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.
This is as the agency said terrorist financiers were opening bank accounts in women’s names as well as using phone numbers for mobile banking or account alerts that are not registered to the account holder or the true beneficiary.
The disclosures are contained in the NFIU’s 2025 Annual Report, obtained by The PUNCH from a top official.
According to the report, the crowdfunding scheme involves foreign-based facilitators using social media platforms to solicit donations under the guise of humanitarian relief or educational support, before moving the funds through multiple layers to terrorist operatives in Nigeria.
The NFIU said hundreds of sympathisers were typically encouraged to make relatively small donations, ranging from $50 to $500, through PayPal pages or conventional bank accounts, with the amounts deliberately kept low enough to evade automated anti-money laundering alerts.
“The following is a case study on Crowdfunding Network identified during the year: A foreign-based facilitator runs social-media campaigns claiming humanitarian relief or educational support and uses encrypted apps (Telegram, Signal) to share links to convincing PayPal pages or standard bank accounts.
“Hundreds of sympathiser donors contribute $50–$500 each, amounts small enough to avoid most automated AML alerts,” the report read.
The funds are subsequently pooled into a “master account” controlled by a senior member of the group living legally abroad.
“When the pool reaches a threshold, that account becomes the hub for onward movement,” the report stated.
The NFIU said the funds were then fragmented into dozens of smaller payments and transferred through International Money Transfer Operators and remittance applications to a network of money mules in Nigeria.
It identified students, small-business owners and relatives among those used as mules, noting that the strategy was designed to avoid reporting thresholds and obscure the origin and destination of the funds.
“Rather than sending one large transfer, the senior member fractures the funds and sends dozens of sub-threshold payments through IMTOs and remittance apps to a network of money mules in Nigeria; students, small-business owners, or relatives, avoiding reporting triggers.
“Upon receipt, the money was either converted to cash, used to purchase dual-use items such as motorcycles, fertilisers and satellite internet equipment, or transferred through mobile banking channels to logistics managers and field operatives,” it added.
The report described the final stage as the “integration” of the funds into terrorist operational financing.
The Unit also identified the use of gender-based proxy accounts as another emerging terrorist financing technique, with terrorists opening bank accounts in women’s names while male commanders or logistics managers secretly control them.
“Terrorist financiers are opening bank accounts in women’s names while male commanders and logistics managers secretly control them.
“They exploit cultural norms that make women less likely to be suspected by authorities, using wives, sisters, or female associates as fronts to distance illicit funds from the true operatives.
“This tactic functions as identity laundering: women’s accounts are managed by men who hold ATM cards, mobile-banking credentials, and PINs, while the women often remain unaware of the transactions and volumes,” the report stated.
The report further revealed that terrorist facilitators were using telephone numbers that were not registered to the account holders or actual beneficiaries for mobile banking and transaction alerts.
It said pre-registered SIM cards, numbers registered to deceased persons and SIMs linked to gender-based proxies were being used to break the connection between bank accounts, SIM cards and Bank Verification Numbers.
“Terrorist facilitators use phone numbers for mobile banking or account alerts that are not registered to the account holder or the true beneficiary.
“They bypass the security link between SIM cards and BVNs by using pre-registered SIMs, SIMs registered to deceased people, or SIMs tied to gender-based proxies. This severs the audit trail: when a transaction is flagged, investigators trace the phone to an unrelated person, letting the real facilitator stay anonymous and continue operations,” it stated.
The NFIU also uncovered sophisticated methods of disguising terrorist transactions through detailed or coded narrations.
It said cells, particularly those linked to the Islamic State West Africa Province, used precise transaction descriptions to maintain what analysts described as an internal accounting system.
According to the report, frequent logistics-related payments with detailed narrations were often sent from a single source to multiple recipients, reflecting a structured financial system within the terrorist network.
“Terrorist cells, particularly those linked to ISWAP, routinely use precise, professional-sounding transaction narrations to maintain internal accounting. Operating like “shadow states” with strict bureaucratic controls, they require detailed descriptions so field commanders can justify expenses to central financial controllers. Although truthful narrations appear counterintuitive, they create an internal audit trail; analysts repeatedly observe high-frequency, logistics-related payments with accurate narrations sent from a single source to multiple recipients,” the report said.
However, the NFIU said some facilitators used innocuous words, secret codes and alphanumeric strings in transaction descriptions, sometimes switching between languages, to conceal the purpose of payments and evade automated bank filters.
“Transaction descriptions employ innocuous words, secret codes, or alphanumeric strings to conceal intent. Facilitators use this coded language, often switching languages to evade banks’ automated keyword filters that flag terms like ‘Jihad,’ ‘Arms,’ or ‘Boko.’
“This practice obscures the true purpose of transfers, preventing detection and enabling continued financing,” it said.
The NFIU said its risk and crime analysis during the year identified an increasingly interconnected threat landscape involving financial crime, technology and cross-border activity.
It noted that fraud remained a dominant predicate offence, with growing cases of Ponzi schemes, fraudulent crowdfunding arrangements, cryptocurrency-enabled investment scams and hacking-related fraud.
The Unit said the schemes increasingly exploited fintech onboarding gaps, including tiered accounts requiring minimal identification, while digital platforms were used to rapidly recruit victims and move funds.
The report also highlighted persistent vulnerabilities in public sector financial management, including the diversion of state and local government funds through accounts belonging to finance officers and associated third parties.
It identified procurement processes and cash transactions as significant risk areas, saying the latter complicated audit trails and efforts to trace illicit assets.
The NFIU said its findings were translated into targeted advisories, executive alerts and strategic intelligence products to support competent authorities, reporting entities and policy responses.
Six suspected members of a gang of gunmen terrorising Amiyi Community and neighbouring towns in Ogbaru Local Government Area of Anambra State have been killed by a joint security task force.
The gunmen met their end after security operatives, acting on intelligence gathered over several days, tracked them to their camp around the River Niger creek.
The operation involved personnel of the Nigeria Police Force Rapid Response Squad, Awkuzu; Department of State Services (DSS); 302 Artillery Regiment, Onitsha; Nigerian Navy personnel from Ogbaru; and Agunachamba operatives from the community.
The security team trekked for about four hours through difficult terrain and dense palm forest before reaching the suspected criminal camp.
On sighting the operatives, the gunmen opened fire, triggering a prolonged gun battle.
At the end of the encounter, six suspected members of the group were neutralised, while others fled, some reportedly with gunshot wounds.
Two pump-action guns and charms were recovered from the camps, while structures believed to have been used by the gang were subsequently dismantled.
However, the operation came at a cost, as one security operative was killed and another injured after an explosive device suspected to have been planted in the area detonated.
The injured operative is receiving treatment in a hospital.
The Anambra State Commissioner of Police, CP Nnanna Oji Ama, commended the security personnel and community-based operatives for their courage and resilience, describing the operation as a demonstration of the importance of intelligence sharing, inter-agency cooperation and community support in tackling violent crime.
He commiserated with the family and colleagues of the fallen operative and wished the injured officer a speedy recovery.
The Commissioner assured residents that security agencies would sustain intelligence-led operations to dismantle criminal camps, recover illegal weapons and prevent armed groups from establishing operational bases across Anambra State.
Operatives of the Enugu State Police Command have rescued three victims of abduction and recovered their Lexus RX350, two locally made firearms and ammunition following a hot pursuit of suspected kidnappers in Enugu.
The operation was carried out by operatives of the Anti-Cultism Sub-Unit of the Violent Crime Response Unit (VCRU), with support from members of the Neighbourhood Watch Group and local residents.
According to a statement by the Command’s Police Public Relations Officer, SP Daniel Ndukwe, the operation followed credible intelligence received at about 1:30 a.m. on August 18, 2026, while the operatives were conducting crime-prevention patrols along the Port Harcourt Expressway.
The information concerned the carjacking and abduction of occupants of a Lexus RX350 by armed hoodlums in the Independence Layout area of Enugu.
The operatives immediately launched a hot pursuit which led to Hillview Road, Independence Layout, where the suspects abandoned the vehicle and firearms before fleeing into the area.
The three victims were subsequently rescued unharmed and taken to safety with the assistance of Neighbourhood Watch members and other residents.
Police said they recovered one locally fabricated Beretta-like pistol loaded with five rounds of 9mm live ammunition, one locally made cut-to-size firearm and one live cartridge.
Other items recovered were a pair of hand gloves, a ski mask and a mobile phone.
The Command said investigation had been intensified and a manhunt launched for the fleeing suspects, with efforts ongoing to identify and apprehend them, recover additional exhibits and establish their involvement in the crime.
The Commissioner of Police, Enugu State Command, CP Mamman Bitrus Giwa, commended the police operatives, Neighbourhood Watch members and residents for their swift and coordinated response.
Giwa reiterated the Command’s commitment to intelligence-led and community-supported operations against kidnapping, armed robbery, car snatching and other violent crimes.
He also urged residents to remain vigilant and provide the police with timely and credible information that could assist in preventing and solving crimes.
The Nigeria Security and Civil Defense Corps (NSCDC) has arrested a suspect for allegedly swindling 16 job seekers within Enugu metropolis.
The Commandant of NSCDC Enugu State Command, Dr Elijah Willie, disclosed this while briefing journalists on the arrest and investigation on Monday.
Willie said that the suspect collected a total of N6,139,000 from the ignorant and unsuspecting job seekers.
He said that the suspect, Mrs Serah Onyemerela, had been evading arrest by many security agencies until a resourceful officer of the command tracked her down and brought her to the Command.
The Commandant said that the suspect collected the sum of N306,000 from each of the 16 job seekers in the alleged job racketeering or job scam,which totalled N6,139,000.
“On August 12 and 18, 2026, Mrs Love Nnenna Onyema and Mrs Chidimma Ubah, the complainants, reported that Mrs Serah Uchechukwu Onyemerela, the suspect, defrauded them of N770,000 and N424,500 respectively.
“This amount to a total of N1,194,500 from both. However, the ones collected among the remaining people that made up the 16 job seekers at N306,000 each totalled N6,139,000.
“The suspect allegedly promised to assist the complainants in securing employment at the University of Nigeria Teaching Hospital (UNTH).
“However, there is evidence indicating a lack of genuine intent, as there are no current job vacancies available, and the suspect has failed to refund the amounts as promised,” he said.
Willie said that on Aug. 17, 2026, the suspect was summoned, tracked and subsequently detained due to her inability to fulfil the conditions of an administrative bail application facilitated by the NSCDC Enugu State Command.
“The suspect has since confessed to the charges of job fraud and obtaining money under false pretences.
“The funds were transferred to a personnel account linked to Mrs Onyemerela Serah Uchechukwu,” he said.
The Commandant also warned job seekers and people seeking for help in any form to ensure no one places them in a condition to pay first before rendering a help.
Willie called on Nigerians, enlightened or not, to see the red flag that any help being offered even in prayer houses and money payment comes before the job or help is “total fraud”.
He said, “Our people should get wise like people in advance world and stop falling prey to swindlers and wicked people who are bent on taking the little they have from them.
“However, the NSCDC has a mandate to take away these unscrupulous elements out of the society for Nigerians to experience peace as well as the trust and bond in the society continue.”
The suspect would be handed over to the Economic and Financial Crime Commission (EFCC) soon as the NSCDC conclude its preliminary investigations on the matter.
A police inspector has been killed and another officer seriously injured after gunmen allegedly ambushed a joint security team in Jigawa State.
The incident occurred on Saturday, August 22, 2026, after security personnel responded to reports of farmland destruction in Gwaram Local Government Area.
According to a security report obtained by Zagazola Makama, the attack took place at about 3pm in a forested area.
The joint team comprised personnel from Gwaram and Fagam police divisions, the 35 Police Mobile Force and local security outfits. Members of the Vigilance and Community Response Unit (VCRU) and Operation Salama also participated in the operation.
The report said the team had been patrolling the area following recurring complaints involving suspected herders and farmland destruction.
The personnel reportedly came under attack after entering the area, with the assailants said to have used arrows.
Inspector Bukar Wakili, attached to Gwaram Division, was reportedly struck in the face and sustained serious injuries.
Another officer, Inspector Mohammed Shafiu of the VCRU in Dutse, was also injured during the incident.
Both officers were taken to a hospital, where Shafiu was confirmed dead, according to the report.
Bukar was later referred to the Malam Aminu Kano Teaching Hospital for further medical treatment.
The identities and affiliation of the attackers have not been independently confirmed, and no group has claimed responsibility for the attack.
Additional tactical teams were subsequently deployed to reinforce the security personnel and support efforts to identify those responsible.
Police have opened an investigation into the incident and maintained a security presence in the affected area.
The attack comes amid recurring disputes involving farmers and herders in parts of northern Nigeria, where disagreements over farmland and grazing routes can sometimes escalate into violence.
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