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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

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.

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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.

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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.

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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.

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.”

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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.

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“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.

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

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“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.

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“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.

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“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

“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.

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“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.

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“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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Xenophobic Attacks: Oshiomhole Tells FG To Retaliate Against South African Companies In Nigeria

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Senator Adams Oshiomhole has called on the Federal Government to retaliate against South African businesses operating in Nigeria following the recent attacks on Nigerians in South Africa.

Speaking during plenary on Tuesday, Oshiomhole said the Federal Government should consider revoking the working license of South African owned companies such as MTN and DSTV.

He argued that Nigeria must respond firmly to what he described as persistent hostility against its citizens.

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READ ALSO:South Africa To Investigate ‘Mystery’ Of Planeload Of Palestinians

“I am not going to shed tears. If you hit me, I hit you. I think it is appropriate in diplomacy. It is an economic struggle,” Oshiomhole said.

He argued that while some South Africans accuse Nigerians of taking their jobs, Nigerians should return home and take over employment opportunities created by major South African companies operating in the country, including MTN and DSTV.

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When we hit back, the President of South Africa will not only talk but will also go on his knees to recognise that Nigeria cannot be intimidated.

READ ALSO:South African Ambassador Found Dead Outside Paris Hotel

We will not condone any life being lost. If a crime has been committed under the South African law they have the right to bring any such person to justice, but to kill our people as if we are helpless, we will not allow that,” Oshiomhole added.

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DAILY POST reports that several Nigerians in South Africa have reportedly been attacked, and their businesses destroyed, in ongoing xenophobic attacks in the country.

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IGP Orders Officers Display Name Tag On Uniform, Gives Update On State Police

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The Inspector General of Police, IGP, Tunji Disu, has ordered all police personnel to always have their name tags on their uniforms for easy identification.

Disu disclosed that only police personnel who are undercover are exempted from displaying their name tags.

Speaking on Tuesday, Disu said: “All police officers should have their name tags. All of us on the high table have our names apart from the undercover among us so if you look at all the Commissioners of Police we have our name tags, so it’s not our standard.

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All the Commissioners of Police are here and that is why we called this meeting, we have list of things like this that we will want to discuss with the Commissioners of Police, we have told them earlier and we will still let them know that every that happens within their area of jurisdiction falls under their control.”

On the issue of state police, the IGP said: “Since we got the signal that the Federal Government of Nigeria intend to establish State Police and since we are the federal police, we decided to take the bull by the horn and put down our own side of what we believe on how the state police should be run.

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“A lot of things were taken into consideration, a lot of comparative analysis was done and it has been transmitted to the National Assembly.”

 

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Court Orders SERAP To Pay DSS Operatives N100m For Defamation

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The High Court of the Federal Capital Territory has ordered a non-governmental organization, the Socio-Economic Rights and Accountability Project, SERAP, to pay N100 million as damaged to two operatives of the Department of the State Services, DSS, for unjustly defaming them in some publications.

The court also ordered SERAP to tender public apologies to the defamed officers,
Sarah John and Gabriel Ogundele, in two national newspapers, two television stations and its website.

Besides, the organization was also ordered to pay the two operatives N1 million as cost of litigation and 10 percent post-judgment interest annually on the judgment sum until it’s fully liquidated.

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Justice Yusuf Halilu of the High Court of the Federal Capital Territory gave the order on Tuesday while delivering judgment in a N5.5 billion defamation suit instituted against SERAP by the DSS operatives.

The judge found SERAP liable for unjustly defaming the two DSS operatives with allegations that they unlawfully invaded its Abuja office, harassed and intimidated its staff, in September 2024.

READ ALSO:How We Arrested Terror Suspect Who Threatened To Kill Students, Teachers In Abuja — DSS

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In the offending publication on its website and Twitter handle, SERAP alleged that the two operatives unlawfully invaded and occupied its office with sinister motives.

The judge held that the publication was in bad taste especially from an organization established to promote transparency and accountability, as nothing in the publication was found to be truthful.

The DSS staff had listed SERAP as 1st defendant in the suit marked CV/4547/2024. SERAP’s Deputy Director, Kolawole Oluwadare, was listed as the 2nd defendant.

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In the suit, the claimants – Sarah John and Gabriel Ogundele – accused the two defendants of making false claims that they invaded SERAP’s Abuja office on September 9, 2024..

Counsel to the DSS, Oluwagbemileke Samuel Kehinde, had while adopting his final address in the mater urged the judge to grant all the reliefs sought by his client in the interest of justice.

READ ALSO:DSS Arrests Suspected Gunrunner, Recovers 832 Rounds Of Ammunition

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He admitted that although the names of the two claimants were not mentioned in the defamation materials, they had however established substantial circumstances that they are the ones referred to in the published defamation article by SERAP on its website.

The counsel submitted that all ingredients of defamation have been clearly established and the offending publication referred to the two officials of the secret police.

However, SERAP, through its counsel, Victoria Bassey from Tayo Oyetibo, SAN, law firm, asked the court to dismiss the suit on the ground that the two claimants did not establish that they were the ones referred to in the alleged defamation materials.

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She said that SERAP used “DSS officials” in the alleged offending publication, adding that the two claimants must establish that they are the ones referred to before their case can succeed.

Similar arguments were canvassed by Oluwatosin Adefioye who stood for the second defendant, adding that there was no dispute in the September 9, 2024 operation of DSS in SERAP’s office.

READ ALSO:Alleged Cyberstalking: DSS Plays Video Evidence In Sowore’s Trial

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He said that since SERAP in the publication did not name any particular person, the claimants must plead special circumstances that they were the ones referred to as the DSS officials.

Besides, he said that there is no organization by name Department of State Services in law, hence, DSS cannot claim being defamed adding that the only entity known to law is National Security Agency.

The claimants had in the suit stated that the alleged false claim by SERAP has negatively impacted on their reputation.

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The DSS also stated, in the statement of claim, that, in line with the agency’s practice of engaging with officials of non-governmental organisations operating in the FCT to establish a relationship with their new leadership, it directed the two officials – John and Ogunleye – to visit SERAP’s office and invite them for a familiarization meeting.

The claimants added that in carrying out the directive, John and Ogunleye paid a friendly visit to SERAP’s office at 18 Bamako Street, Wuse Zone 1, Abuja on September 9 and met with one Ruth, who upon being informed about the purpose of the visit, claimed that none of SERAP’s management staff was in the country and advised that a formal letter of invitation be written by the DSS.

READ ALSO:DSS, Police Partner NCCSALW To End Terrorism, Mop Up Illegal Arms

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John and Ogundele, who claimed that their interactions with Ruth were recorded, said before they immediately exited SERAP’s office, Ruth promised to inform her organisation’s management about the visit and volunteered a phone number – 08160537202.

They said it was surprising that, shortly after their visit, SERAP posted on its X (Twitter) handle – @SERAPNigeria – that officers of the DSS are presently unlawfully occupying its office.

The claimant added, “On the same day, the defendants also published a statement on SERAP’s website, which was widely reported by several media outfits, falsely alleging that some officers from the DSS, described as “a tall, large, dark-skinned woman” and “a slim, dark skinned man,” invaded their Abuja office and interrogated the staff of the first defendant (SERAP).

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John and Ogundele stated that “due to the false statements published by the defendants, the DSS has been ridiculed and criticised by international agencies such as the Amnesty International and prominent members of the Nigerian society, such as Femi Falana (SAN)”.

“Due to the false statements published by the defendants, members of the public and the international community formed the opinion that the Federal Government is using the DSS to harass the defendants.”

READ ALSO:SERAP To Court: Stop CBN From ‘Implementing ‘Unlawful, Unjust ATM Fee Hike’

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They added that the defendants’ statements caused harm to their reputation because the staff and management of the DSS have formed the opinion that the claimants did not follow orders and carried out an unsanctioned operation and are therefore, incompetent and unprofessional.

The claimants therefore prayed the court for the following reliefs: “An order directing the defendants to tender an apology to the claimants via the first defendant’s (SERAP’s) website, X (twitter) handle, two national daily newspapers (Punch and Vanguard) and two national news television stations (Arise Television and Channels Television) for falsely accusing the claimants of unlawfully invading the first defendant’s office and interrogating the first defendant’s staff.

“An order directing the defendants to pay the claimants the sum of N5 billion as damages for the libellous statements published about the claimants.

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“Interest on the sum of N5b at the rate of 10 percent per annum from the date of judgment until the judgment sum is realised or liquidated.

“An order directing the defendants to pay the claimants the sum of N50 million as costs of this action.”

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