further confirmed that recovery efforts were underway. “We are working to recover the stolen funds and ensure investors are reimbursed. It may take time, but we are committed to holding the perpetrators accountable,” he noted. He added that EFCC is collaborating with international partners, including Interpol, to locate and prosecute those involved.

The joint response from the SEC and EFCC underscores the federal government’s commitment to eradicating financial crimes and protecting investors from fraudulent digital investment schemes.

Related Topics:
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

latest

GRA ROADS: WHY OKPEBHOLO’S DRAINAGE APPROACH MATTERS

Published

18 hours ago

on

October 3, 2026

By

....KINDLY READ THE FULL STORY HERE▶

Lasting roads begin with a clear plan for where rainwater will go. With major repairs planned for the dry season and a proposed drainage connection towards the Ogba River, Governor Monday Okpebholo’s administration has outlined an approach that tackles road rehabilitation and stormwater together.

In this episode of Truth Unveiled, we examine the planning behind that approach—and what its delivery could mean for homes, businesses and everyday movement across Benin’s GRA.

Watch the full podcast.

Continue Reading

Latest News

“THE REBELLION IS ON: Man City Declares Total War On Premier League Chiefs Over Landmark Decision!”

Published

2 days ago

on

October 2, 2026

By

The Appeal: Manchester City has officially filed a comprehensive appeal challenging the findings of the Premier League Commission following its recent disciplinary decision.....KINDLY READ THE FULL STORY HERE▶

  • Filing Timeline and Claims: The club confirmed submitting the appeal at 7:00 PM on Thursday, October 1, 2026, describing the commission’s opinion as unsafe and containing clear material errors of law, principle, and fact while maintaining its complete innocence.

    JPG+ 3

  • The Verdict Details: The independent commission previously found City guilty of financial breaches between the 2009-10 and 2017-18 seasons—including arranging sham contracts to disguise over 830 million pounds in secret funding—as well as failing to fully cooperate with the investigation.

    WEBP+ 2

  • Club and Leadership Response: City expressed surprise and disappointment at the verdict, insisting that comprehensive evidence supports their defense, though public comments remain limited due to ongoing proceedings. Chairman Khaldoon Al Mubarak and CEO Ferran Soriano expressed confidence in proving the club’s innocence.

    WEBP+ 4

  • Pep Guardiola’s Support: Former manager Pep Guardiola reaffirmed his unwavering backing for the club, ownership, staff, and supporters in a social media statement, declaring that they will get through the challenge together.

    WEBP+ 2
Continue Reading

Latest News

3. “Donald Duke is Better Than All Of Them”: Baba-Ahmed Explains Why PRP Is Shaking Up The 2027 Race!

Published

3 days ago

on

October 1, 2026

By

The National Chairman of the People’s Redemption Party (PRP), Dr. Hakeem Baba-Ahmed, has asserted that the party is exceptionally fortunate to feature former Cross River State Governor, Donald Duke, as its presidential candidate for the upcoming 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

A Strong Endorsement for Donald Duke

  • Surpassing Competitors: Speaking during an interview, Baba-Ahmed confidently stated that, candidate for candidate, Donald Duke outperforms all other presidential contenders currently in the political space.

  • Integrity and Capability: He described Duke as part of a visionary leadership blueprint aimed at thinking critically, restoring national dignity, exhibiting true integrity, and offering young Nigerians a leadership style they can genuinely look up to.

The Strategic Push for an Opposition Coalition

Despite possessing what he considers the superior candidate, Baba-Ahmed explained why the party is actively championing a broader political alliance:

  • Consensus Over Ego: The PRP chairman emphasized that the party’s push for a mega-coalition is driven by consensus and constitutional processes rather than forcing Duke’s candidacy through on profile strength alone.

  • Defeating Fault Lines: Framing the 2027 election as a critical turning point for the nation, Baba-Ahmed noted that the stakes go far beyond individual party ambitions. The coalition aims to unite likeminded opposition forces to rescue Nigeria from its current trajectory and bridge its deep fault lines.

Continue Reading

Trending