By Adenike Lawal

Following the sudden collapse of digital investment platform CryptoBank Exchange, popularly known as CBEX, the Economic and Financial Crimes Commission has assured distraught Nigerian investors that no effort will be spared in recovering the over one point three trillion naira lost to the scheme.

Speaking on Channels Television’s The Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale said the Commission is actively pursuing the masterminds of the fraud while working with international law enforcement bodies, including Interpol, to trace the stolen funds.

CBEX, reportedly linked to a Chinese digital trading firm, abruptly ceased operations earlier in the week, leaving thousands of investors locked out of their funds and sparking widespread outrage.

Emotional stories of financial ruin have flooded social media, as victims demand swift action and restitution.

Oyewale emphasized that the EFCC had previously warned the public about the dangers of investing in unregulated, high-return platforms.

He noted that the Commission is fully committed to delivering justice and returning money to victims, though he cautioned that the process may take time.

“It would be highly unprofessional for the EFCC to simply tell Nigerians they have lost their money and there is nothing we can do,” he said. “That is not who we are. We are working around the clock, and investors will recover their money.”

He also recalled that on March eleven, EFCC Chairman Ola Olukoyede directed the publication of a list of fifty eight suspicious investment firms in a move to safeguard Nigerians from similar traps.

Reiterating the agency’s commitment to transparency and accountability, Oyewale urged Nigerians to verify the legitimacy of investment platforms before committing their resources. “Nigerians deserve better, and we are going to deliver,” he declared.

As investigations deepen, the EFCC is calling on the public to remain cautious and report any suspicious investment schemes to the authorities.

By Njoku Chijioke

The Nigeria Customs Service has transferred a staggering 140 sacks of seized cannabis, valued at ₦112 million, to the National Drug Law Enforcement Agency in a bold move underscoring its commitment to combating drug trafficking in the country.

The seizure, weighing a total of 1,400 kilograms, was made on December 7, 2024, in Ado Ekiti. Two suspects linked to the haul were initially arrested but later granted bail on health grounds.

However, the Nigeria Customs Service has revealed that efforts to locate the suspects are ongoing, while their surety, identified as Ale Victor Ayodeji, has been arrested and handed over to the NDLEA for prosecution.

Speaking at the handover, Comptroller Morenikeji Bewaji of the Ondo-Ekiti command described the development as a testament to the power of inter-agency synergy. She praised the collaboration between the Customs Service and the NDLEA, noting that such partnerships have led to critical breakthroughs in the war against illicit drugs.

“We are committed to sustaining this momentum,” Bewaji said. “It is only through joint efforts that we can weaken and ultimately dismantle the drug trade in Nigeria.”

Receiving the consignment, NDLEA Commander Nanzing Sallah applauded the Customs Service for its vigilance and swift action, stressing the need for continued cooperation to protect Nigerian communities from the scourge of drugs.

The dramatic seizure and subsequent transfer mark a major win for anti-drug efforts in the region, as authorities tighten their grip on traffickers and hold enablers accountable.

By Patrick Idowu

Ibadan descended into chaos on Monday as an angry mob stormed and looted the office of China Beijing Equity Exchange (CBEX), in the Oke Ado area, following the sudden collapse of the digital trading platform that left scores of investors reeling with losses.

Eyewitnesses reported that the enraged crowd forcefully entered the premises, carting away electronics, furniture, and other valuables in a dramatic retaliation over what they claimed was a fraudulent scheme.

The collapse of the CBEX platform reportedly wiped out user balances, leaving many investors devastated and without answers.

A video circulating online captures the moment of unrest, showing dozens of people overrunning the facility and emptying its contents.

Several victims took to social media to express outrage and demand justice, accusing CBEX of orchestrating a digital scam under the guise of a secure trading platform.

Introduced as an online space for digital asset exchange, CBEX had promised transparency and profitability.

Its dramatic failure has now raised serious questions about its legitimacy and business model.

The Securities and Exchange Commission (SEC), has since warned the public against engaging with unregistered digital platforms, describing operations like CBEX’s as illegal.

As of press time, no official statement had been released by security agencies, and it remains unclear whether any arrests have been made in connection with the incident.