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Aggrieved Investors Storm CBEX Lagos Office, Break Into Premises

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…my wife pushed me into it, victim recounts ordeal

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

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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.

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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.

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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.

READ ALSO: CBEX: Investors Will Get Their Money Back – EFCC Assures

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.

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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.

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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.

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READ ALSO: JUST IN: EFCC Declares Sanwo-olu’s Ally, Lagos Socialite Wanted

“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.

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”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.

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“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.

READ ALSO: EFCC Arrests Bauchi Accountant General Over Alleged N70bn Fraud

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“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.

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“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)

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Anambra Directs Residents To Repaint Houses

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The Anambra State Government has directed residents and occupants of dilapidated buildings defacing the environment in public view areas across the state to repaint their structures, adding that regulators will be embarking on field operations to enforce compliance beginning from July 1.

In a press statement released on Thursday, the state Commissioner for Environment, Dr Felix Odimegwu, said repainting of buildings with particular emphasis in Onitsha, Awka, Nkpor, Nnewi and Ekwuluobia areas, respectively, will commence with immediate effect with the aim of achieving a clean, beautiful and eco-friendly environment.

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Odimegwu said concerned residents and corporate organisations in the areas mentioned are required to repaint their houses/buildings, especially those that have not been repainted in the last 10 years or buildings whose current paint is defacing the environment.

READ ALSO: Shocking! Late Ohanaeze Ndigbo President Lefts Will That Bans Wife From Remarrying

He said the exercise is aimed at strengthening the existing building structures, improving the aesthetic ambience, and the green space of the state as enshrined in the Anambra State Environmental Management, Protection and Administration Law 2024, Part 4 sec 79 (1-7).

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The statement partly read, “Notice is hereby given to all residents and occupants of buildings which are in public view areas of the state with particular emphasis on Onitsha, Awka, Nkpor, Nnewil and Ekwuluobia respectively, that general house hold inspection on dilapidated and unpainted structures defacing the environment shall commence with immediate effect.

“This exercise is aimed at strengthening the existing building structures, improving the aesthetic ambience, and the green space of the state as enshrined in the Anambra State Environmental Management, Protection and Administration Law 2024, Part 4 sec 79 (1-7).

“Hence, residents are enjoined to fully maintain, repaint (if necessary) their residential and commercial premises which are in public view (anyaora) areas.”

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READ ALSO: Police Arrest Suspects For Stealing Two Underage Siblings In Anambra

He added that the Anambra State Environmental Management Protection and Administration Law 2024 provides the legal framework for beautification and aesthetic face-lifting of the state.

Regulators will be embarking on field operations starting from July 1, 2025, for this particular purpose. Therefore, concerned individuals and corporate organisations within the purview as stated above are required to repaint their houses/buildings, especially those that have not been repainted in the last 10 years or buildings whose current paint is defacing the environment.

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“A clean, beautiful and eco-friendly Anambra is possible if we join hands together to improve her aesthetic ambience,” the statement added.

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Umahi Terminates Benin–Warri Road Contract, Seeks Refund

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The Minister of Works, David Umahi, has terminated the contract awarded to Levant Construction Limited over its failure to deliver on the Benin–Sapele–Warri road project.

The road, a major federal highway, is being reconstructed under the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

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Speaking in Abuja after a meeting with contractors handling various sections of the project, Umahi accused Levant of abandoning its section of the road despite multiple warnings and a final termination notice.

According to a statement signed by his media aide, Orji Uchenna, on Wednesday, the minister disclosed that despite intervention by the Edo State Government on the worst sections of the road, Levant failed to mobilise to its portion of the site, leaving critical areas unattended.

We even begged the Edo State Governor to fix the worst-hit parts while Levant handled the remaining. While the governor delivered on his 23km stretch for N35bn, Levant abandoned its section.

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“They received multiple warning letters, including a final notice, but chose not to return to the site,” Umahi said.

READ ALSO: Drama As Woman Accuses Umahi Of Sexual Harassment, Unpaid Contract, Minister Threatens Legal Action

Umahi directed the Permanent Secretary to finalise the contract termination, initiate a joint measurement for completed works, and write to the company’s bank for the recovery of the Advance Payment Guarantee.

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He warned that failure to refund the public funds could lead to prosecution by the Economic and Financial Crimes Commission.

In contrast to Levant’s performance, the minister praised Geld and SKECC for agreeing to return to the site following renegotiations.

He noted that a project review has been approved to accommodate inflationary pressures, including the rising cost of asphalt, now pegged at ₦30,000 per square metre from a previous ₦9,000.

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“I’m pleased with Geld’s commitment. For their other job on the Lokoja-Abuja road, we’ve agreed to a price review. The same applies to the Itoki–Ikorodu road. We are happy to see movement again,” he said.

He also lauded the efforts of Delta State Governor, Sheriff Oborevwori, and Edo State Governor, Monday Okpebholo, for stepping in to fund critical sections of the federal road.

We are grateful. These governors are doing very beautiful work,” he said.

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READ ALSO: 52% Of Ongoing Road Construction In Northern Nigeria – Umahi

Reacting to recent claims by some Northern groups accusing the Tinubu administration of favouring the South in road projects, Umahi described the allegations as “malicious and uncharitable”.

He stressed that project distribution under President Bola Tinubu’s Renewed Hope Agenda has been fair, inclusive, and based on inherited commitments and current needs.

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In this ministry, we don’t count regions. We follow the President’s example—he inherited projects and chose to continue them irrespective of location,” Umahi said, citing the Abuja–Kaduna–Zaria–Kano road project as a case in point.

He noted that under the NNPC Tax Credit Scheme alone, Niger State accounts for 26 per cent of the project portfolio, while the South-West and South-East combined barely get 9 per cent.

In his detailed response, Umahi listed several ongoing projects in the North, including the Abuja–Kaduna–Zaria–Kano road (Sections I & III) worth N252bn, with 30 per cent already paid.

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He said, “Section II of the same highway, 164km long, valued at N525bn, with another 30 per cent (N152bn) already disbursed. Sokoto–Zamfara–Katsina–Kaduna 750km road at N825bn, started under President Tinubu.

“There are Dangote-backed Tax Credit projects in Borno, including 49km in Bama and 52km in Dikwa. The N958bn dual carriageway project in Kebbi, with a second phase heading to FEC for approval. The 439km Akwanga–Jos–Bauchi–Gombe superhighway is being redesigned to a six-lane concrete pavement on Tinubu’s directive.”

READ ALSO: How Obaseki, Umahi’s Intervention Is Addressing Deplorable State Of Ekpoma – Abuja Federal Highway

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He added that under the Renewed Hope legacy projects, the North is receiving 52 per cent of the investments, while the South gets 48 per cent.

On the controversial Lagos–Calabar Coastal Highway, Umahi said the project is not designed to favour any region, explaining that comparable investments are being made in the North with the same quality and cost standards.

“For instance, the Kebbi section alone, with just one carriageway, is costing about N958bn. When the second lane is approved, that’s nearly N2tn—comparable to Lagos-Calabar segments,” he said.

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Addressing criticisms on the slow pace of work on the Eleme–Onnexis of the East–West Road, Umahi said the contractor, RCC, has since improved performance after initial issues. He clarified that asphalt work being done on a completed lane was to maintain traffic flow around flyover sections.

Let the critics go and verify. We’ve done one carriageway. Where asphalt is being reapplied, it’s around flyover intersections for smooth movement,” he said.

The minister reaffirmed his commitment to restoring public confidence in Nigeria’s road infrastructure, saying, “We want Nigerians to feel the impact of governance.

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“President Tinubu is investing heavily in roads—North, South, East and West—because he understands the economy runs on infrastructure. I have never seen such a unique President.”
(PUNCH)

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542 Senior Military Officers Retire

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A total of 542 senior Non-Commissioned Officers retired from the Nigerian Armed Forces on Thursday after 35 years of service.

The retirement ceremony, held at the Nigerian Armed Forces Resettlement Centre in Oshodi, Lagos, included 362 soldiers from the Nigerian Army, 134 from the Navy, and 46 from the Air Force.

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Speaking at the event, the Chief of Army Staff, Lieutenant General Olufemi Oluyede, represented by Major General Aligbe Obhiozele of TRADOC, praised the retirees for their dedication.

READ ALSO: Army To Enhance Capacity Of Troops To Neutralise Extant Threats – COAS

Obhiozele stated, “Today we celebrate your courage, discipline and selfless service to our great nation. Your 35-year journey embodies the finest military traditions of resilience and patriotism.

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“As you transition to civilian life, we urge you to uphold these values and become pillars in your communities.”

He also urged the retirees to avoid financial mismanagement and neglect of their health, warning that society expects them to continue to uphold the discipline they displayed during service.

NAFRC Commandant, Air Vice Marshal Bashir Mamman, said the centre had trained over 53,000 personnel since its establishment.

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READ ALSO: Jailbreak: Army, DSS, Police Deployed To Ilesa Correction Centre

Mamman thanked President Bola Tinubu for approving major improvements such as bigger starter packs for retirees, digitisation of records, e-learning upgrades, and new workshop equipment.

These interventions have significantly enhanced our capacity to prepare servicemen for civilian life,” Mamman noted.

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Retirees, who were trained in various vocational skills, received discharge certificates to the cheers of their families. Some described the moment as emotional, but hopeful.

Sergeant Musa Bello said, “The training has prepared me well for civil life. I was trained in farming. I hope to invest my gratuity in it. I am proud of my service years.”

The event ended with the traditional lowering of flags, marking their formal exit from military service.

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