Crime
Wonder Bank: Interpol joins EFCC in N1.3tn CBEX probe
CBEX, operated by a group of foreign nationals in collaboration with their Nigerian partners, reportedly collapsed on Monday, leaving thousands of investors stranded and unable to access their funds.
The EFCC spokesman, Dele Oyewale, confirmed to The PUNCH on Tuesday that the commission would collaborate with the International Criminal Police Organisation to investigate the incident.
Oyewale stated that the agency had already begun investigating CBEX before its collapse.
He added that efforts were underway to arrest both the local and international operators behind the fraudulent scheme.
He said, “We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in.
“We will ensure that we save Nigerians from all these troubles associated with Ponzi schemes. Don’t forget that we already issued an advisory — the 58 companies we alerted the public about. There are many more we are currently investigating.”
He also revealed that the commission was working to uncover other Ponzi schemes operating across the country.
“We are actively working to handle the CBEX situation. We will collaborate with other regulatory agencies to ensure that Nigerians are protected from this kind of scheme. We will do our job—where recovery is possible, we will recover; where prosecution is possible, we will prosecute.
“Overall, we will do our best. Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering INTERPOL to trace the foreign operators,” he added.
Unconfirmed reports claimed Nigerian and foreign investors on the platform lost about N1.3trn in USDT.
Reports put the volume of stolen investors’ funds at $847m, which may likely increase.
The investment platform claims to offer 100 per cent returns within 30 days via online trading, but it restricted withdrawals on April 9, 2025.
Users were shocked to find that their accounts balance had been wiped out. The platform curiously asked them to deposit at least $100 to access their funds.
Several new users were said to have signed up in the days after the restricted withdrawals, in the belief that it was only a temporary security glitch and would be resolved in a matter of days.
Shortly before locking out its subscribers, the platform sent a message to them stating, “All accounts need to undergo the following verification steps to ensure their authenticity. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. For accounts with funds exceeding $1,000, a deposit of $200 is required. Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews.”
CBEX had reportedly changed its domain name several times between January 2024 and February 1, 2025.
The platform, widely promoted on social media and among peer networks, promised high returns on investment, which induced Nigerians to invest substantial amounts.
The development came a few days after the Securities and Exchange Commission warned Nigerians to stay clear of unregistered trading platforms.
The SEC particularly pointed out that, in accordance with the Investment and Securities Act, 2025, recently signed by President Bola Tinubu, it is now an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.
The Director-General of the commission, Dr. Emomotimi Agama, described the new law as “a landmark step in positioning Nigeria’s capital market to be more inclusive, robust, and in tune with global best practices.”
Agama stated, “The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms.
“By virtue of this act, 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.
“Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions.”
Meanwhile, the crash of the platform has triggered nationwide outrage.
In Ibadan, Oyo State, aggrieved investors stormed the CBEX office in the Oke Ado area, forcing their way into the building and carting away furniture and office equipment in a show of frustration.
Members of the Nigeria Police Force and Western Nigeria Security Network, codenamed Operation Amotekun, were subsequently drafted to maintain peace at the CBEX office.
One of our correspondents, who visited the area on Tuesday, observed that patrol vehicles belonging to both the police and Amotekun were strategically stationed in the area.
An eyewitness said, “The crash of the online platform was announced yesterday (Monday). That’s what prompted many of those who invested in the scheme to storm the office to express their displeasure.
“As you can see, some security agents have been stationed at the office to prevent breakdown of law and order.”
The state Police Public Relations Officer, Adewale Osifeso, could not be reached for comments as of the time of filing this report.
In Abuja, the CBEX office located in the Jahi district was under lock and key when The PUNCH visited on Tuesday.
A private security guard stationed at the gate said access was now strictly limited to prevent possible attacks.
He also said no staff of the company came to work on Tuesday for fear of being attacked by frustrated investors.
“The instruction we received this morning was to lock the gate and carry out a due check to ensure the facility is not invaded. They are not the only ones here, and it may affect other businesses.
An investor lamented that she lost $10,000 to the scheme, adding that she was convinced that the business was legitimate when she saw her friend’s huge profit.
The victim, who spoke on condition of anonymity, stated, “I invested over $10,000 in the scheme. It has been a tough time for me. I was introduced by a friend and was convinced after I was shown evidence of the amount she made.”
She urged the security agencies to intervene and help them recover their funds.
“If the security agencies can help us recover our money back, we would be grateful.”
A businessman said he introduced three friends who invested about $8,000, while bemoaning the situation.
He said, “I am lucky to have escaped being defrauded. I invested $100 and I have made more than I invested, so I didn’t lose anything, though my $100 capital is trapped.
“But I feel bad that the people I introduced to the scheme might have lost their $8,000 investment. I don’t know how to broach the issue with them.”
In a post on Instagram, #the_real_aduke posted that she lost the $1,000 she was saving for her wedding.
She said, “I lost $1,000. That was my bridal savings. I don’t even know how to tell my fiancé. I feel numb.”
Chinenye Nduka disclosed her brother’s loss in a Facebook post, saying, “My brother invested his school fees and now he can’t even face my parents. God, this country keeps dealing with us.”
The Minister of the Federal Capital Territory’s spokesman, Lere Olayinka, called on the EFCC and the police to intensify efforts to unravel the fraudulent scheme.
However, he criticised the victims for their greed.
In a post on X (formerly Twitter), Olayinka wrote, “As for victims of CBEX, police and EFCC should be on the lookout. I don’t have sympathy for greed and foolishness.”
In March, the EFCC released a list of 58 companies involved in illegal investment schemes across Nigeria.
The EFCC spokesman, in a statement, revealed that some of the companies have already faced prosecution with five convicted for fraudulent activities.
He said another five companies pleaded guilty and are awaiting further legal procedures, but other companies on the list are yet to be arraigned in court.
Among the indicted companies are Wales Kingdom Capital and Bethseida Group of companies.
Others include AQM Capital Limited, Titan Multibusiness Investment Limited, and Farmforte Limited & Agro Partnership Tech, Richfield Multiconcepts Limited, Forte Asset Management Limited, and Biss Networks Nigeria Limited and others.
The commission said the companies lured investors with promises of quick and unrealistic profits in agriculture, real estate, and forex trading.
“They operated without proper licenses, deceiving the public with false investment opportunities. Many investors suffered heavy financial losses after these companies disappeared with their money. The EFCC has intensified efforts to recover stolen funds from these fraudulent companies,’’ the anti-graft commission stated.
Oyewale warned Nigerians to exercise caution before committing funds to any financial entity not duly registered with regulatory bodies.
“We urge the public to verify any investment opportunity with the CBN and SEC before engaging. The EFCC remains committed to safeguarding the public from predatory operators and ensuring a corruption-free economic environment,” the statement added.
He urged victims of fraudulent schemes to come forward with complaints and assured them that efforts were ongoing to recover funds where possible.
Meanwhile, as news of the collapsed CBEX scheme continues to ripple through Nigeria’s financial space, the staggering losses have left many questioning how such a massive fraud flew under the radar.
But for experts, the answer lies in a painful mix of unchecked greed and willful ignorance.
A banker and financial educator, Kelechi Godfrey, thow he was wooed to join the scheme.
He said, “Someone approached me to join CBEX, saying, ‘you are into finance, you can talk about this, generate leads and get people on it.’ When I asked, I said that they traded crypto using AI and they get plenty of returns. And in 30 days, you can get like 100 per cent of what you invested. I told the person that while AI is good when you start allowing AI to trade for you, some things happen in the market that AI cannot understand. But the person insisted that it was legitimate.
“Here’s one thing about us Nigerians, we are greedy, we want to eat our cake and have it back. You want to invest N100 and get N200 in the next hour and that has eaten deep into the finances of so many people and the funny part is due diligence is not being done. Google is your friend, and ChatGPT is there, how many minutes would it take to search for information on something that they want to invest in?
“We are talking about $800m worth of investment going down the drain. This amount of money put into the economy can impact positively on the economy and it’s lost to a Ponzi scheme that ran for how many days. Always do your due diligence, when you see returns that are not normal, that is too good to be true, just know that there is something fishy going on there. I also heard that they were forcing them to register people. A system that works well will not need you to bring in people. There is a lot we need to do.”
A financial analyst and investment banker, Segun Aremu, echoed similar sentiments saying that basic human greed was forcing Nigerians to go into these Ponzi schemes.
“From experience, I have discovered that our investors are oriented in such a way that they want big returns but not big risks. When it comes to this type of scheme, the number one reason is greed. Everyone who has become a victim of the Ponzi scheme is greedy. You may say that the economy is tough and people are trying to beat inflation but the truth is, there are verifiable investment products in the market for people. We keep saying these things but people turn a deaf ear. People are bullish without fundamentals.
“Secondly, the higher the returns, the higher the risks involved. Anywhere they are telling you about 100 per cent returns, just know that your money can also go missing. Many Nigerians don’t understand their risk appetite vis-à-vis their investment objective. That means when you are saving for school fees, you don’t use such funds for risky investments. Also, a lot of Nigerians don’t see financial advice and we are many in the market.”
Aremu projected that this experience would stop the next set of victims of the Ponzi scheme.
The Nigeria Security and Civil Defence Corps (NSCDC) has arrested a suspected notorious fraudster involved in obtaining money by false pretence and other related fraudulent activities in Enugu metropolis.
Addressing journalists on Thursday in Enugu, the State Commandant, NSCDC Enugu State Command, Dr Elijah Willie, disclosed that the suspect, Raheem Abiodun, a male from Kwara, had been under surveillance by the Command.
Willie said that the suspect surveillance followed several reports linking him to fraudulent financial transactions.
The commandant explained that one of the suspect’s recent fraudulent activities occurred on July 6, when the suspect allegedly deceived a victim during a foreign exchange transaction involving $5,000 US Dollars.
According to him, the suspect was expected to transfer the naira equivalent of the foreign currency to the victim but instead transmitted a fake payment alert, thereby obtaining the money by false pretence.
He noted that acting on credible intelligence, operatives of the NSCDC Enugu State Command arrested the suspect on Tuesday, July 28, at the Enugu State Ministry of Finance, where he was apprehended without incident.
“The NSCDC operatives also recovered: four ATM cards from different banks, deposit slips bearing the name Abiodun, two complimentary cards bearing the name Engineer Abiodun, one ID card holder, designer bag, polythene bag and one iPhone 17 Pro-Max.
“One Samsung mobile phone, one internet pocket Wi-Fi device, one designer wristwatch, one file containing vehicle particulars, one gold bangle, one pair of designer trainers, one Nokia mobile phone and banking security tokens belonging to two banks,” he said.
Following the NSCDC preliminary investigation and press briefing, the commandant handed over the suspect, along with all recovered exhibits, to the Zonal Command of Economic and Financial Crimes Commission (EFCC), Enugu, for further investigation and possible prosecution.
The state NSCDC boss said that the handing over was in line with the EFCC’s statutory mandate over economic and financial crimes.
The commandant reaffirmed the commitment of the NSCDC in collaborating with sister security and law enforcement agencies in combating financial crimes and safeguarding the economic interests of citizens.
He urged members of the public to remain vigilant, exercise caution in financial transactions, particularly foreign exchange dealings, and promptly report suspicious activities to the appropriate security agencies.
Willie also assured residents of the command’s continue deployment of intelligence-driven operations to rid the state of criminal elements and ensure that offenders are brought to justice.
The Secretary to the Osun State Government, Teslim Igbalaye, and five others have been arrested and detained by the state Police Command following a raid on his residence in Osogbo on Wednesday.
The police said one of those arrested at the SSG’s residence was Oladele Abiodun, a suspect on its watchlist in connection with alleged criminal offences.
This was disclosed by the Osun State Police Command’s Public Relations Officer, Abiodun Ojelabi, in a statement obtained in Osogbo.
Ojelabi also said a total of N4,810,500, two Permanent Voter Cards, a voter register, a Dynabook laptop, one photocopier and one printer were recovered from Igbalaye’s residence.
Others arrested alongside Igbalaye were identified as Akande Taiwo, 60; Adeyemo Lukman, 45; Olaoye Muftau, 50; and Aderemi Musliu, 40.
The PPRO said a police team, acting on intelligence that members of a criminal gang were hiding at a location in Osogbo, carried out a lawful raid and apprehended the suspects.
“The operation also led to the arrest of the following suspects: Hon Igbalaye Teslim ‘m’ 47years, One Akande Taiwo ‘m’ 60years, Oladele Abiodun ‘m’ 38years, Adeyemo Lukman ‘m’ 45years, Olaoye Muftau ‘m’ 50years, Aderemi Musliu ‘m’ 40years.
“During the operation, officers recovered exhibits comprising cash sum of four million eight hundred and ten thousand, five hundred naira (N4,810,500), one Dynabook laptop, one photocopy machine, one printer, two Voter’s Cards and a voter register for Wards 1-15.
“These exhibits have been secured and are currently in police custody for detailed forensic examination and further investigation.
“The recovery of the cash and the register containing voters’ details raises serious concerns regarding possible electoral offences and other criminal activities.
“While investigations are still ongoing, the facts presently available disclose reasonable grounds to investigate the commission of offences, which may include:
“Bribery of voters (vote-buying), contrary to Section 121 of the Electoral Act, 2022, arising from the alleged distribution of money or other inducements to registered voters for the purpose of influencing their voting decisions.
“Criminal conspiracy, where two or more persons are found to have agreed to commit an unlawful act.
“Harbouring or concealing a wanted criminal, where any individual is found to have knowingly sheltered or assisted a fugitive from justice.
“Any other offences that may be disclosed upon the conclusion of the ongoing investigation,” the statement read in part.
The command emphasised that the allegations against the suspects have far-reaching implications for public security, the administration of justice and the credibility of the democratic process.
“Accordingly, investigations are being intensified to identify all persons connected with the recovered exhibits, establish the source and intended use of the recovered funds, and determine the full extent of any criminal enterprise,” the statement added.
The Osun Command said no individual, irrespective of social status, political affiliation or public office, is above the law, adding that anyone found culpable at the conclusion of investigations would be prosecuted in accordance with the Constitution.
It urged members of the public to remain calm, law-abiding and continue providing credible information to assist the police in preventing crime and ensuring peaceful, free, fair and credible electoral processes.
The Osun State Government on Wednesday accused the state command of the Nigeria Police Force of invading the residence of the Secretary to the State Government, Teslim Igbalaye, without a search warrant.
The allegation was contained in a statement signed by the state Commissioner for Information and Public Enlightenment, Kolapo Alimi.
He also claimed that those the police met on the premises were arrested.
Alimi further alleged that the SSG’s residence was burst into by a combined team of police officers led by the Deputy Commissioner of Police in charge of Operations.
The family of slain military intelligence officer, Colonel Abdulrazaq Abdulkareem Udeh, has rejected reports that he was killed while resisting a kidnapping attempt in Abuja, insisting that the senior Army officer was deliberately assassinated by armed attackers.
The family made its position known on Wednesday, contradicting earlier security reports that claimed the colonel died after confronting gunmen who allegedly attempted to abduct him at his residence in the Kurudu area of the Federal Capital Territory.
In a Facebook post, the deceased’s brother-in-law, Ali Chukwudi, described the incident as a calculated assassination rather than a failed kidnap attempt.
“Yesterday, Nigeria failed one of its finest,” Chukwudi wrote. “My brother-in-law, Colonel Abdulrazaq Abdulkareem Udeh, a senior intelligence officer who dedicated years of his life to defending this nation, was not killed while resisting a kidnapping, as some reports claimed. He was deliberately targeted and brutally assassinated.”
According to him, the attackers shot the officer in the head, killing him instantly, before opening fire on other members of the household.
“They shot my sister, his wife, in the leg. The driver and the gateman were also shot in the legs. As I write this, my sister is in the hospital, fighting to survive,” he said.
Chukwudi lamented that the officer’s life was cut short just months before a promotion he had earned through years of dedicated service.
Describing the killing as an attack on a patriotic soldier, he called for a thorough and transparent investigation to ensure that everyone involved is identified, arrested and prosecuted.
“This was not just another tragic incident. It was a calculated attack on a man who served his country with honour. Justice must not only be done; it must be seen to be done,” he stated.
He also prayed for the repose of the officer’s soul and the recovery of his injured wife.
The family’s account differs significantly from preliminary information released by security sources after the attack. Initial reports indicated that gunmen ambushed Colonel Udeh shortly after he arrived home on Monday evening and attempted to abduct him. According to those reports, the officer resisted despite being outnumbered before he was shot at close range.
A security source familiar with the early investigation had said, “He resisted them. From what investigators have gathered, they wanted to take him away, but he fought back. Unfortunately, he paid the ultimate price.”
The attack also left the colonel’s wife, driver and security guard with gunshot injuries. All three are currently receiving treatment in hospital.
Before his death, Colonel Udeh served in several key military intelligence and counter-terrorism roles within the Armed Forces. He participated in operations against insurgents in Nigeria’s North-East and also undertook specialised international assignments in Chad and France.
His killing has reignited concerns over the security of serving and retired military personnel in the Federal Capital Territory, coming barely two years after the killing of retired Brigadier General Uwem Harold Udokwere during an attack on his Abuja residence in June 2024.
The Kano State Police Command has rescued nine passengers who were abducted after armed bandits attacked a commercial bus along the Jos-Kano highway in Doguwa Local Government Area of the state.
The command’s spokesperson, CSP Abdullahi Haruna Kiyawa, disclosed this in a statement issued on Monday in Kano, saying the incident occurred at about 5:30 p.m. on July 26.
According to him, the Divisional Police Officer (DPO) of Doguwa Division received a distress call reporting that a Toyota Hiace bus, with registration number BKK 6824 XA, travelling from Jos to Kano, had been attacked around the Folgore Forest axis, between Gate Two Safer Highway and Dogo Dutse.
Kiyawa said five suspected armed bandits, reportedly armed with machetes and a firearm, blocked the highway, attacked the vehicle and abducted 13 of the 20 passengers on board.
He said the DPO immediately mobilised tactical police operatives to the scene, where they engaged the attackers in a gun battle.
The police spokesperson said the swift intervention of the operatives led to the rescue of nine victims, while another male passenger later escaped from captivity.
He, however, disclosed that three victims — one male and two females — remained in the custody of the abductors.
The rescued passengers were taken to Doguwa General Hospital for medical evaluation and were reported to be in stable condition.
Kiyawa said the command had intensified operations, deploying additional tactical teams and enhancing intelligence gathering efforts to secure the release of the remaining victims and apprehend the perpetrators.
The Commissioner of Police in Kano State, CP Ibrahim Adamu Bakori, commended members of the public for providing timely information that contributed to the rescue operation.
Bakori reaffirmed the command’s commitment to protecting lives and property and urged residents to continue reporting suspicious activities to security agencies.
He added that investigations into the incident were ongoing, assuring that further updates would be made available to the public.
The arrest was effected by troops of Operation Hadin Kai according to an X post by security professional, Zagazola Makama.
Identifying the suspect as Private Mohammed Yusuf of the Nigerian Army Ordnance Training Facility, NAOTF, Lagos with service number: 23NA/84/1939, Makama said he was apprehended by troops of 7 Provost Group led by the Acting Commander at about 6:30pm on July 25, 2026 by.
He had earlier absconded from his unit and travelled to Maiduguri on July 7, 2026, where he allegedly went into hiding.
This made the army high command to declare him wanted.
According to Makama, “The suspect is currently in the custody of the 7 Provost Group, where he is undergoing further investigation into the alleged supply of military accoutrements to terrorist elements and the possible involvement of other collaborators.
“The arrest is a significant breakthrough in ongoing efforts to dismantle insider networks aiding terrorist groups, adding that investigations are continuing to establish the full extent of the suspect’s activities and identify any accomplices,” Makama said.
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