News

EFCC Recovers Funds Lost To CBEX Fraud, Forfeiture Process Underway — Olukoyede

Published

3 months ago

July 10, 2025

Editor

The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that funds lost to the fraudulent CBEX investment scheme have been recovered, with the process of final forfeiture already in progress.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3 trillion after it collapsed in April 2025.

Olukoyede, who did not state the amount recovered, assured Nigerians that the EFCC has taken decisive action against the promoters of the scheme.

Speaking at an event to mark the Africa Anti-Corruption Day in Abuja on Thursday, the EFCC boss stressed that those found culpable are already facing prosecution.

He said, “We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested.

“So, at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it.”

The EFCC chairman condemned the CBEX scheme as a prime example of virtual asset and investment fraud, which he said is spreading like wildfire across Africa.

He noted that fraudsters continue to exploit the desperation of investors to defraud them through Ponzi schemes and similar fraudulent arrangements.

“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors. The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable.

“Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.

He blamed the rising trend of investment fraud not only on the fraudulent actors but also on the carelessness of many investors, who, according to him, often fail to report suspicious activities until it is too late.

“When the going was good with CBEX, when people were collecting 100% returns in one week or one month, nobody complained. Nobody reported to the EFCC.

“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money,” he said.

Olukoyede emphasised that while the EFCC remains committed to its mandate of enforcement and recovery, the public must also take responsibility by verifying investment platforms before participation.

He advised Nigerians to “shine their eyes” and not fall for too-good-to-be-true offers.

The EFCC boss also confirmed that some foreign nationals have been linked to the CBEX fraud, revealing that they are part of a larger network building cybercrime cells across Africa.

“In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions.

“Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he added.

He reiterated the EFCC’s resolve to pursue every case to its logical conclusion, adding that even cases requiring international collaboration will not be abandoned.

“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish. Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he said.

Olukoyede urged the public to remain vigilant, avoid unregulated investment schemes, and support the anti-corruption fight by promptly reporting suspicious financial activities to the appropriate authorities.
(PUNCH)

News

Edo GIS Denies Report Of 17-ear-old Purchasing 14 Hectares Of Land

Published

33 minutes ago

October 13, 2025

Editor

The Edo Geographic Information Systems (Edo GIS) has debunked reports circulating on social media that a 17-year-old boy purchased 14 hectares of land in Edo State and was subsequently denied a Certificate of Occupancy (C of O) by Governor Monday Okpebholo.

In a statement released by the Director of Press, Tunde Egbiremonlen, the agency clarified that no such transaction exists in its records.

According to the statement, a 17-year-old is legally considered a minor and, as such, is not eligible to register land ownership under Edo State law.

“The Edo GIS system will automatically reject such applications due to age restrictions,” the statement read

“In the first place, a 17-year-old cannot apply for registration of land in Edo state because that age bracket is assumed to be a minor; the Edo GIS system will automatically reject the application.

“To compound the objective of the rumour-mongers, the peddlers of the story did not explain where in Edo state, such 14,000 hectares were purchased by the minor.

Egbiremonlen also pointed out inconsistencies in the viral report, noting that it failed to mention the specific location of the alleged 14 hectares and described the story as “deliberately mischievous and fabricated.”

He accused the originators of the false information of attempting to cause disaffection and blackmail the government, saying significant funds were spent to circulate the fake news.

Edo GIS urged the public to disregard the claims and remain vigilant against disinformation aimed at undermining the government’s credibility.

News

Edo Promises Effective PHCs In 192 Wards

Published

43 minutes ago

October 13, 2025

Editor

The Edo state government said it is committed to ensuring effective Primary Healthcare Centres across all the 192 wards of the state.

The state deputy governor, Hon. Dennis Idahosa, said this during a federal government-backed supervision and inspection of the Oghede PHC in Ovia North-East Local Government Area.

The visit was part of an oversight function by Members of the House of Representatives Committee on Healthcare to assess the progress of the World Bank and Edo State Government-supported “IMPACT” Project — Immunization Plus and Malaria Progress by Accelerating Coverage and Transforming Services.

According to a release by his Chief Press Secretary, Mr Friday Aghedo, the deputy governor, said that the aim was to improve access to quality healthcare services, especially in rural areas

He added that it would also improve maternal and child healthcare services

Idahosa declared that governor Monday Okpebholo is committed to fulfilling this promise.

Speaking to his former colleagues in the Green chamber, Idahosa highlighted the administration’s focus on health reforms.

“The Monday Okpebholo led government is determined to deliver on its campaign promises, particularly in healthcare sector.

“The Commissioner for Health, Dr. Cyril Oshiomhole and other agency heads are working together for the good of Edo people,” he said.

Idahosa expressed satisfaction with the quality of work at the Oghede PHC, describing the facility as a model for other centres.

“I am very impressed with what I have seen here today. The prototype is good, the health workers are dedicated, and with the team we have in place, Edo people will be happy,” he noted.

He said that the state’s ongoing efforts at upgrading PHCs have significantly strengthened primary healthcare services across Edo.

He commended the Chairman of the House Committee on Healthcare, Hon. Amos Gwamna Magaji, for his support, saying, “From what we are seeing here today, we are not just meeting expectations, we are ahead of the curve nationally.”

Magaji, who once chaired the committee before Idahosa’s transition to state politics, described the visit as “a meeting of fate.”

He said the committee’s oversight focused on evaluating the use of federal government and World Bank funds to improve health infrastructure across states.

“Our mandate is to oversee the basic healthcare provision fund and ensure states like Edo are well positioned to achieve universal health coverage by 2030.

“Universal primary healthcare is the foundation of every nation’s health system, and we can not succeed without it,” he stated.

He expressed satisfaction with the level of government participation and the quality of the Oghede facility, noting that it effectively serves vulnerable groups.

“Nigeria currently faces one of the highest maternal mortality rates in the world. To reverse this, PHCs must be well-equipped and staffed,” he stated.

He also called on residents to take advantage of health facilities within their communities, noting that the human resources are in place to serve them.

Providing further insight, Edo State Commissioner for Health, Dr. Cyril Oshiomhole explained the classification of the “Level 2 PHC.”

According to him, “A Level 2 PHC is one that has two consulting rooms, a labour ward, an operating theatre, male and female wards, immunization areas, and staff quarters — all with access to electricity and water.”

He revealed that 61 such PHCs are being developed across the state; 21 in Edo South, 20 in Edo Central, and 20 in Edo North, and assured that construction would be completed within the next two weeks.

Project Manager of the IMPACT initiative, Dr. Idemudia Osayomore, added that the upgraded facilities would offer key services at no cost.

“Services are free for pregnant women, children under five, and the elderly above 65 years, in order to reduce maternal and child mortality,” he said.

The IMPACT Project, jointly funded by the Federal and Edo State Governments with support from the World Bank and the Edo Health Insurance Scheme (EDOHIS), aims to expand access to subsidized healthcare services and accelerate progress toward universal health coverage.

News

Why I Won’t Attend Gaza Summit In Egypt — Netanyahu

Published

3 hours ago

October 13, 2025

Editor

Israel’s Prime Minister Benjamin Netanyahu will not attend Monday’s Gaza summit in the Egyptian resort town of Sharm el-Sheikh because it coincides with a Jewish holiday, his office said.

“Prime Minister Netanyahu was invited by US President Donald Trump to attend a conference in Egypt today,” his office said in a statement.

“The prime minister thanked President Trump for the invitation but said he would be unable to attend due to the timing coinciding with the start of the holiday” of Simhat Torah, which begins Monday evening and continues until sunset Tuesday.

Earlier, Egypt’s presidency said Netanyahu had been invited to attend following a call between US President Donald Trump, Egyptian President Abdel Fattah al-Sisi, and the Israeli premier.

AFP