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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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Edo SSG Calls On Media To Support Govt Policies, Assures Better Welfare

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L-R: Government House Public Relations Officer (PRO); Chief Press Secretary to Governor Monday Okpebholo, Patrick Ebojele, Ph.D; Secretary to Edo State Government, Musa Ikhilor; Special Adviser to Governor Monday Okpebholo, Mr. Paul Ezewon during the courtesy visit.

The Secretary to the Edo State Government (SSG), Umar Musa Ikhilor, has called on members of the media to continue to support government policies and programmes through objective, professional and balanced reportage, describing them as critical stakeholders in governance.

Ikhilor made the call while receiving members of the Governor’s Press Crew, Edo State Government House, led by the Chief Press Secretary, Ebojele Akhere Patrick, PhD, who paid him a courtesy visit in his office as part of the season’s greetings.

Responding, Ikhilor expressed gratitude for the gesture, noting that it was thoughtful and symbolic.

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According to him, the media plays an indispensable role in governance and public accountability.

He said, “Whatever it is that we do, it still will not matter much if we do not have you guys to be our eyes and our ears to report some of those things so that Edo people will be aware and people globally will be aware, and that is where you come in very important.”

READ ALSO:Edo Assembly Declares Okpebholo’s Projects Unprecedented

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The SSG further emphasized the strategic role of journalists, describing them as the fourth estate of the realm.

Ikhilor stated, “Because without the press, the government is blind, deaf and dumb. You are the ones we can see with and you are the ones we can hear with and talk with as well. So we consider you very critical stakeholders in the affairs of governance. That is the sincere sentiment of the government,”

He acknowledged the challenges faced by the media, particularly poor working conditions, and assured that the government was aware and already taking steps to address them.

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He said, “Your working conditions have not been the best one would have expected. These are some of the things we have made recommendations to His Excellency the Governor, and he has promised from next year, after this budget by January, with a new budget that is coming, there will be something substantial to cater for the media.”

READ ALSO:JUST IN: Okpebholo Assigns Portfolios To Commissioners, Makes Major Reshuffle 

Explaining the initial constraints of the administration, Ikhilor noted that spending was limited by budgetary provisions inherited at the time the government assumed office.

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He explained, “When we came in, we met a budget already prepared. We just tried and tinkered with it to pass it as at then November–December. Once you don’t have an appropriation, you can’t spend. That would be a criminal offence,”

The SSG urged journalists to remain professional and committed to truth, regardless of circumstances.

He said, “Your responsibility as a journalist, your first training, your first duty, is the pursuit of truth wherever you find it. Reporting should not be based on a special relationship. Professionalism actually means you are consistent and you deliver, whether the day is good or the day is bad.”

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He encouraged the media to continue to support government policies and programmes through accurate and diligent reporting, stressing the importance of teamwork in effective communication.

Commending the press crew, Ikhilor added, “I have seen exceptional reports from a lot of reporters here. Our camera men have done very well in terms of proper coverage. Everybody needs to work together as a team for the story to come alive and for the story to be complete.”

Earlier, while presenting a gift on behalf of the team to the SSG in appreciation of his leadership and support, the Chief Press Secretary, Ebojele Akhere Patrick, PhD, said, “In the spirit of the season, I present this to you on behalf of the Governor’s Press Crew in appreciation of your effort as the engine room of government.”

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Forest Reserve: Okpebholo Broker Peace Between Host Communities, Investors

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Governor Monday Okpebholo of Edo state on Wednesday brokered peace between host communities and investors on the use of government forest reserve land for agricultural purposes and investors.

The governor, who was represented by his deputy, Hon Dennis Idahosa, appealed to the various stakeholders to always tow the line of peace at all times

Okpebholo noted that by virtue of the Land Use Act, the land in dispute belongs to the Edo state government.

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The governor blamed activities of the previous administration of the state for the hostility between the investors and the host communities over the land that spreads across Ovia South West and Ovia North East Local Government Areas.

He accused the previous administration of arbitrarily allocating the said forest reserve to investors to without due consultation with host communities of Iguomon, Egbetta and Usen.

READ ALSO:Okpebholo Pledges To Clear Inherited Salary Arrears, Gratuities At AAU

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He stated that the meeting with stakeholders became expedient in order to straighten out facts and restrategize.

We had three investors that want to invest in oil palm production in the council areas, which is in line with the vision of Governor Monday Okpebholo to turn the state into investment heaven.

“Today, we met with the critical stakeholders of Ovia South West and Ovia North East to ensure all interests are captured.

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“The investors were here, the community leaders, led by the Elawure of Usen, Oba Wilson Oluogbe II, and Palace Chiefs all came.

“Initially, a 5 percent buffer was proposed by the previous administration, but based on the conversation we had today, the investors agreed to increase to 10 percent.

READ ALSO:Okpebholo Removes Itua As Chief Press Secretary

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Haven put into consideration that Ovia is an agrarian area, with 80 percent of people relying on subsistence farming for survival,” he stated.

Okpebholo maintained that part of the resolution involved the raising of a memorandum of understanding (MoU) by investors with their host communities to keep all parties involved in decision making.

IHe declared, “Our administration is people oriented. The interest of investors are paramount to us as well as the interest of our people.”

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The Secretary to the Edo State Government (SSG), Musa Ikhilor stated that before the said land allocation to investors, the previous administration was supposed to have carried out diligent studies and a NEEDS assessment in relations to the communities.

He said basic steps ought to have been followed, such as meetings with Community Development Associations (CDA) with agreements reached on community development.

READ ALSO:IYC Expresses Displeasure Over Okpebholo’s Neglect Of Edo Ijaw

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Historically, Ikhilor said Usen community started as a farm stead hence the need to carry such a community along in decision making on issues that affect their means of livelihood.

He further encouraged investors to engage in Corporate Social rlResponsibility (CSR) acts as well as put in place activities that promote job creation and general welfare of their host.

The Elawure of Usen, Oba Wilson Oluogbe II praised the Edo State Government for its intervention.

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He appealed for communities to be carried along when critical decisions are being made, especially on issues that affect their livelihood.

The investors, included: Nimbel Shaw Limited; Professional Support Farms Limited and Steve Integrated Limited, commended Edo state government for the peaceful resolution of the matter.

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Trump Places Nigeria, 14 Others On Partial Travel Restrictions To US

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The United States has partially suspended the issuance of immigrant and non-immigrant visas to Nigeria and 14 other countries, citing concerns on radical Islamic terrorist groups such as Boko Haram and the Islamic State operating freely in certain parts of the West African country.

Specifically, the classes of visas affected include the B-1, B-2, B-1/B-2, F, M, and J Visas.

President Donald J. Trump, on Monday, signed a proclamation expanding and strengthening entry restrictions on nationals from countries with demonstrated, persistent, and severe deficiencies in screening, vetting, and information-sharing to protect the country from national security and public safety threats.

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The United States also cited the Overstay Report, noting that Nigeria had a B-1/B-2 visa overstay rate of 5.56 per cent and an F, M, and J visa overstay rate of 11.90 per cent.

READ ALSO:Trump Using FBI To ‘Intimidate’ Congress, US Lawmakers Cry Out

The Proclamation includes exceptions for lawful permanent residents, existing visa holders, certain visa categories like athletes and diplomats, and individuals whose entry serves U.S. national interests. It narrows broad family-based immigrant visa carve-outs that carry demonstrated fraud risks, while preserving case-by-case waivers.

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While the proclamation continues the full restrictions and entry limitations of nationals from the original 12 high-risk countries established under Proclamation 10949: Afghanistan, Burma, Chad, Republic of the Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan, and Yemen, it adds full restrictions and entry limitations on 5 additional countries based on recent analysis: Burkina Faso, Mali, Niger, South Sudan, and Syria.

On October 31, the U.S. President Trump redesignated Nigeria as a “Country of Particular Concern (CPC)” for the persecution of Christians by violent Islamic groups.

In a Truth Social post, Trump hinted that the US will immediately stop all aid and assistance to Nigeria and may very well go into the country, “guns-a-blazing,” and that the military intervention “will be fast, vicious, and sweet, just like the terrorist thugs attack our cherished Christians.

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In his first term, President Trump imposed travel restrictions that restricted entry from several countries with inadequate vetting processes or that posed significant security risks.

READ ALSO:Trump Blasts Ukraine For ‘Zero Gratitude’ Amid Talks To Halt War

The Supreme Court upheld the travel restrictions put in place in the prior Administration, ruling that it “is squarely within the scope of Presidential authority” and noting that it is “expressly premised on legitimate purposes”—namely, “preventing entry of nationals who cannot be adequately vetted and inducing other nations to improve their practices.”

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Trump in recent weeks has used increasingly loaded languages in denouncing African-origin immigrants.

At a rally last week he said that the United States was only taking people from “shithole countries” and instead should seek immigrants from Norway and Sweden.

In June 2025, President Trump restored the travel restrictions from his first term, incorporating an updated assessment of current global screening, vetting, and security risks.

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