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Hope rises for Investors as Interpol, EFCC collaborate, probe CBEX operations

The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into an alleged N1.3 trillion investment scam linked to CryptoBank Exchange (CBEX), a digital platform that abruptly collapsed on Monday, leaving thousands of investors unable to access their funds.

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CBEX, which was jointly operated by foreign nationals and their Nigerian partners, is believed to have defrauded investors through promises of high returns before shutting down operations.

The platform reportedly guaranteed 100% returns within 30 days through online trading activities.

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Speaking to The Punch on Tuesday, EFCC spokesperson Dele Oyewale confirmed the agency had already begun probing the platform before its collapse and is now working with the International Criminal Police Organisation (INTERPOL) to track down those responsible.

“We had prior intelligence on the platform and were already investigating before it collapsed. Now that the scheme has failed, we are intensifying efforts to apprehend all key players, both local and foreign,” Oyewale stated.

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He reaffirmed the EFCC’s commitment to protecting Nigerians from fraudulent investment schemes, noting that CBEX is just one of many under scrutiny.

“We’ve issued warnings about 58 suspicious companies and are investigating many more. This case highlights the need for Nigerians to remain vigilant,” he added.

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According to unconfirmed reports, investors may have lost approximately $847 million, with the figure potentially higher due to ongoing assessments.

The platform restricted withdrawals on April 9, 2025, prompting panic among users, many of whom later discovered their account balances had been wiped out.

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In a bizarre move, CBEX then asked users to deposit additional funds—$100 or $200 depending on their account balance—under the guise of verification.

Despite warning signs, new users continued to register, believing the restriction was a temporary technical issue. CBEX had also changed its domain multiple times between January 2024 and February 2025, further raising concerns about its legitimacy.

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The platform’s collapse follows a recent warning from the Securities and Exchange Commission (SEC), which cautioned the public against using unregistered trading platforms.

Under the newly enacted Investment and Securities Act, 2025, it is now a criminal offence to operate an online forex or trading platform without proper registration.

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SEC Director-General Dr. Emomotimi Agama hailed the law as a “landmark reform” aimed at making Nigeria’s capital market more secure and globally aligned.

The EFCC says it is working closely with other regulatory bodies and remains committed to recovering stolen funds where possible and prosecuting all involved.

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Agama stated, “The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms.

“By virtue of this act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.

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“Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions.”

Meanwhile, the platform’s collapse has sparked widespread outrage across the country.

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In Ibadan, Oyo State, angry investors stormed the CBEX office in the Oke Ado area, broke into the building, and made away with furniture and office equipment in a display of frustration.

Police officers and operatives of the Western Nigeria Security Network, known as Operation Amotekun, were later deployed to restore order and secure the premises.

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Tinubu mourns Abubakar’s passing, the Imam who shielded over 200 Christians in his mosque during communal riot

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Tinubu mourns Abubakar’s passing, the Imam who shielded over 200 Christians in his mosque during communal riot

President Bola Tinubu has expressed deep sorrow over the death of Imam Abdullahi Abubakar, Chief Imam of Nghar village, Barkin Ladi Local Government Area of Plateau, who passed away at 92.

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This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Friday in Abuja.

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The late cleric gained national and international recognition in 2018 for sheltering more than 200 Christians during communal violence in Plateau.

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Tinubu described Abubakar as an extraordinary religious leader whose life exemplified faith, courage and a deep reverence for the sanctity of human life.

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“At such a time when tribal and religious tendencies seemed to overwhelm reason, Imam Abubakar stood firmly on the side of peace, benevolence and conscience.

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“Mindless of the enormous risk to his own life, the noble cleric chose humanity over division, love as opposed to hatred and embrace rather than rejection,” the President said.

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He said the Imam’s actions embodied the true essence of faith and delivered a powerful message beyond sermons.

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The President noted that the cleric’s uncommon bravery earned him local and international honours celebrating peaceful coexistence.

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“I urge religious and community leaders to imbibe and preach the spirit of tolerance, mutual respect and peaceful togetherness as expounded in the life of Imam Abubakar,” Tinubu said.

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He prayed that God grants the late Imam eternal rest and rewards him for his courage and good deeds. (NAN)

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Govt. introduces solar installation, garment making, GSM repairs in jss curriculum

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Govt. introduces solar installation, garment making, GSM repairs in jss curriculum

 
 
 
 
 
 
The Anambra Government has introduced 15 entrepreneurial subjects into the Junior Secondary School (JSS) curriculum to enhance students’ practical skills and foster an entrepreneurial mindset.
The News Agency of Nigeria (NAN) reports that the new subjects include solar installation, garment making, GSM repairs, agriculture and processing, plumbing, tiling, POP installation and event management.

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Others are bakery, hairstyling, make-up, interior design, CCTV/intercom installation, digital literacy, information technology and robotics.

Prof. Nkechi Ikediugwu, Chairperson ,Post Primary Schools Service Commission (PPSSC),  while speaking at  the occasion in Awka on Friday, said the initiative was aimed at repositioning education to meet contemporary needs.
Ikediugwu noted that in a rapidly changing world, education should go beyond theory and examinations to equip students with practical skills, creativity, innovation and an entrepreneurial mindset.

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“The goal of the programme is to prepare learners, not only to seek jobs but to create value, generate employment and contribute meaningfully to the economic development of the state,”she said.

Mr Cyril Nwuche of Nnamdi Azikiwe University, Awka, delivered a paper titled “Building Entrepreneurial Secondary Schools: Why Every School Needs an Entrepreneurship Club”.
Nwuche said the introduction of entrepreneurial subjects showed that the government was on the path to transforming the state’s economy.
“Traditional academic instruction alone is no longer sufficient to prepare children for the future.

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“There is the need for schools to embrace practical and skill-based learning to enable students to thrive in a dynamic global environment, ” he said. (NAN)

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Two men docked for allegedly defiling underaged girl

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Two men docked for allegedly defiling underaged girl

The police in Lagos on Friday, charged two men before an Ikeja Chief Magistrates’ Court for allegedly defiling an 11- year-old girl.

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The defendants are: Prince Tomnyie, 40, a businessman, who resides at Agege, and Micheal Adenuga, 24, a furniture maker, who resides at Atere Street in Lekki.

They are standing trial on charges of defilement, and had each pleaded not guilty to the charges.

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The prosecutor, ASP Adegoke Ademigbuji told the court that they committed the offence sometimes in December 2024, and September 2025, at Langbasa Ajah and Igbara Lekki, Lagos .

The prosecutor alleged that the victim’s father, had taken his daughter for medical check and it was discovered that the minor had been defiled.

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The prosecution alleged that the victim had told her father that his friend, Tomnyie, defiled her sometimes ago.

Ademigbuji alleged that the victim also mentioned the second defendant’s name who lives in their neigbourhood.

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The offence contravenes the provisons of section 137 of the Criminal Law of Lagos, 2015.

The Chief Magistrate, Mr L. A Owolabi, granted the defendants bail in the sum of of N600,000 each, with two sureties each in like sum.

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He adjourned the case until March 5, for mention. (NAN)

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