CBEX crash fallouts; Federal Govt goes after digital Investment platforms
CBEX crash fallouts; Federal Govt goes after digital Investment platforms
A wave of anger and heartbreak has swept across Nigeria as CBEX, a once-hyped digital investment platform, has abruptly shut down, leaving thousands of investors stranded and penniless.
Dubbed by many online as the “MMM Pro Max,” CBEX had promised its users a 100% return on investments in just one month—an offer too tempting for many to ignore.
The crash triggered chaos on Monday evening in Ibadan, Oyo State, where frustrated investors descended on the company’s office in Oke-Ado.
What began as a protest soon escalated into a frenzy, with some individuals looting office property in a desperate expression of their loss.
Among the voices rising from the turmoil is that of Bolarinwa, a Nigerian woman whose story has gone viral.
Speaking emotionally in Pidgin English, she recounted how she sank all her savings—and borrowed money from friends—into CBEX, hoping it would be her ticket to stability after returning from years of struggle in Libya.
“I work for Libya, no job, na fight full there… I come back with small money,” she said.
“My neighbor tell me say this platform dey double your money. I borrow, I add my own, na $1,200 in total. Now, e don vanish.”
Though initially skeptical, Bolarinwa said she was swayed by testimonies from people around her who claimed they had doubled their money through the platform.
Peer pressure, combined with desperation, led her to take the leap.
CBEX operated in U.S. dollars and marketed itself as a digital trading hub with fast, guaranteed returns.
But like many Ponzi schemes before it, the platform vanished almost overnight.
Users reported being unable to access their accounts or withdraw funds, only to discover later that their balances had been wiped clean.
The scandal has sparked renewed concern over the vulnerability of everyday Nigerians to fraudulent online investment schemes and the need for stronger oversight in the digital financial space.
In response to the uproar, the Securities and Exchange Commission (SEC) issued a warning, referencing the newly enacted Investments and Securities Act, 2025 (ISA 2025).
The Act criminalizes unlicensed operation of online foreign exchange and digital asset platforms in Nigeria.
“Under this new law, it is illegal for any platform not registered with the Commission to engage in such investment activities,” the SEC stated in a press release.
SEC Director General, Dr. Emomotimi Agama, hailed ISA 2025 as a turning point in protecting Nigerian investors.
“We encourage innovation in financial markets, but it must happen within a regulated environment,” Agama said.
“This law gives us the tools to shut down fraudulent operations before they spiral out of control.”
The SEC also issued a stern warning to Ponzi scheme operators, noting that those found guilty under the new law could face fines starting from N20 million and prison terms of 10 years or more.
News
Expatriate kidnapped as Police officer is shot dead by suspected gunmen
Expatriate kidnapped as Police officer is shot dead by suspected gunmen
Unknown gunmen on Saturday invaded Aqua Triton Company in Ogunmakin, near Ibadan, abducting an expatriate and killing a police officer attached to him.
The Police Public Relations Officer, DSP Ayanlade Olayinka, confirmed the incident in a statement made available to journalists in Ibadan.
Olayinka said the police officer was killed while repelling the attack, adding that some of the abductors sustained gunshot injuries.
“There was an attack at Aqua Triton Company in Ogunmakin, near Ibadan, where unidentified gunmen stormed the facility in a commando-style operation.
“One police officer tragically died while repelling the attack, injuring some assailants, and the Chinese expatriate principal was abducted,” Olayinka added.
He said the Commissioner of Police, Femi Haruna, ordered the Assistant Commissioner in charge of Operations to lead anti-kidnapping and tactical teams to the scene.
According to him, bush-combing operations are ongoing, while investigations continue to rescue the victim and arrest those responsible. (NAN)
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President Tinubu returns to Nigeria after Abu Dhabi outing
President Tinubu returns to Nigeria after Abu Dhabi outing
President Bola Tinubu has returned to Nigeria after participating in the 2026 Abu Dhabi Sustainability Week (ADSW 2026).
Presidential spokesperson, Mr Bayo Onanuga, disclosed this in a statement issued on Saturday in Abuja.
The president attended the summit alongside some members of his cabinet.
On the sidelines of the summit, Nigeria signed a Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates (UAE).
The agreement is aimed at deepening economic cooperation, boosting bilateral trade and investment, and enhancing technology transfer.
It will also expand collaboration in key sectors, including energy, infrastructure, agriculture, mining and renewable energy.
In his address at the summit, Tinubu announced that Nigeria and the UAE would jointly host INVESTOPIA in Lagos in February.
The initiative is designed to attract global investors and accelerate sustainable investment inflows into Nigeria.
Tinubu also said Nigeria targets mobilising up to $30 billion annually in climate and green industrial finance.
He said the funds would support energy transition reforms and expand nationwide access to electricity. (NAN)
News
APC clears air on receiving letter of defection from another State Governor
APC clears air on receiving letter of defection from another State Governor
The Zamfara chapter of the All Progressives Congress (APC) has denied receiving a letter from Gov. Dauda Lawal seeking to defect to the party.
The News Agency of Nigeria (NAN) reports that there were speculations across the state over Lawal’s move to defect to APC.
A statement issued in Gusau on Saturday by the state APC Publicity Secretary, Malam Yusuf Idris, described the speculations as fabricated.
“The party came across a fabricated report purported to have emanated from one Tambarin Gusau claiming that Go Dauda Lawal has sent a letter to the party wanting to join the APC.
“The report is malicious, unfortunate, unfounded, mischievous and showed the unprofessional manner which some people can go in misleading others and causing chaos in a stable and a peaceful party like the APC.
“The APC has responsible channels where everything is done in a guided manner,” Idris said.
According to him, the party has not received any letter from Lawal as claimed through the imagination of the writer nor was the party aware of any recent moves by the governor to defect from the PDP to the APC.
“All members of the party and indeed the public especially in Zamfara should therefore disregard such report.,” Idris added.(NAN)
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