News
CBEX: Nigerians Lose N1.3tn As Digital Trading Platform Crashes
Nigerians took to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors’ accounts on Monday.
This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their investors’ wallets vanished.
The digital platform also locked its Telegram channels and postponed withdrawals while offering investors the option of $2,000 for $200 verification and $1,000 for $100 verification.
The development has sparked condemnations from Nigerians on X.
Explaining the CBEX crash, cryptocurrency expert and security analyst Taiwo Owolabi said the total volume of stolen investors’ funds so far in USDT is $847 million and likely to increase.
Owolabi questioned why Nigerians would invest their money in a digital platform that is unregistered by the SEC with the promise of a 100 percent return on investment.
“They designed the weak website to convince people in the future that it was a security breach that affected them. Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.
“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money,” Owolabi explained on an X space.
Similarly, Steve Fred, a user on X, wrote on Tuesday:
“Are we not just fantastically stupid in Nigeria?
“Nigerians are as gullible as their leaders. How many times will they be scammed before they have sense?
“How can a company like ‘CBEX’ just appear from thin air and promise you 100 percent ROI in 1 month, and you begin to invest?”
Another user, known on X as Oku, reacting to the CBEX crash, said:
“The smaller the profit, the more I TRUST YOU.
“You have no business doing a business that promises you 50 percent to 100 percent ROI.”
The development comes after the SEC recently warned Nigerians to stay clear of unregistered trading platforms.
The SEC particularly pointed out that, in accordance with the ISA 2025 recently signed by President Bola Tinubu, it is now an offense for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.
“By virtue of this act, it is an offense 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,” it added.
News
Union Bank Of Nigeria Marks International Women’s Month 2026 With Inclusion-First “Give to Gain” Campaign
In observance of International Women’s Month 2026, Union Bank of Nigeria reaffirms its commitment to gender equity through a focused initiative centred on women living with disabilities and women raising children with disabilities.
Aligned with the global theme “Give to Gain,” the Bank’s campaign “Give to Gain: Creating Pathways for Inclusion and Endless Opportunities” centres the lived experiences of women living with disabilities and underscores the need for intentional systems of support for social and economic advancement.
Throughout March, Union Bank will implement targeted initiatives to expand access, foster inclusion, and unlock sustainable opportunities. Activities include a flagship event which held at
The Stable, its multipurpose venue in Surulere, Lagos, on Saturday. The event convened women with disabilities, caregivers, supporting organisations, and advocates for dialogue, mentorship, and resource sharing.

L-R: Chief Talent Officer, Union Bank of Nigeria, Omayuli Wale-Ajayi; Head, Corporate Banking, Union Bank of Nigeria, Ali Kadiri; Head, Retail and SME Business, Union Bank of Nigeria, Vivian Imoh-Ita; Founder/Executive Director, Deaf International Foundation, Funmilola Ogunro; MD/CEO, Union Bank of Nigeria, Yetunde Oni; SouthWest Coordinator, Nigeria Association of the Blind, Adenike Olorundare; Women Leader, Lagos Chapter, Nigeria Association of the Blind, Olubukola Salako; Executive Director, Corporate Bank & Business Banking Lagos & West, Union Bank of Nigeria, Taiwo Shote; Chief Brand and Marketing Officer, Union Bank of Nigeria, Olufunmilola Aluko; Regional Executive, Business Banking SouthWest and Lagos, Union Bank of Nigeria, Emmanuel Aihevba, and Lead Innovation, Events and Platform Management, Union Bank of Nigeria, Chiamaka Moses during the Bank’s commemoration of International Women’s Day 2026 at the Stable, Surulere, Lagos recently.
Complementary efforts include outreach to disability support facilities and collaboration with educational institutions to distribute learning materials to female students with disabilities. Tailored mentorship programmes will build confidence and capability in education, entrepreneurship, and careers. Through its women’s banking proposition alpher and strategic partnerships, the Bank will also deliver business sustainability training specifically designed for women living with disabilities and women raising children with disabilities.
Internally, Union Bank will activate WeHub — its employee-led women’s network — to strengthen inclusive culture and support professional growth across the organisation.
These actions reflect Union Bank’s long-standing commitment to advancing equity for underserved communities — and align with the United Nations Sustainable Development Goals 5 (Gender Equality) and 10 (Reduced Inequalities). For Union Bank, these are not frameworks to cite; they are commitments to live out.
Olufunmilola Aluko, Chief Brand and Marketing Officer, Union Bank of Nigeria, stated that “At Union Bank, inclusion is not an abstract ideal; it is a deliberate choice. While many conversations around women’s empowerment are important and necessary, women living with disabilities and women raising children with disabilities are too often left out entirely. This year’s theme, ‘Give to Gain,’ reflects exactly what we believe: that when we intentionally open access, support, and opportunity to these women, the value created extends to families, communities, and society at large.”
Union Bank’s IWD 2026 campaign is a statement of intent: that true inclusion requires us to go further, reach deeper, and serve those who have waited longest for a seat at the table. In 2026, Union Bank is committed to ensuring that a seat exists — and that it is built to last.
News
Just In: Dangote Refinery Announces Petrol, Diesel Price Reduction
The Dangote Petroleum Refinery officially reduced its gantry prices for petrol (PMS) and diesel (AGO) following a series of price hikes earlier in the week.
According to a new pricing template released by the refinery on March 10, 2026, the gantry price of petrol has been reduced by N100, dropping from N1,175 to N1,075 per litre.
The refinery also stated that the price of PMS for coastal supply will now be N1,050 per litre. The difference in price reflects additional costs linked to maritime distribution.
Similarly, the price of Automotive Gas Oil (diesel) has been reduced to N1,430 per litre at the gantry, down from the previous N1,620 per litre. This represents a decrease of N190 per litre.
The refinery noted that these gantry prices do not include regulatory charges from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Meanwhile, JomogNews earlier reported on Monday that Dangote Petroleum Refinery raised its gantry PMS price to N1,175 per litre — the third upward adjustment in seven days
The refinery communicated the new ex-depot price to marketers and depot operators, up ₦180 from the N995 per litre announced last week Friday, an 18.1 per cent increase in three days.
News
Drama At Rivers Assembly Over Nominee’s ‘I don’t pay tax’ Statement
A video circulating online has captured a tense moment during the screening of commissioner nominees submitted by Governor Siminalayi Fubara to the Rivers State House of Assembly.
The footage seen shows the Speaker of the Assembly, Martin Amaewhule, questioning one of the nominees, Charity Deemua, over the status of her tax clearance certificate.
During the screening of commissioner nominees, the Rivers State House of Assembly rejected nominee Charity Deemua after she claimed that as a politician, she did not pay taxes.
Speaker Martin Amaewhule and other lawmakers expressed shock at the statement, leading to the rejection of her nomination along with three others due to lack of tax compliance.
During the screening session, Amaewhule pointed out that the nominee’s tax clearance appeared outdated.
“I just wanted to know, so there’s no current tax clearance. Madam has not been paying tax since 2018. I just wanted to know if she’s been exempted from paying taxes. So let her tell us now,” the Speaker said.
Responding, Deemua explained that she had not had a steady source of income in recent years.
“Like I said before, I’m a politician, I don’t have work,” she stated.
When asked to clarify her employment history, Deemua told the lawmakers that she had previously served briefly in government.
“I was a member, a commissioner in the Rivers State House of Assembly Service Commission,” she said.
Amaewhule then pressed further about her role in a local government caretaker committee.
“When were you? Hold on… local government caretaker committee member, right?” the Speaker asked.
“I was just three months there,” Deemua replied.
“When? When was that?” Amaewhule asked.
“And I think November last year,” she responded.
“November when? What year?” the Speaker asked again.
“2025,” she answered.
The Speaker then questioned whether she earned income during that period.
“You were not paid salary? Were you not paid salary?” Amaewhule asked.
“In the caretaker committee, we were paid,” Deemua admitted.
“You were paid? Yes. Is that not income? But you said you have not had any income from 2018 to date as a politician. So no tax clearance, and that’s what you are telling Rivers people. Madam, that is not nice. You are misleading the 10th Rivers State House of Assembly,” Amaewhule said.
In response, Deemua apologised and suggested she could address the issue.
“I’m sorry, Mr. Speaker. But I think I can still go back for…,” she began before being interrupted.
“No, but you say you have not had any income now,” Amaewhule replied before moving on to the next nominee.
The video of the exchange has since drawn reactions online, with many Nigerians asking that if politicians say they don’t work, what exactly are taxpayers paying for.
See video:
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