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

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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.

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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.

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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.

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‘Together, We Laid Strong Foundations’ – Dangiwa Reacts To His Sack As Minister By Tinubu.

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Architect Ahmed Dangiwa has reacted to his removal as Minister of Housing and Urban Development by Bola Tinubu.....KINDLY READ THE FULL STORY HERE▶

In a statement issued on Tuesday through his Special Assistant on Media and Strategy, Mark Chieshe, Dangiwa expressed gratitude to the President for the opportunity to serve, describing his tenure as both a privilege and a call to national duty.

He noted that during his time in office, he contributed to the development of policies and programmes aimed at improving access to affordable housing for Nigerians.

Naija News recalls that President Tinubu earlier relieved him of his position and nominated Muttaqha Rabe Darma as his replacement.

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Dangiwa said he was thankful for the confidence reposed in him, adding that his time in office allowed him to play a role in advancing housing initiatives across the country.

He further stated that under the Tinubu administration, the ministry made notable progress in repositioning the housing sector as a driver of economic growth, job creation, and social inclusion.

Among the key achievements he highlighted were the rollout of the Renewed Hope Housing Programme, the strengthening of public-private partnerships in housing delivery, and reforms in land administration and housing finance.

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Dangiwa also appreciated members of the Federal Executive Council, stakeholders in the housing sector, development partners, and ministry staff for their support and collaboration.

He added that the collective efforts of all parties helped lay a solid foundation for a more structured and sustainable housing delivery system in Nigeria, while assuring a smooth transition in line with presidential directives.

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Breaking: President Tinubu Unveils New Police Academy Council Members.

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President Bola Ahmed Tinubu has approved the reconstitution of the 16-member governing council of the Nigeria Police Academy.....KINDLY READ THE FULL STORY HERE▶

According to a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President appointed the Minister of Police Affairs, Ibrahim Gaidam, as chairman of the council.

The council also includes key officials such as the Chairman of the Police Service Commission, the Inspector-General of Police, and representatives from the Federal Ministries of Education, Finance, and Justice.

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In addition, six individuals were appointed to represent the country’s geopolitical zones: Babagana Zannah Adam (North East), Emmanuel Torkuma Manger (North Central), Maigari Abati Dikko (North West), Dubem A. Obaze (South East), Ajibogere Toyin (South West), and Udom Udo Ekpoudom (South South).

The Commandant of the academy, the Provost, and the Deputy Inspector-General of Police in charge of training will serve as ex officio members, while the Registrar of the institution will act as secretary to the council.

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In a related development, President Tinubu also approved the establishment of a new campus of the Police Academy in Erinja, located in Yewa South Local Government Area of Ogun State.

The approval, also announced by Onanuga, includes a special take-off grant of ₦15 billion for the new campus.

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Court Adjourns El-Rufai’s Bail Hearing To June.

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A Kaduna State High Court has adjourned the hearing of the bail application filed by former governor Nasir El-Rufai to the first week of June 2026.....KINDLY READ THE FULL STORY HERE▶

News reports that the matter is before Justice Darius Khobo, who fixed the new date during proceedings held on Tuesday in Kaduna.

El-Rufai is currently facing multiple charges related to alleged financial misconduct and abuse of office, brought against him by the Independent Corrupt Practices and Other Related Offences Commission.

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The former governor arrived at the court premises around 9 a.m. in a convoy, accompanied by officials of the anti-corruption agency and operatives of the Department of State Services, with heavy security deployed around the court to control movement.

During the proceedings, several of his supporters gathered outside the courtroom, while security personnel maintained order to prevent any disruption.

Speaking after the session, his counsel, Ukpon Akpan, raised concerns over the repeated adjournments of the bail application, suggesting that the delays may be politically motivated.

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The court is expected to resume hearing of the case in June.

Meanwhile, El-Rufai has alleged a fresh attempt to implicate him in additional criminal activities, warning of what he described as coordinated efforts to damage his reputation and prolong his detention.

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