News

Aggrieved Investors Storm CBEX Lagos Office, Break Into Premises

Published

5 months ago

April 16, 2025

…my wife pushed me into it, victim recounts ordeal

…my wife and I lost over $7,000, says another victim

Irate investors in the early hours on Wednesday, stormed the office of Crypto Bridge Exchange Smart-Treasures, widely known as CBEX, located at Number 166, Idimu Road, Seliat Bus Stop in the Egbeda-Idimu area of Lagos State, breaking into the premises in search of officials in charge over the crashed trading platform, with yet to be ascertained billions of money.

CBEX was an artificial intelligence-powered cryptocurrency trading platform that allows users to buy and sell digital assets with promises of “100 per cent returns every month.”

When Vanguard visited the office at Egbeda, Alimosho Local Government area of the state, the apparently angry affected investors in their large number, invaded the premises as early as 9 am, broke into the offices after forcing their way through the main gate but could not gain access into the main office.

The office which usually bubbles with various activities has remained deserted as no staff or security could be seen on sight.

The armed policemen, including Rapid Response Squad, RRS, who have been drafted to the area from Lagos State Police Command from Idimu Area “M’ later arrived the scene in their patrol vans at about 10 am to maintain security of lives and property, as well as to prevent a possible breakdown of law and order.

As at press time, it could not be confirmed if there was arrest of suspects involved in the scam or the landlord of the building housing CBEX.

Recall that the action followed high tensions last Friday when CBEX subscribers/investors started noticing that the platform had crashed, locking them out and rendering them unable to access their funds.

Responding to the CBEX experience, the Securities and Exchange Commission had reiterated that under the newly enacted Investments and Securities Act 2025, it is now illegal to operate any digital asset exchange or online forex trading platform in Nigeria without formal registration.

In a statement released earlier on Sunday, the SEC stressed that by the new law, “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.”

Meanwhile, on Wednesday, Vanguard observed some victims in tears who claimed to have lost millions of money on the crashed CBEX trading platform.

One of the victims, who simply identified himself as Mr. Segun, about 35yrs, lamented the situation calling on relevant authorities to come to victims’ aid.

According to Segun, “How do I start now.? This place is being used as their office for the crypto trading business called CBEX.

“I was actually confused initially because you see online one China Inner Beijing Equity Exchange and you see another CBEX which is this one, Crypto Bridge Exchange Smart-Treasures. They promised AI technology assisted Crypto trading and in 30 days we get 100 per cent returns of investment being done in dollars.

“You bring in naira equivalent of dollars and put it into CBEX account for trading with huge returns of investment. The persons that introduced me have been on the platform for months before it crashed now and gained huge amounts already. Someone, even built a house through it.

“In the office, they displayed Nigerian Security Exchange, NSE, certificate, EFCC certificate displayed on their wall, lavishly furnished office that leaves no room for doubts. They conduct seminars every Wednesday and Saturday that are filled up. They just opened another office at Ikeja. They have at Ikorodu as well.

“I joined not quite long ago with $1, 700, about N1.7million investment, now I’m at crossroad. I got that money from a cooperative loan I collected with the plan of repaying after making my return.

”Someone, I know lost over $8,000, others, $4,000, and so on, running into trillions of naira.

“We use this opportunity to plead with government and relevant authorities to get on top of this and protect the citizens they swore to protect.

“My wife actually pushed me into it. She advised me strongly to take advantage of it that I should withdraw my dormant savings in First Bank and invest in CBEX. I did it, see where it landed me today. I thought I was smart before, but I have been scammed eventually.

“Though, a lot of people who joined earlier have made millions of naira from it. I was just unfortunate.

“These Ponzi operators do have targets. Once they attain some level of percentage of money then they strike.

“I just realized why they (scammers) scam people now. The kind of money they saw within the little time they started even they did not believe they could realize it. Over a trillion naira was realized.

“I was convinced and confused because they were into crypto trading which is a legitimate business. They said with crypto, if you put N1 million today you can also make N1 million immediately, making it N2 million in total and vice-versa.

“A pensioner, old man died yesterday because of the loss. He just held his chest and passed. Also, a medical doctor is on bed over the loss, at Abule Egba-Ilepo General Hospital now. About 50 nurses are affected, I can tell you authoritatively.

“We learnt that a victim, woman also committed suicide yesterday after learning of the crash. We learnt that she obtained a loan and handed it to her husband to invest in CBEX. Even ICT experts, bankers were also victims.

“Recently, in the last moment they (CBEX officials) were encouraging investors that the money is safe. At some point they said that scammers hacked into their account and have to repack everyone’s money for safety and when the coast is clear it would be restored before this bubble burst.”

Also, Mr. Victor Ozime, a victim, claimed he lost $4,000, while his wife lost $3,000. We are on ground zero. How do we finance our children school fees and pay house rent. I had so many plans for the money. Right now, I feel like ending it all.”
(VANGUARD)

News

NYSC Pays Arrears After Two-month Break

Published

9 hours ago

September 3, 2025

Editor

The National Youth Service Corps resumed payments for arrears on Wednesday, marking the first disbursement since the last payment on June 3, following a two-month break.

This payment relates to the new N77,000 monthly allowance recently approved by the Federal Government.

Recall that on April 5th, the Director-General of NYSC, Brigadier General Olakunle Nafiu, assured that corps members who recently completed their service will receive the new N77,000 monthly allowance approved by the Federal Government.

Speaking during the Batch A 2025 Pre-Mobilisation Workshop in Abuja, Nafiu said, “Once funds are released to us to offset the arrears, we will pay them. Even our corps members who passed out recently will benefit. We have their bank details.”

He emphasised the government’s commitment, adding, “Nigerians should not fret about that because the government is both responsible and responsive to their needs.”

This development was confirmed by PUNCH, by a previously serving corps member who chose to remain anonymous, who said, “After waiting for two months, I didn’t expect to see another payment alert. But honestly, it’s not just about the money; it’s about feeling like our efforts actually count.

The payment of arrears, covering the period from July 2024 to March 2025, follows widespread frustration over delayed implementation after the Federal Government approved the allowance increase as part of its commitment to easing economic hardship for Nigerian youth.

News

FCTA Withdraws Park Licences, Directs Fresh Screening Of Operators

Published

9 hours ago

September 3, 2025

Editor

The Federal Capital Territory Administration has withdrawn all park licences in Abuja, directing operators to resubmit their documents for a fresh screening exercise, with a possibility of reallocation.

The Director, Department of Development Control, Murktar Galadima, disclosed this in an interview with newsmen on Wednesday, while explaining the reasons for the demolition of Boulevard Park, Maitama, Abuja.

The FCTA carried out the demolition of Boulevard Park in Maitama on Tuesday, over violations of park policies and distortion of the Abuja Master Plan.

Assistant Director, Department of Development Control, and Sector Head for Maitama and Wuse, Sherif Razak, explained during the exercise that the park, originally designated for recreational purposes, had been overbuilt and misused.

He said the park had been converted to worship centres, revival grounds, and restaurants, operating under unhygienic conditions.

Galadima explained that the decision to withdraw park licenses followed a memo jointly submitted by the Directors of Parks and Recreation and Lands to the Minister of the FCT, highlighting several inadequacies and violations associated with parks management in the FCT.

He said the new directive offers park operators the opportunity to resubmit their documents to the Department of Parks and Recreation for review.

“If they meet the terms and conditions, they can be reallocated. Owners of parks should respond to the call, submit their documents, and if they meet the requirements, they will return to their parks,” he said.

The Director stressed that the decision was not taken to deliberately witch-hunt park operators, but is part of efforts to restore order and compliance with existing policies.

“There’s nothing like witch-hunting. All park allocations have been withdrawn following a series of violations, and the Minister is at liberty to do whatever he wants to do with land in the FCT, parks inclusive,” he stated.

On the recent demolition of Boulevard Park, Galadima clarified that operators were duly notified before enforcement, pointing out that the park had long violated its terms of allocation, operating in direct contravention of recreational policy.

“Boulevard Park was allocated for recreational purposes, but the activities taking place there are a total violation of the park policy in terms of operation. Boulevard has violated all the terms and conditions,” he said.

He noted that monitoring park operations was the primary responsibility of the Department of Parks and Recreation, adding that parks were expected to submit concept designs for approval before operations commenced. However, lapses in monitoring had led to widespread abuse.

“The FCT is a creation of law, and lawlessness will not be tolerated. The development of the city is guided by law, and every operator must comply with the terms and conditions of their allocation,” Galadima said.

He stated that a ministerial committee had been set up to review all allocations and uses of parks, to ensure they were serving their original recreational purpose.

News

Tinubu Names New VCs For Education Varsities In Zaria, Kano

Published

9 hours ago

September 3, 2025

Editor

President Bola Tinubu on Wednesday named Prof. Yahaya Bunkure as the new Vice Chancellor of the Federal University of Education, Zaria, Kaduna State.

The President’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this in a statement he signed on Wednesday titled ‘President Tinubu appoints Nakore, Kodage into governing council of Federal University of Education Kano, Bunkure, names VC Federal University of Education Zaria.’

Bunkure is a renowned academic specialising in science education.

He is currently the Vice Chancellor of Saadatu Rimi University of Education in Kano.

Tinubu also appointed Abdurrazaq Nakore, an engineer, as Pro-Chancellor and Chairman of the Governing Council of Yusuf Maitama Sule Federal University of Education, Kano.

He named Prof. Abdullahi Kodage as Vice Chancellor of the university.

Nakore, a Fellow of the Nigerian Society of Engineers, was Executive Secretary of the Rural Electricity Board in Jigawa State.

The Federal University of Education, Zaria, and the Yusuf Maitama Sule Federal University of Education, Kano, were among the four Colleges of Education upgraded into full-fledged universities between 2022 and 2023.

“In accordance with the institution’s governing laws, the pro-chancellor will serve a term of four years, while the Vice-Chancellors will serve for five years,” the statement added.