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.
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Pray For Us Politicians, We Are The Problem Of Nigeria — Peter Obi
Peter Obi, the 2023 Labour Party presidential candidate, has asked Nigerians to pray for political leaders, stating that politicians are the primary cause of the country’s challenges.
Speaking on Sunday at the thanksgiving service to mark Oyo state’s 50th anniversary at the Cathedral of St. Peter Anglican Church, Aremo, Ibadan, the Oyo state capital, Obi said politicians are responsible for the country’s challenges.
“I want to make a request from Nigerians. Do remember us politicians in your prayers. We are the problem of Nigeria, no other person,” he said.
“Nigeria is not a poor country, it is poorly governed. Remember us in your prayers that God should touch our hearts to use public money for public good. That is what is required.”
In a post on X after the event, Obi thanked Seyi Makinde, governor of Oyo state, for the opportunity to speak at the service.
He recalled that at the beginning of Makinde’s administration, the governor invited him to address the maiden executive council (exco) retreat, where they spent a full day discussing governance and leadership.
“I am pleased to note that the governor has remained consistent in his approach. Beyond the visible infrastructure across the state, his performance is widely discussed and appreciated by Oyo people wherever they are,” Obi said.
The former Anambra governor also commended Makinde for his remarks at the thanksgiving service, particularly on building strong institutions rather than relying on individuals.
“His focus on continuity, systems, and shared responsibility reflects a statesmanlike vision and offers reassurance that the progress of Oyo State will be sustained beyond any single administration,” he added.
Obi further thanked Williams Aladekugbe, bishop of Ibadan north, for what he described as a timely and profound sermon.
“He reminded us that thanksgiving is not merely a ritual but a moral discipline that nurtures humility, responsibility, and service to the common good,” Obi said.
He called on residents of Oyo state to continue supporting the governor and to pray that God would guide leaders to work for the common good of the state and its people.
News
Tinubu Celebrates Fela As Philosopher Of Freedom After Historic Grammy Win
President Bola Tinubu has paid tribute to late Afrobeat legend, Fela Anikulapo Kuti, following his posthumous Grammy Lifetime Achievement Award.
Tinubu described Fela as more than a musician, calling him a fearless voice of the people, a philosopher of freedom and a revolutionary force who confronted injustice through music.
The president said Fela’s courage, creativity and conviction defined a generation and continued to inspire audiences across the world.
In a tribute issued on Sunday in Abuja, Tinubu said Fela’s legacy had transcended time, describing him as eternal in cultural and spiritual relevance.
He noted that Fela became the first African to receive the Recording Academy of America’s Lifetime Achievement Award, though posthumously.
The president said the honour affirmed Fela’s enduring global influence and the foundational role he played in shaping modern music from Africa.
Tinubu said Fela defined Afrobeat, with his influence evident across generations of Nigerian musicians and in Afrobeats and global sounds.
“He defined Afrobeat, and you can hear and see his influence in generations of Nigerian musicians and in Afrobeats and beyond.
“Fela lives,” the president said. (NAN)(www.nannews.ng)
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Benue Killings: FG To Arraign Yelwata Massacre Suspects Monday
The Federal Government is scheduled to arraign suspects linked to the Yelwata killings on Monday in Abuja, with the Attorney General of the Federation finalizing the charges.
Justice Abdul-Malik is expected to preside over the arraignment at the Federal High Court.
This was disclosed in a statement released to journalists on Sunday by the Office of the Attorney General of the Federation and Minister of Justice.
According to the statement, the accused persons will be brought before Justice Joyce Abdulmalik of the Federal High Court sitting in Abuja, following what it described as “after a painstaking investigation and collaboration by government agencies.”
“The Office of the Attorney General of the Federation and Minister of Justice wishes to assure Nigerians that justice will be ensured in the matter, to send a strong signal to the enemies of the country acting under any disguise.”
The statement, signed by the media aide to the AGF, Mr. Kamarudeen Ogundele, further noted that “The administration of President Bola Ahmed Tinubu is committed to the protection of the lives and property of all, as enshrined in the Constitution.”
The Yelwata killings took place in June 2025 in the Yelwata community, located in Guma Local Government Area of Benue State.
The violence reportedly started late on June 13, 2025, and spilled into the early hours of June 14, when suspected armed herdsmen launched coordinated attacks on residential buildings, a local market, and a Catholic mission.
During the assault, houses were torched, victims were brutally mutilated, and the attackers exchanged gunfire with security operatives.
Reports indicate that more than 100 people lost their lives, while approximately 3,000 residents were forced to flee their homes.
President Bola Ahmed Tinubu had earlier condemned the massacre and directed security and law enforcement agencies to track down those responsible and ensure they are prosecuted.
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