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.
ENUGU — The Enugu State Police Command says it has arrested five male suspects in separate operations across the state and recovered three firearms, six rounds of live ammunition and other exhibits.
The Command disclosed this in a statement issued on Thursday, October 8, 2026, by its Police Public Relations Officer, SP Daniel Ndukwe.
According to the statement, police operatives attached to Inyi Division responded to a distress call about an armed robbery at Umuaor, Umukabia Isiama Awlaw Community, Oji-River Local Government Area, at about 5:10 a.m. on October 7.
One suspect, identified as 26-year-old Arinze Osita Onwuaso, was arrested while other suspects reportedly fled the scene. Police said they recovered a locally made cut-to-size single-barrel gun, two live cartridges, a pry-bar, hammer, scissors and chisel from him.
In a separate operation on October 5, operatives of the Anti-Cultism Section of the Violent Crime Response Unit arrested two suspected cultists, 24-year-old Jonas Adejo, also known as J-Money, and 25-year-old Okoro Innocent, also known as Virus, at Umudioka Community in Nsukka.
Three live rounds of 9mm ammunition were recovered from the suspects. Police said the two men confessed during interrogation to membership of the Supreme Vikings Confraternity.
Meanwhile, on September 25, operatives of Aninri Division, working with members of the Neighborhood Watch Group, raided a suspected criminal hideout at Amagu Mpu Community in Aninri LGA.
The operation led to the arrest of 25-year-old Anichebe Ogbonna, from whom police said one locally made pistol was recovered.
Similarly, on September 18 at about 11:00 p.m., operatives of 9th Mile Division, acting on information and in collaboration with Neighborhood Watch members, arrested 38-year-old Chukwujekwu Chukwuemeka at Ameke-Ngwo, Udi LGA.
He was arrested over alleged involvement in armed robberies in the area. Police said one cut-to-size pump-action gun and one live cartridge were recovered from him.
The Command said investigations into the cases are ongoing and that the suspects would be arraigned in court after the conclusion of investigations.
The Commissioner of Police, CP Mamman Bitrus Giwa, commended members of the public for providing information and praised the police operatives for their response to credible intelligence.
He reiterated the Command’s commitment to intelligence-led operations against armed robbery, cultism and other violent crimes, while urging residents to remain vigilant, law-abiding and supportive of security agencies.
By Okey Maduforo, Awka
The Awka High Court, on Tuesday, denied bail to the General Overseer of Day Spring Assembly, Mr Harrison Anazodo, who is standing trial over alleged offences relating to his activities as a pastor.
Anazodo had applied for bail on health grounds, but the presiding judge, Justice Jude Obiora, rejected the application, citing concerns over possible interference with witnesses.
The development came as seven persons, believed to be members of the congregation, are expected to testify in the case.
The court adjourned the matter until October 16 for further proceedings.
Speaking shortly after the hearing, State Counsel, Victoria Ekwerekwu, commended the Anambra State Government for its efforts to tackle alleged fraudulent activities by some religious figures.
She said, “We thank Governor Charles Soludo for trying to sanitise our society from pastors who make the younger generation believe that making money without hard work is possible.”
According to her, the prosecution has established a prima facie case against Anazodo, although the state would still be required to prove the allegations beyond reasonable doubt.
“Today, there is a prima facie case against the accused, Mr Harrison Anazodo, though it is left for us to prove it beyond reasonable doubt.
“The court ruled on the bail application and denied him bail because of the witnesses, to ensure that they are not interfered with. The matter was subsequently adjourned until October 16,” she said.
The Anambra State Commissioner for Information, Dr Law Mefor, expressed optimism that the case would be concluded expeditiously, stressing that the ultimate decision rests with the court.
“We have been here since 9am. The court considered the bail application filed by his counsel and, after weighing its merits, the judge ruled that bail should be denied.
“We are looking forward to the quick dispensation of the matter and we assure you that justice will be done and will be seen to have been done,” Mefor said.
By Our Correspondent
The Inspector-General of Police, Olatunji Disu, has deployed the Deputy Inspector-General of Police in charge of Operations, Shehu Nadada, to Imo State to coordinate the search-and-rescue operation for 20 prospective National Youth Service Corps members and other passengers abducted along the Owerri-Onitsha Road.
The victims were reportedly abducted on Thursday, October 1, 2026, around Umunoha in Imo State.
The Force Public Relations Officer, Force Headquarters, CSP Anietie Iniedu, disclosed this in a statement issued on Friday.
According to the statement, Nadada arrived in the state alongside two Commissioners of Police and immediately conducted an on-the-spot assessment of the incident and the ongoing rescue operation.
He also reviewed the operational strategies, deployment of personnel and available assets, while issuing additional directives aimed at strengthening the coordinated response.
The assessment was conducted alongside the Imo State Commissioner of Police, CP Audu Garba Bosso; the Commissioner of Police in charge of Federal Operations, CP Akpan Anifiok; the Commissioner of Police in charge of the Police Mobile Force; other service commanders and members of the management team of the Imo State Police Command.
Iniedu said the search-and-rescue operation had been intensified, with additional tactical teams and operational assets deployed to identified areas.
He added that the operation was being supported by intelligence-led tracking of the abductors and coordinated efforts with other security agencies.
Nadada assured members of the public that the police remained committed to securing the safe release of the abducted persons.
“The Nigeria Police Force is committed to securing the safe rescue of the 20 abducted persons and will sustain the operation until the mission is successfully concluded,” Iniedu quoted Nadada as saying.
The police boss urged members of the public and the media to remain calm and vigilant, while appealing to anyone with credible information that could assist the operation to contact the police or the nearest security formation.
He assured the public that all information received would be treated with strict confidentiality.
The police said further updates would be provided as the rescue operation progresses.
Five men have been arrested and arraigned before a Chief Magistrate’s Court in Maiduguri, Borno State, after police allegedly found them wearing T-shirts bearing the words “Tinubu Must Go.”
The defendants were identified as Baba Aji Gremami, 44; Mustapha Abba Yemen, 28; Abbacha Mohammed Ali, 32; Adam Umar Gubio, 21; and Abdulhamid Mohammed, 21.
According to a First Information Report issued by the State Criminal Investigation Department, the incident occurred on September 25, 2026, near West End Roundabout in Maiduguri.
Police charged the five men with criminal conspiracy, inciting disturbance, disturbance of public peace and thuggery under Sections 60, 78, 79 and 392 of the Borno State Penal Code.
The defendants pleaded not guilty to the charges when they appeared before Chief Magistrate Court I in Maiduguri.
Their lawyer subsequently applied for bail. The court adjourned the matter until October 6, 2026, to rule on the bail application, while the substantive trial has been scheduled for October 26.
The case has drawn attention because the alleged conduct involved wearing clothing displaying a political message.
Amnesty International criticised the prosecution, describing the arrests as arbitrary and arguing that peaceful political expression is protected by fundamental human rights. The organisation called for the immediate release of the five men and urged authorities to discontinue the case.
Amnesty International also expressed concern that the prosecution could have implications for political expression and opposition activities in Borno State.
The case has generated reactions on social media, with some commentators questioning whether the display of political messages on clothing should constitute a criminal offence.
There have also been allegations that a prominent politician in Borno State may have influenced the arrests. The allegation has not been independently verified.
Efforts to obtain a comment from the Borno State Police Public Relations Officer, ASP Kenneth Daso, were reportedly unsuccessful as of the time of filing.
The defendants remain subject to the court process, and the allegations against them have not been established in court.
The Jigawa State Hisbah Board has arrested eight people in Kazaure Local Government Area over alleged homosexual acts, according to the board.
The board’s Public Relations Officer, Dauda Hadejia, disclosed this in a statement issued on Saturday, September 26, 2026.
Hadejia said the arrests followed a complaint filed by a 22-year-old man, who alleged that nine individuals had engaged in sexual acts with him on different occasions.
According to the statement, the complainant also claimed that he later contracted HIV, which he attributed to the alleged encounters. He reportedly appealed to the Hisbah authorities for justice, describing the alleged conduct as deceptive and harmful to his life.
Following the complaint, Hadejia said Hisbah operatives launched an investigation and began searching for the nine individuals named by the complainant.
“So far, eight suspects have been arrested, while efforts are ongoing to arrest the remaining suspect,” Hadejia said.
He added that the eight arrested individuals reportedly admitted during preliminary investigations to having engaged in sexual acts with the complainant.
Hadejia said the board had gathered information and evidence that would be presented before a court. He added that the investigation remained ongoing and that the suspects would be charged upon its completion.
The Deputy Commander-General of the Jigawa State Hisbah Board, Dr. Hussain Baban, reportedly urged parents to pay closer attention to their children’s upbringing and the people with whom they associate.
He also called on members of the public to be mindful of the consequences of their actions and to uphold religious and moral values.
The board further expressed appreciation to the Jigawa State Government for its support and cooperation in carrying out its responsibilities.
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