Crime
Fresh hope for depositors as CBEX resumes operations
Despite the alleged N1.2tn digital trading fraud that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange trading platform, accused of these acts, has resumed operations, announcing fresh withdrawal options in a move to restore investor confidence.
Two traders on the CBEX platform confirmed Wednesday that the digital trading firm has quietly resumed operations, allowing new users to register, trade, and withdraw profits, despite ongoing investigations by regulatory agencies.
According to the sources, an insurance verification process and an external audit of the company’s financial records are currently underway to ascertain the actual amount lost in the scheme, which collapsed in April.
They added that existing investors, many of whom have been unable to access their funds for weeks, will be able to take out their funds starting from June 25, 2025, when the audit is expected to be concluded by an insurance firm based in the United Kingdom.
This development comes barely weeks after the Securities and Exchange Commission declared the platform illegal, and the Economic and Financial Crimes Commission confirmed an ongoing investigation into the firm’s operations.
CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading. The trading platform started operations in 2024 after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.
No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.2tn after it collapsed on April 14, 2025.
Miffed by the development, the EFCC declared eight persons wanted for promoting the program. They include Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.
On Monday, Adefowora Abiodun, a prominent leader and trader on the platform, voluntarily surrendered himself to the anti-graft agency for interrogation.
Other regulatory agencies, such as the SEC, also condemned the operations of the suspected Ponzi scheme, warning Nigerians to exercise extreme caution and steer clear of investment platforms that offer unrealistic returns under the guise of digital trading.
However, in defiance of regulatory warnings, fresh findings by The PUNCH on Wednesday revealed that more Nigerians are still being lured by promises of quick profits, with new users flocking to the platform in hopes of cashing in on its resumed operations.
One of the sources told one of our correspondents in confidence due to lack of authorisation to speak on the matter, that withdrawal options on the CBEX platform had been reactivated, noting that while new accounts could process withdrawals, funds from older accounts—allegedly wiped—remained inaccessible for now.
The trader noted that the platform is making efforts to clear its name of any allegations of fraud or any association as a Ponzi scheme.
The source said, “People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain the withdrawal. The old account was wiped; you can’t take out funds from it yet. On the 14th of this month, the Artificial Intelligence on the platform traded 100 per cent, lost its trade, and wiped people’s money out.
“But now, the promoters are saying that the platform and the CBEX application are insured, with verification of funds ongoing by the insurance company. Now, previous investors who have $1,000 as their capital would have to inject $100, and the former account balance would be restored, while persons with over $1,000 would have to put in $200 to bring back the account balance. And we have started seeing people put in these funds to get back their money, and are using it to trade now, as I talk to you.
“According to the latest information shared, previous investors can only trade but not withdraw because the United Kingdom government is carrying out an audit on their financial account, which will be completed between 30 to 60 days. Hence, the reason why previous investors cannot withdraw their funds yet.
“But from June 25th, you can now withdraw up to 50 per cent of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital. But if you don’t do the verification, it won’t reflect in your account.”
Another source explained that fresh investors are currently able to register new accounts, fund them, and withdraw profits without restrictions, as the newly created accounts are not subject to ongoing audits.
According to the source, only the old accounts remain under financial review.
The promoters also refute allegations of fraud, insisting that funds remain intact and that the ongoing audit was focused on reconciling discrepancies in old accounts.
“Currently, fresh investors can register a new account, fund it, and withdraw their profit. The new accounts are not under audit. It is the old account that is under review.
“What they are auditing is because the Federal Government said they scammed Nigerians of N1.2tn, and they are insisting that the amount is not up to half of the publicised amount. They are claiming only N126bn was lost, and that is the reason for the audit. But new accounts can now start investing and get their money. There is also a bonus for referrals that you can withdraw immediately, and this is ongoing currently.
“They just want to prove to Nigerians that they are not scammers. It was just because AI traded 100 per cent of the funds that the money was lost. There is a new group where people can say whatever they want to say; they also drop signals for trading three times a day, but it is no longer automated; you have to do it by yourself. They would give you a code; you just have to put it in your account and trade. If you notice any abnormality, you can cancel it. That was how it was before AI started doing the trading,” the source stated.
When questioned on why the audit was not conducted by the Nigerian government, a source explained, “The firm is registered in the United Kingdom, not in Nigeria. They merely extended their operations here. In fact, they also have branches in Kenya, South Africa, and Egypt.”
Similarly, messages sent to a new Telegram group created for information sharing showed that a person could withdraw referral bonuses.
Addressing concerns from interested members in a user group, an admin identified simply as Laura stated that the specific cause of the platform’s issues was still under investigation, adding that the findings of the ongoing probe by the UK government would determine what is eventually made public.
The message read, “There are some factors in the incident on April 14th that I cannot tell you in detail. I can only tell you that Al was attacked and the trading strategy was tampered with.
“This is why some users who did not turn on HOSTING were able to survive. And this attack was definitely not from an individual, because Al’s firewall cannot be easily breached. Including the Bybit hacker incident last month, it was definitely not something that an individual could do. This was an organized and premeditated action.
“The specific cause is under investigation, and we need to wait for the official investigation results of the UK government before we make it public. As for this channel, some scammers affected by ST and online rumour mongers who received donations from scammers deliberately stigmatized the compensation.
“Some rumour mongers even claimed that CBEX administrators transferred more than $800m in assets. These are purely slanderous rumours. An exchange’s payment system can’t have only one common account. The payment system will randomly generate deposit addresses. These are all procedures of the exchange Including any wallet we use now will regularly update the deposit address.”
According to her, users must first accept the claims process initiated by the insurance company linked to the ST Fund firm.
She said, “We need to accept the claims processing of the insurance company that the ST fund company is tied to.”
The process involves verifying the authenticity of each account before any compensation can be issued for losses allegedly caused by the AI-related incident on April 14.
She added that many users have already begun receiving compensation.
“Moreover, the impact of this incident on the Internet has seriously exceeded our expectations. The UK government has also been negotiating with the Nigerian government.
However in furtherance of its investigation, the anti corruption agency has declared a foreign national, Elie Bitar, wanted for his alleged involvement in a cryptocurrency investment fraud linked to the online trading platform, Crypto Bridge Exchange.
In a bulletin released on Wednesday via the commission’s official social media platforms, the EFCC called on members of the public with useful information about Bitar’s whereabouts to contact any of its offices nationwide or reach out through its hotlines and email.
His last known address, according to the EFCC, is Eng. George Enemoh Crescent, Lekki Phase 1, Lagos.
It read, “The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the EFCC for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange,” the statement read.
Meanwhile, the Nigerian Financial Intelligence Unit has issued a strong advisory warning Nigerians against engaging in unregulated digital asset investment platforms, many of which exhibit traits of Ponzi and pyramid schemes.
The Enugu State Police Command has dismissed as false a viral social media report alleging that armed herdsmen attacked a school in Ezeagu Local Government Area of the state.
The Command said investigations and security assessments conducted following the circulation of the report confirmed that no such incident occurred in Ezeagu or any other part of Enugu State.
In a statement issued on Tuesday by the Police Public Relations Officer, SP Daniel Ndukwe, the Command described the report as a deliberate fabrication capable of creating fear, panic, and confusion among residents, particularly school administrators, teachers, students, and parents.
According to the police, operatives immediately carried out on-the-spot security assessments, intelligence gathering, operational checks, and discreet investigations, all of which established that the alleged attack never took place.
The Command condemned the spread of false information and warned that those responsible for originating and disseminating the report would be identified and prosecuted.
The Commissioner of Police, CP Mamman Bitrus Giwa, has directed the Command’s Tactical and Intelligence Units to intensify efforts to track down the perpetrators and ensure they face the full weight of the law.
The police boss reaffirmed the Command’s commitment to protecting lives and property and maintaining peace and public order across Enugu State.
He urged residents to disregard the report, remain calm and vigilant, and continue to report suspicious activities to security agencies.
The Command also encouraged members of the public to make use of its emergency lines — 08032003702, 08086671202, 112, 09134666668, and 09134448093 — to report security concerns.
The police reiterated that misinformation and alarmist reports pose a threat to public peace and warned against the dissemination of unverified information capable of causing unnecessary panic.
This is as the abducted Principal of Community High School, Ahoro-Esinele, Mrs Rachael Alamu, in an emotion-laden voice in another viral video on Monday, begged Nigerians not to allow the government to deceive the world that bandits requested Sharia Law to be enshrined in the country for their release.
The coordinated abduction had taken place on Friday, May 15, 2026, around 9:30 a.m, while those whisked away had remained in captivity since then.
The Nigerian Union of Teachers ordered members across the state to commence a strike until the rescue of the kidnapped victims, while protests were held across the country last week.
One of the protesters, Kehinde Dahunsi, said, “What will it take for both the government at the centre and the state government to rescue our beloved ones since May 15. This is so pathetic.
“The former Minister of Power, Bayo Adelabu’s biological sister and her twin children (Peter and Paul), as heard on radio, television stations, and read in the pages of newspapers, were kidnapped early hours on Wednesday, June 3, and were rescued on Saturday, June 6, 2026. Just three days interval.
“But our people have been in captivity for 25 days now. Why shouldn’t governments also apply the same mechanism used to rescue the ex-minister’s sister and her two sons to rescue our family members?” he lamented.
In the now-viral video, Alamu, in a distress call from the kidnappers’ hideout, begged Nigerians to circulate the video and not play politics with their lives.
“Today makes it the 24th day that we have been in this place. And it seems that some people are making our problems complicated already.
“We were shown some print media where it was stated that these people that abducted us requested the release of some people. They requested a billion naira; they requested that Sharia be enshrined in the country. These are not true. They are just trying to create a problem for us.
“We have been here since, we have not been forced to worship in an Islamic way. We have been left alone. They have not troubled us concerning that. They are not asking for Sharia law; they are not asking for money.
“The single thing they are looking for is the release of some of their people. I don’t know why they are peddling this rumour to make it complicated for us.
“Please, we are begging you, please, don’t play politics with our lives. Nigerians, please, help us to circulate this, let it go viral.
“They are not asking for Sharia law. It’s not true. They are not asking for weapons; they are not asking for money. All they want is the release of some people, and the government should negotiate with them and know those whom they will release for them.
“I don’t know why they are playing politics with our lives. Please, Nigerians, our lives are in your hands. Please, help us make it go viral. Don’t let the government deceive the whole world.”
Victims of a violent attack in Umunkpumente Kindred, Ihie Autonomous Community, Ishiagu, in Ivo Local Government Area of Ebonyi State, have called on Governor , the Commissioner of Police, CP Hope Urunwa Okafor, and the Department of State Services (DSS) to ensure the arrest and prosecution of those responsible for the incident.
The victims, numbering more than 10, were reportedly attacked by suspected thugs while holding a meeting at the residence of the late Fabian Okonkwo, who was allegedly murdered by unknown gunmen on April 16, 2026.
According to members of the kindred, the attack may be linked to their persistent demands for a thorough investigation into Okonkwo’s killing.
Speaking to journalists, the Chairman of Umunkpumente Kindred, Mr. Christopher Okonkwo, alleged that the crisis began after the kindred petitioned the Ebonyi State Government and the Police Command, requesting an investigation into the circumstances surrounding the death of Fabian Okonkwo.
He explained that prior to his death, Fabian Okonkwo had sought permission to bury his late in-law on family land located in Ekembe, Ihie Autonomous Community.
According to him, Okonkwo first approached the President-General of the community, Mr. Chijoke Ume, who allegedly opposed the request and warned him against proceeding with the burial.
“Late Fabian then approached the traditional ruler of Ihie Autonomous Community, Eze Gabriel Okoro, who granted approval after confirming that the land belonged to Fabian’s family and that his relatives had consented to the burial,” he said.
Mr. Okonkwo alleged that in the early hours of April 16, armed men invaded Fabian’s residence and shot him multiple times in the head.
“Nothing was taken from the house, which strongly suggests that the attackers came specifically to kill him,” he stated.
He further alleged that after several weeks with no visible progress in the investigation, members of the kindred petitioned the Governor and the Commissioner of Police, leading to the arrest and questioning of the community President-General, Chijoke Ume, and his secretary, Kenneth Kalu.
According to him, tensions escalated following the arrests.
He claimed that on June 3, the Chairman of Ivo Local Government Area, Chief Emmanuel Ajah, contacted him and urged him to facilitate the release of the detained community leaders.
“I explained that the petition was not my personal decision but that of the entire kindred. However, I was repeatedly pressured to withdraw the petition,” he alleged.
Mr. Okonkwo further claimed that on June 5, a group of youths allegedly led by one Emeka Chukwuemeka invaded his residence in his absence and destroyed some of his property.
He said the attackers allegedly threatened him through a relative, giving him 24 hours to secure the release of the detained individuals or face consequences.
He also alleged that on June 7, while members of the kindred gathered at the late Fabian Okonkwo’s residence to discuss support for the deceased’s family, more than 100 youths from three neighbouring kindreds stormed the venue and attacked them.
“They injured about 10 persons, burnt one motorcycle, damaged two others and looted and destroyed a shop belonging to Mr. Onwulandu Mbazu,” he said.
Mr. Okonkwo urged Governor Nwifuru and security agencies to investigate what he described as repeated attacks against members of the kindred.
He recalled that a similar incident allegedly occurred on August 31, 2024, resulting in injuries and destruction of property.
Another victim and Financial Secretary of the kindred, Mr. James Ifeanyi, accused the Youth President of Ihie Autonomous Community, Mr. Kelvin Chukwuemeka, and a Special Assistant to the Local Government Chairman, Mr. Festus Nwafor, of leading the attack.
According to him, the assailants arrived armed with dangerous weapons and unleashed violence on members of the kindred.
“I know some of those who attacked us, including Kelechi Mkpa, Orji Ugochukwu and Orji Christian,” he alleged.
He further claimed that the attack was aimed at frustrating ongoing efforts to uncover those responsible for the murder of Fabian Okonkwo.
The victims appealed to security agencies to conduct a thorough investigation into both the killing and the subsequent attacks, insisting that those responsible should be brought to justice.
Reacting to the allegations, the Chairman of Ivo Local Government Area, Chief Emmanuel Ajah, confirmed that the murder of Fabian Okonkwo had been reported to the police and that investigations were ongoing.
Similarly, the Police Public Relations Officer of the Ebonyi State Command, SP Joshua Ukandu, confirmed the arrest of the community President-General and his secretary, adding that normalcy had been restored in the area.
Ukandu expressed concern over the violence and protests that followed the arrests.
“It is unfortunate that people would resort to protests and attacks over the arrest and questioning of individuals linked to an ongoing murder investigation,” he said.
“The police have not concluded their investigation. Those involved should have allowed due process to take its course. If anyone suspects foul play, there are lawful channels through which complaints can be made.”
The police spokesman assured residents that the command remains committed to ensuring justice, maintaining peace, and ensuring that all those found culpable are brought to justice.
By Okey Maduforo Awka
Commander of Operations for Agunechemba Security Squad Chief Chinenye Ihenkor has described his 30 Years of fighting insecurity in Anambra state as tough and hell on earth.
Ihenkor who disclosed this shortly after receiving the Peace and Security Legend Award presented to him by the management of Nigerian Radar in Awka Anambra state noted that in the past 30 that he has been in the job of fighting insecurity in the area it has been tough and hell on earth.
“This 30 years since my life has been committed to the security of lives and property in Anambra state but I must tell you that my days in the past 30 years has not been easy ”
“It has been tough 30 years of policing in Anambra state but with God all things are possible”
“We have passed through hell and through so many attacks and challenges to make sure that people of Anambra state and the residents sleep with their two eyes closed ”
“I have passed so many challenges but not withstanding the major thing is that I am alive ”
“I have had so many worse days in Anambra state and they are uncountable to tell you the truth”
“Any time or day that I go for operations it is a worse day to me any day that I deploy my personnel is a worse day so that is about 30 worse days” he said.
Reacting to the award , Ihenkor noted that though he wasn’t expecting it , he wasn’t surprise that it came which according to him is an indication that Anambra people are aware of his duties in the area.
“I cannot say that I wasn’t expecting the award because it has gone to show that the world is awear of what I am doing.”
“This award is a success story for the Udo Ga Chi and Agunechemba Security Squad specifically”
“I thank the organization that presented this award to me and charge them to keep it up in the discharge of their duties.l”
“Iwant to thank our Governor Charles Soludo because without him we would not have been here today doing this job and appreciate the Special Adviser to the Governor on Community Security Prince Kenneth Emeakayi for his leadership qualities in the fight against insecurity in Anambra state”
“This is because the job of security is not for one person alone and it is everyman’s duty no matter your position or level in the society” he noted .
Presenting the award the Publisher Chief Executive Officer of The Radar Magazine , Mr Anthony C Okwunebe explained that the organization has 50 outstanding personalities that have distinguished themselves in various fields of endeavour which have impacted positively of the lives of people a d the society adding that Ihenkor is one of them .
He charged men and women in positions of responsibility to see their respective positions as service to the masses and the society at large noting that their individual and collective efforts would serve as multiplayer effects on the country at large .
Senor Special Assistant to Governor on Security Mr Okechukwu Dominic described the award as a great tonic and impetus for the security operatives in the state to put more action in the discharge of their duties.
“We are not surprise that people are commending us for the job that we are doing and we are proud of the Director of Operations and the Special Adviser to Soludo on Community Security Prince Kenneth Emeakayi for his leadership roles in fighting security and above all we all thank Mr Governor for finding us warthiy to work under his administration” he said.
The abductors, who attacked schools in Esinele, Yawota and Alawusa communities on May 15, are said to be demanding the release of detained terrorist commanders, payment of ransom, two Hilux vehicles and the implementation of Sharia-related law.
The two commanders whose release is reportedly being sought are Mahmud Usman, also known as Abu Bara’a or Abbas Mukhtar, and his deputy, Abubakar Abba, alias Isah Adam or Mahmud Al-Nigeri, also called Mallam Mamuda.
The duo are leaders of Jama’atu Ansarul Muslimeena Fii Bilaadis Sudan, JAMBS, also known as Ansaru — a breakaway faction of Boko Haram — and are alleged to have aided and abetted acts of terrorism in the country between 2013 and 2015.
They are also linked to the 2022 Kuje prison break.
They were arrested between May and July 2025 and are currently standing trial on terrorism charges before Justice Emeka Nwite of the Federal High Court, Abuja, in a suit marked FHC/ABJ/CR/464/2025, with their trial commencing on January 15, 2026.
Usman was sentenced to 15 years in prison by Justice Emeka Nwite of the Federal High Court, Abuja, on September 11, 2025, after pleading guilty to one count of illegal mining — which he admitted he used to fund arms procurement for terrorism and kidnapping.
He denied 31 other counts and remains in DSS custody pending trial on those charges.
Other reports indicate the ransom demand stands at ₦1bn, to be paid into a bank account in the Republic of Benin. PUNCH Online could not independently verify this figure.
Security analysts have warned that releasing the commanders would pose serious risks to national security.
A retired Brigadier-General, Bashir Adewinbi, speaking with Saturday PUNCH said the situation had put the government in a tight corner, warning that paying ransom or releasing terrorist commanders would embolden criminal groups and fund further attacks.
Another retired Brigadier-General, Peter Aro, urged the government to first establish proof that the abductees were still alive before taking any decision, noting that prolonged captivity posed serious risks, particularly for young children.
The Oyo State Government has declined to comment on the demands or the state of negotiations, with the Commissioner for Information, Dotun Oyelade, saying it would be “unhelpful” to disclose the government’s strategy while efforts to secure the victims’ release were ongoing.
On May 17, two days after the attack, the abductors released a video showing the beheading of one of the kidnapped teachers, Michael Oyedokun, a mathematics teacher at Community High School, Ahoro-Esinele.
Governor Seyi Makinde confirmed the killing in a statement on Monday, May 18, describing it as deeply painful.
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