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₦1.3 Trillion Ponzi Scheme: How CBEX Lured 600,000 Nigerians With Fake Promises
An extensive probe into the collapsed Crypto Bridge Exchange (CBEX) has exposed the elaborate tactics used by its promoters to deceive over 600,000 Nigerians into investing in what turned out to be a massive Ponzi scheme.....KINDLY READ THE FULL STORY HERE▶
CBEX falsely promised investors a 100% return within 30 days, claiming their trades were powered by advanced AI tools. However, the platform suddenly shut down on a Monday, leaving investors stranded with a collective loss estimated at ₦1.3 trillion.
According to Punch, the scheme operated under a registered company—ST Technologies International Limited—incorporated with the Corporate Affairs Commission (CAC) in September 2024. The company also registered with the EFCC’s Special Control Unit Against Money Laundering (SCUML) in January 2025.
To build credibility, the promoters increased their share capital from ₦1 million to ₦201 million, using the document to lure investors. Victims interviewed reported that these formalities and community charity programs—including paying hospital bills—gave the company an illusion of legitimacy.
Despite these appearances, company records lacked transparency, with no listed board members or physical address, and yielded little information on open-source intelligence platforms.
Two key figures—Adefowora Abiodun and Oluwanisola Adefowora—were identified in a televised video as the masterminds behind ST Technologies. In the footage, recorded during a lavish office opening in Abuja on February 10, 2025, they encouraged Nigerians to invest, citing support from a team of UK-based analysts.
Investigators uncovered that the promoters managed three major Telegram groups—“ST Customer Support,” “Newcomer Advance Group,” and “ST Signal Group IV”—to attract and communicate with investors. At their peak, these groups hosted over 290,000 members combined, operating mostly through anonymous UK-based numbers.
As the scheme unraveled, some accounts were flagged by Telegram as fraudulent. The EFCC confirmed that ST Technologies had only registered as a consultancy firm but veered into illegal investment activities.
The Securities and Exchange Commission (SEC) corroborated this, stating that CBEX carried out misleading promotions and failed to process withdrawal requests before shutting its offices abruptly.
To widen their reach, the promoters hired social media influencers and radio presenters. They opened offices in Abuja, Lagos, and Ibadan and advertised on stations such as Orisun FM in Osun State. One broadcast falsely claimed the scheme was inclusive for all Nigerians, including roadside vendors.
The backlash prompted OSBC to condemn the broadcast, revealing that the presenter had been penalized. Meanwhile, both the EFCC and SEC have ramped up their investigations, pledging to bring the perpetrators to justice and recover investors’ funds.
Kaduna State Governor, Uba Sani, says the state has mapped out 22,435 hectares of degraded land for restoration under the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project using modern geospatial mapping technology.....KINDLY READ THE FULL STORY HERE▶
He said the initiative is part of efforts to strengthen climate resilience, tackle environmental degradation, and promote sustainable land use in the state.
Speaking at the ACReSAL mid-term review meeting in Kaduna through the Commissioner for Environment and Natural Resources, Abubakar Buba, the governor explained that the use of geospatial tools has made it possible to accurately identify affected areas for targeted intervention.
He added that the project is not only focused on land recovery but also on boosting agricultural output and improving livelihoods in affected communities.
Sani also noted that the state is supporting the programme with empowerment initiatives, including training over 500 women, youths, and school feeding vendors in biomass briquette production.
According to him, the effort is already helping to reduce dependence on firewood while creating alternative sources of income for beneficiaries.
President Tinubu has given full backing for the implementation of the ₦68.32 trillion 2026 budget after signing the Appropriation Bill passed by the National Assembly into law.....KINDLY READ THE FULL STORY HERE▶
He also approved an amendment extending the lifespan of the 2025 budget from March 31 to June 30, 2026, to ensure completion of ongoing capital projects nationwide.
Under the 2026 fiscal plan, ₦4.799 trillion is set aside for statutory transfers, ₦15.8 trillion for debt servicing, ₦15.4 trillion for recurrent spending, while ₦32.2 trillion goes to capital projects—about half of the total budget.
The focus, according to the administration, is on infrastructure development, security, and growth-driven investments aimed at improving living standards.
Speaking on the development, presidential aide Bayo Onanuga said the extension of the 2025 budget will help ensure full use of allocated funds, especially for major ongoing projects.
Tinubu directed all ministries, departments, and agencies to ensure transparency, discipline, and value-for-money in implementing the budget, while praising the National Assembly for its swift passage of the bill.
He also reaffirmed his administration’s commitment to economic reforms, revenue growth, job creation, and social welfare improvements.
The Peoples Democratic Party (PDP) in Kwara State has described moves to prosecute former Senate President Bukola Saraki and former Governor Abdulfatah Ahmed over alleged culpable homicide as an attempt to reopen the 2018 Offa robbery tragedy for political purposes.....KINDLY READ THE FULL STORY HERE▶
In a statement on Friday, the party’s spokesperson, Olusegun Adewara, said the development is a disturbing and dangerous politicisation of a case they claim has already been addressed through judicial processes.
He warned against dragging the state into fresh tension, accusing the state government of attempting to revive old allegations for political advantage.
Adewara said the PDP would not remain silent while what he called “political narratives” are used to influence public perception around a tragic incident that claimed multiple lives in Offa in 2018.
He also urged residents, especially affected families, not to allow their pain to be used for political gains, insisting it is unjust to associate Saraki with the crime.
The party further alleged that the move is aimed at distracting attention from governance challenges in the state.
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