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.
A 25-year-old amateur boxer, Kehinde Asimiyu, popularly known as KBlaq, has been stabbed to death following a disagreement over transport fare involving a commercial motorcyclist in Oyo State.
The incident occurred at Olodo Garage in Lagelu Local Government Area of the state.
The Oyo State Police Command confirmed the killing, announcing the arrest of two suspects in connection with the incident.
The Police Public Relations Officer, DSP Olayinka Ayanlade, said in a statement that the command received a report of the incident on November 1, 2026.
According to the police, the deceased was allegedly stabbed with a broken bottle by a suspect identified as Taiwo Babarinde during the disagreement.
“Following receipt of the report, police operatives, accompanied by a patrol team, immediately mobilised to the scene, while the victim was rushed to Academy Hospital, Texaco, Iwo Road, Ibadan, where he was confirmed dead by the doctor on duty,” the statement said.
The police added that the deceased’s remains were subsequently deposited at Adejare Embalming Centre for preservation, while photographs were taken as part of the preliminary investigation.
Two suspects, identified as Taiwo Babarinde, who allegedly inflicted the fatal injury, and Ishola Semiu, who is suspected of involvement in the incident, have been arrested.
“Both suspects are currently in police custody, while the case has been transferred to the State Criminal Investigation Department (SCID), Iyaganku, Ibadan, for comprehensive investigation,” Ayanlade stated.
The police said investigations were ongoing to establish the circumstances surrounding the killing.
The Department of State Services (DSS) has released four men arrested over suspected links to the Indigenous People of Biafra (IPOB) and awarded them a total of N20 million in compensation after investigations cleared them of the allegations.
The four men described their release as the happiest day of their lives after spending about four years in DSS custody.
The Director-General of the DSS, Oluwatosin Adeola Ajayi, reportedly ordered their release and the payment of N5 million to each of them following their clearance.
The beneficiaries are Emele Uduma Ibe, Berefgagha Appah, Ondokeyilemi Aggry and Oyeinmokebebeton Aggry. They were arrested in May 2022 in Sampou and Akeddei communities in Kolokuma/Opokuma and Sagbama Local Government Areas of Bayelsa State.
According to Vanguard, a source familiar with the development disclosed that investigations established that the men had been misled into believing they would receive a monthly payment of N100,000 under the Federal Government’s Amnesty Programme.
They were allegedly lured by individuals linked to IPOB, who are currently facing trial.
Speaking on behalf of the four men, Emele Uduma Ibe expressed gratitude to the DSS leadership, describing the day of their release as the happiest moment of his life.
He said the experience had taught him valuable lessons which he intended to share with others, while offering prayers for the DSS Director-General and the management of the Service.
Meanwhile, their lawyer, Deji Adeyanju & Partners, commended the DSS for its efforts towards national security and respect for human rights.
The law firm particularly praised Ajayi’s approach to human rights issues, describing the level of hygiene and professionalism within the Service as exceptional.
The development is part of a broader review of inherited terrorism-related cases initiated by Ajayi after assuming office in 2024.
The DSS reportedly reviewed more than 300 cases, with the exercise leading to a reduction in the number of detainees at its facilities to about 100 following investigations. The agency has also reportedly paid over N1 billion in compensation to individuals cleared of allegations or affected by operational mistakes.
Other beneficiaries include a Jos-based businessman who received N20 million after being mistakenly shot by DSS operatives in Plateau State, Chineze Ozoadibe, who was paid N10 million following her wrongful arrest, and Sunday Ifedi, who also received N10 million after investigations cleared him of links to IPOB.
Kenneth Okechukwu Nwafor was similarly awarded N5 million after investigations absolved him of IPOB-related allegations.
A source disclosed that the four newly released men would also receive psychological and medical support, in addition to assistance with their reintegration into society.
In a recent media interview, Ajayi acknowledged that the DSS, like every human institution, could make mistakes, stressing that such errors must be addressed.
He reportedly maintained that whenever the Service acknowledges wrongdoing, it has a responsibility to provide remedies, including compensation, while improving its operations in line with the rule of law.
Islamic cleric, Sheikh Ahmad Gumi, has said some bandits he engaged with claimed they could not abandon their violent activities because they feared being killed if they surrendered or gave up their weapons.
Gumi said the armed men described the persistent attacks as a cycle of revenge, alleging that military operations and killings in their communities had fuelled their resolve to continue attacking.
According to the cleric, some of the bandits admitted that the bloodshed had become excessive but insisted they felt compelled to sustain the violence in retaliation for attacks against their communities.
“One of the bandits was telling us the bloodshed is too much,” Gumi said.
He added, “They, too, are not happy. And they say they are forced to do it.”
Gumi made the remarks during an interview on PAPShow, published on October 29, with excerpts from the conversation circulating widely on social media on Tuesday.
Explaining the grievances of the armed groups, the cleric said they accused security forces and local vigilantes of killing women and children during operations initially aimed at tackling cattle rustling.
He said the bandits questioned the killing of civilians in their communities and viewed such incidents as justification for retaliatory attacks.
“But why did they kill their women and children? Why are they killing their women and children? Why are the vigilantes arresting them and killing them? Why?” he quoted the bandits as asking.
Gumi said the armed men believed the situation had degenerated into a cycle of violence characterised by revenge, attacks and counterattacks.
“So, they feel it’s a field of blood, revenge, attack and counterattack,” he said.
The cleric called for negotiations to end the killings, arguing that religious leaders should help create an avenue for dialogue between the parties.
“So, we, as clergy, our own duty is to look at how to stop it. Let’s stop the bloodshed. Let’s come to the table,” he said.
Asked why the bandits could not abandon their activities, Gumi attributed their reluctance to fears that they would be killed if they surrendered.
“Because they thought they were killed. So, we need to reaffirm to them, to put confidence in them that they will not be killed,” he said.
The cleric also alleged that financial sponsorship and rivalry among armed groups were contributing to the proliferation of sophisticated weapons.
Asked whether individuals were financing the bandits, Gumi said such a possibility could not be ruled out.
“It’s possible now. You know, it’s possible now,” he said.
He explained that rival groups were acquiring more powerful weapons to outmatch and intimidate one another, creating what he described as an arms race.
“They buy more weapons because there’s an arms race between them. You know, there are different groups.
“There’s an arms race. So, this den has more machine guns than this one. So, they should fear them,” he said.
On the source of the firearms, Gumi claimed that the armed groups obtained weapons through illegal markets, where buyers could access them if they had the money.
“Well, it’s a black market, like drugs. It’s a black market. If you just have the money, you get them,” he said.
Gumi further alleged that foreign intelligence agencies were involved in supplying weapons to armed groups operating in Nigeria, although he did not provide evidence to substantiate the claim.
“Foreign intelligence definitely have a hand in it,” he said.
Asked whether foreign countries could be supplying weapons to Nigerian bandits and terrorists, the cleric said it was possible, suggesting that countries with strategic interests in Nigeria could be involved.
“It’s possible,” he replied.
…Ondo State Police Arrest Suspect, Recover Three Bags of Fake Dollar Notes
Men of the Ondo State Police Command have uncovered a suspected counterfeit United States dollar printing factory in Kiniso Village, via Ajue, Odigbo Local Government Area, arresting one suspect and recovering three bags of suspected fake dollar notes.
The operation followed a complaint by a businessman, Yusuf Nasiru, from Sabo, Okitipupa, who allegedly lost $6,000, equivalent to about N8.6 million, to two men in a fraudulent foreign exchange transaction.
The suspects reportedly approached Nasiru for a currency exchange transaction but allegedly returned counterfeit dollar notes to him.
According to Nasiru, the incident occurred on October 25, 2026, when two men, identified as Peter Desmond and Olami Toro, visited his shop and requested to exchange United States dollars for their naira equivalent.
He said he handed over $6,000 to the men but they later returned the money, claiming they did not have enough funds to complete the transaction, before leaving.
Nasiru said he subsequently discovered that the dollar notes returned to him were counterfeit and reported the incident to the police on October 28.
The State Police Public Relations Officer, Abayomi Jimoh, who confirmed the arrest and discovery of the suspected printing factory, said detectives immediately commenced an investigation following the complaint.
Jimoh said operatives from the Okitipupa Divisional Police Headquarters launched an investigation, while intelligence gathering and technical tracking led them to Kiniso Village, where one of the suspects was traced.
He disclosed that police operatives raided the suspected hideout on October 29 following intelligence provided by members of the community.
However, some occupants reportedly escaped through the perimeter fence during the operation.
A search of the premises led to the recovery of three bags containing suspected counterfeit United States dollar notes and a small wooden box believed to be connected to the alleged illegal printing operation.
The arrested suspect, whose identity was not disclosed, reportedly provided useful information to assist the ongoing investigation.
The police spokesman said the command had ordered an intensified investigation to apprehend other members of the suspected criminal network and establish the full extent of its operations.
He reiterated the command’s commitment to bringing all those found culpable to justice and warned members of the public against engaging in suspicious foreign exchange transactions with unverified individuals.
Jimoh also advised residents to authenticate foreign currencies before accepting them and report suspicious activities to the nearest police station.
Troops of the Nigerian Army, in collaboration with operatives of the Department of State Services (DSS), have arrested a suspected kidnapper while attempting to collect a ₦200,000 ransom from a female resident of Nasarawa State.
The suspect, identified as Mukaila Iliyasu, was apprehended at Akwaba in Eggon Local Government Area of the state during a joint intelligence-led operation involving troops of Sector 2, Joint Task Force Operation Whirl Stroke, and DSS operatives.
The arrest followed intelligence reports that the suspect had allegedly threatened to abduct a woman unless she paid him ₦200,000.
The Acting Media Information Officer of Operation Whirl Stroke, Lieutenant Ahmad Zubairu Zubairu, disclosed this in a statement.
According to the statement, DSS operatives alerted the military to the threat on October 29, prompting the deployment of security personnel to track down the suspect and prevent the planned abduction.
In a coordinated operation, a soldier reportedly went undercover and posed as the person assigned to deliver the ransom.
The suspect was subsequently arrested while collecting the money, with operatives recovering the sum of ₦200,000 believed to be the ransom demanded from the intended victim.
The military described the operation as a successful intelligence-driven intervention that prevented a possible kidnapping and demonstrated the effectiveness of inter-agency collaboration in tackling criminal activities.
Following his arrest, Iliyasu was handed over to the DSS for further investigation and possible prosecution.
The Force Commander of Operation Whirl Stroke and General Officer Commanding, 5 Division of the Nigerian Army, Major General Moses Kolo Gara, commended the troops and DSS operatives for their professionalism, courage and effective coordination.
Gara urged security personnel to sustain their collaboration and strengthen intelligence sharing to combat kidnapping and other security threats across their areas of responsibility.
He also emphasised the importance of continued cooperation among security agencies in protecting lives, securing communities and maintaining peace in the region.
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