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