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.
Crime
Ex-Minister Uche Nnaji Set for Arraignment as ICPC Files Six Criminal Charges Over Alleged Certificate Forgery
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has filed a six-count criminal charge against former Minister of Innovation, Science and Technology, , over alleged certificate forgery and related offences.
The charges, filed before the Court in Abuja, are contained in suit number FHC/ABJ/CR/389/2026, with the Federal Government listed as the complainant and Nnaji as the sole defendant.
According to the charge sheet, the ICPC accused the former minister of receiving N29.58 million in salaries and allowances while serving in office, alleging that he ought to have known the funds were proceeds of an unlawful act arising from corruption and fraud. The commission said the action contravenes provisions of the Money Laundering (Prevention and Prohibition) Act, 2022.
The anti-graft agency also alleged that Nnaji used his office to confer corrupt advantage on himself and knowingly presented false information to the Federal Government by submitting forged (NYSC) and (UNN) certificates during his ministerial appointment in 2023.
In separate counts, the ICPC accused him of producing and using as genuine a forged NYSC Certificate of National Service and a forged UNN degree certificate, offences punishable under the Penal Code.
The filing of the charges follows Nnaji’s arrest last Wednesday after arriving in Abuja from Enugu aboard a chartered flight.
The prosecution stems from an investigation published by Premium Times, which alleged that Nnaji forged his university degree and NYSC certificates submitted to President and the Nigerian Senate during his ministerial confirmation.
The newspaper reported that the confirmed Nnaji was admitted in 1981 but neither graduated nor was issued a degree certificate, while the NYSC also reportedly disowned the discharge certificate attributed to him.
Nnaji resigned as minister shortly after the allegations became public. He has since defected from the APC to PDP, where he emerged as the governorship candidate of a faction of the party for the 2027 Enugu governorship election.
He is expected to be arraigned before the Federal High Court in the coming days.
Source: Premium Times
The Enugu State Police Command has impounded 195 vehicles for various registration and number plate violations as it commenced enforcement of the nationwide ban on unregistered vehicles and improperly identified automobiles.
The enforcement operation, led by the Commissioner of Police, Mamman Bitrus Giwa, took place across the state on Tuesday in compliance with the directive of the Inspector-General of Police.
According to a statement issued by the Police Public Relations Officer, SP Daniel Ndukwe, the affected vehicles were impounded for offences including operating without registration, using covered, defaced, obscured or unauthorized number plates, improperly affixed number plates, and displaying only one number plate instead of the legally required two.
The police said owners of the impounded vehicles would be arraigned in court and prosecuted in accordance with the National Road Traffic Regulations and other relevant laws.
Speaking during the exercise, CP Giwa commended officers for conducting the operation professionally and urged motorists to comply with vehicle registration and number plate regulations.
He warned that the command would sustain the enforcement exercise to enhance public safety and ensure that offenders are prosecuted.
The commissioner noted that the enforcement followed the recent directive of the Inspector-General of Police, Olatunji Rilwan Disu, mandating all state commands to strictly enforce the ban on unregistered vehicles and prosecute violators due to the security risks such vehicles pose and their frequent use in criminal activities.
CP Giwa also cautioned police personnel against extortion, harassment or any other form of misconduct during the operation, warning that any officer found culpable would face severe disciplinary action.
He further urged owners of unregistered vehicles and those using covered, defaced, obscured, unauthorized or improperly affixed number plates to immediately regularise their documents and comply with all applicable laws.
President Bola Tinubu has directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to conduct a comprehensive investigation into the activities of the alleged fictitious Presidential Foreign Intervention Promotion Council (PFIPC) and submit its findings within 30 days.
The directive was conveyed in a statement issued on Tuesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, titled “President Tinubu Orders ICPC to Investigate Presidential Foreign Intervention Promotion Council.”
According to the Presidency, the PFIPC was never established by the Federal Government and has no legal basis, presidential approval, executive instrument or any lawful authority to operate.
President Tinubu directed the ICPC to investigate the alleged use of forged appointment letters and other official government documents by Adeniyi Adeyemi Mathew, who presented himself as the Director-General of the council and falsely claimed to be a presidential appointee.
The investigation will also examine allegations that Adeyemi used the purported appointment to seek official recognition and diplomatic support, including visa facilitation, and opened multiple bank accounts in the names of government agencies using allegedly forged documents.
The President further instructed the anti-corruption agency to determine how the fictitious body gained an appearance of legitimacy and identify any public officials, private individuals, financial institutions or intermediaries who may have facilitated or participated in the alleged scheme.
According to the statement, the probe will cover the origin and use of the alleged forged documents, the processes through which official recognition or diplomatic support may have been sought or obtained, the opening and operation of related bank accounts, the source and movement of any funds involved, and any institutional failures that enabled the operation.
Tinubu also directed the ICPC to identify weaknesses in government procedures that were exploited and recommend measures to prevent a recurrence.
He ordered all Ministries, Departments and Agencies (MDAs) of the Federal Government to cooperate fully with the commission by providing all relevant records and information required for the investigation.
“The integrity of the Presidency and the institutions of the Federal Government must be protected against impersonation, forgery, abuse of official identity and the exploitation of weaknesses in the public service. All persons found culpable are to be treated strictly in accordance with applicable law,” the President stated.
The directive follows weeks of public scrutiny over the alleged operation of the PFIPC, which reportedly maintained offices at the Federal Secretariat Complex, opened accounts with the Central Bank of Nigeria, appeared in the 2026 Appropriation Act with a budgetary allocation of N1.3 billion, and engaged diplomatic missions despite lacking any legal backing.
Human rights lawyer Femi Falana (SAN), counsel to Adeyemi, had earlier questioned how the council was included in the national budget if the appointment letter was forged. He also called for an investigation into both Adeyemi and the President’s Chief of Staff, Femi Gbajabiamila.
The Presidency, however, denied any link between Gbajabiamila and the alleged scheme, stating that police forensic analysis confirmed that the signature on the disputed appointment letter was forged.
Onanuga said the Nigeria Police had completed its investigation before filing charges at the Federal High Court.
“The police investigated the suspect, carried out forensic analysis of the Chief of Staff’s signature and established that it was forged. They also found that all the documents he was parading were fake,” he said.
Meanwhile, the Nigeria Police Force has released Adeyemi’s father after questioning him over his son’s whereabouts.
A neighbour, who spoke on condition of anonymity, said the elderly man was interrogated for several hours before being released.
“He was questioned about his son’s whereabouts, and the police also copied the contacts on his phone before allowing him to leave,” the source said.
The arrest of Adeyemi’s father on Monday had drawn criticism from Falana, who questioned the legality of the action.
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has alleged that former Kaduna State Governor, Nasir El-Rufai, violated the conditions attached to a court-approved medical visit while in the commission’s custody.
The anti-graft agency also announced the arrest of El-Rufai’s personal physician, Professor Bello Abubakar, over alleged false statements made during the incident.
In a statement issued on Tuesday by its spokesperson and Head of Media and Public Communications, John Odey, the ICPC said it approved El-Rufai’s medical visit in compliance with a Kaduna State High Court order and in keeping with its obligation to respect the rights and welfare of persons in its custody.
According to the commission, the Kaduna State High Court had fixed July 6, 7 and 8, 2026, for the accelerated hearing of criminal charges against the former governor. However, El-Rufai was absent when proceedings commenced on the first day.
The ICPC said its prosecution team informed the court that when officers arrived to convey El-Rufai to court, he declined to accompany them, insisting on seeing his personal physician.
The commission stated that no prior request had been made for the medical consultation and that when questioned by its medical doctor, El-Rufai reportedly said he had no immediate medical complaints but explained that his wife, Asia El-Rufai, who is also one of his legal counsel, requested that he consult his personal physician, Professor Bello Abubakar.
The court subsequently adjourned the matter until July 15, 2026, to hear El-Rufai’s application seeking the trial judge’s recusal and to await the decision of the Kaduna State Chief Judge on a petition seeking the transfer of the case.
Despite the adjournment, the ICPC said it approved the hospital visit in line with the court’s directive.
The commission said its medical and security personnel accompanied El-Rufai to the private wing of the National Hospital, Abuja, on Tuesday and remained outside the consultation room at the request of his family members while he was being attended to by an oncologist.
However, the ICPC alleged that it later discovered photographs posted on Facebook by one of El-Rufai’s political associates, Isa Ashiru Kudan, showing the former governor receiving several visitors, including Professor Abubakar, during the period designated for the medical consultation.
According to the commission, the photographs suggested that the hospital visit was used for activities beyond the purpose approved by the court.
“The images and post by Isa Kudan indicated that the arranged medical visit was utilised for activities outside the scope contemplated by the court and the ICPC. This is a clear violation of the court order,” the statement said.
The commission said it had treated El-Rufai and other suspects in its custody with professionalism, patience and courtesy, but alleged that its goodwill had been abused.
It added that it would bring the alleged violation of the court order to the attention of the court.
The ICPC also announced that Professor Bello Abubakar had been taken into custody for further investigation over alleged false statements.
The commission reaffirmed its commitment to operating within the law, warning that it would not tolerate any abuse of its goodwill or disregard for court orders.
The controversy surrounding the alleged N1.3 billion Presidential Foreign Intervention Promotion Council scandal deepened on Monday following the reported arrest of the father of the council’s embattled promoter, Prince Adeniyi Adeyemi, by operatives of the Nigeria Police Force.
Adeyemi, who claims to be the Director-General of the Presidential Foreign Intervention Promotion Council, is currently standing trial before the Federal High Court in Abuja on charges bordering on conspiracy, forgery and impersonation. The Federal Government has listed the Chief of Staff to the President, Femi Gbajabiamila, and 10 others as prosecution witnesses.
The arrest of Adeyemi’s father reportedly took place at the family’s residence in Ogbomoso, Oyo State, on Monday. According to Senior Advocate of Nigeria, Femi Falana, police officers stormed the residence and took the elderly man into custody.
“The father has been arrested. There is no legal basis for substituted arrests. The young man has promised to appear in court, so why arrest his father?” Falana said.
Eyewitnesses alleged that police officers arrived in four vehicles, prevented neighbours from intervening, and took the elderly man to a police station. A family friend who was visiting the residence was also reportedly arrested, while Adeyemi’s aged mother was left in a state of shock.
The development has sparked concerns among legal practitioners and human rights advocates over the legality of the arrest.
President of the Nigerian Bar Association, Afam Osigwe, cautioned against drawing conclusions without knowing the reasons behind the arrest.
“If a person is arrested solely to pressure a suspect to surrender, such an arrest is unlawful,” Osigwe said. “However, if the father is himself a suspect or a person of interest in the investigation, then the law permits his arrest.”
Similarly, Senior Advocate of Nigeria, Sam Erugo, maintained that arresting a parent for an offence allegedly committed by a child is unlawful.
According to Erugo, Section 7 of the Administration of Criminal Justice Act (ACJA), 2015, expressly prohibits arrest by proxy or in lieu of another person.
He, however, urged the Nigeria Police Force to clarify the circumstances surrounding the arrest, stressing that the public deserves a clear explanation from the authorities.
The Nigeria Police Force had yet to issue an official statement on the reported arrest as of the time of filing this report.
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