Business

EFCC Vows Justice, Recovery as CBEX Investors Lose N1.3 Trillion in Digital Scam

Published

1 month ago

April 16, 2025

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.

Business

Dangote Holds Fuel Price Steady

Published

2 days ago

May 20, 2025

Samson Adeyanju

By Adewunmi Oluwaseun

Despite the rising cost of crude oil on the global market, Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to keeping petrol prices stable for Nigerian consumers.

The company said its decision to maintain affordable pump prices amid international volatility reflects its firm dedication to supporting the nation’s economy and easing the burden on the public.

According to a statement from Group Chief Branding and Communications Officer, Anthony Chiejina, the move aligns with the Federal Government’s Nigeria First policy and President Bola Tinubu’s Renewed Hope Agenda.

“Refining locally at the world’s largest single-train refinery strengthens Nigeria’s energy security, conserves foreign exchange, and boosts economic resilience,” the statement noted.

The firm praised the President’s Naira-for-Crude initiative, which it said has enabled consistent price cuts on petroleum products.

The refinery also assured stakeholders of its continued focus on affordability, quality and national interest in its operations.

Meanwhile, the refinery has taken delivery of 146,000 metric tonnes of crude oil, with another 125,000 metric tonnes expected soon.

Additionally, three vessels have arrived to lift jet fuel exports, further positioning the facility as a key player in the global energy market.

Business

Africa Pushes for Cheaper Flights, Seamless Skies

Published

2 days ago

May 20, 2025

Samson Adeyanju

By Oso Abidemi

Top aviation leaders from seven West African countries have renewed the call for urgent adoption of a single air transport market to lower ticket prices and improve connectivity across Africa.

Speaking at the 18th plenary of the Banjul Accord Group in Abuja, Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, said implementing the Single African Air Transport Market (SAATM), would transform travel on the continent.

“It is time Africa connected itself more. SAATM will make flights shorter, cheaper, and more efficient,” he said.

Keyamo described SAATM as a key driver for realizing the African Union’s Agenda 2063 and boosting global competitiveness.

Also speaking, Secretary-General of the African Civil Aviation Council, Adefunke Adeyemi, urged countries to embed SAATM into their national laws and empower aviation regulators to make it work.

Nigeria’s Civil Aviation chief, Captain Chris Najomo, called the meeting an opportunity to tackle major challenges such as infrastructure gaps, skilled manpower shortages, safety risks, and digital transformation.

The gathering includes aviation authorities from Nigeria, Ghana, Liberia, Sierra Leone, Guinea, Cape Verde, and Gambia.

With firm backing from regional lawmakers and regulatory bodies, the push for unified skies across West Africa is gaining momentum.

Abuja Reports

Abuja: Tinubu, Akpabio Lead Talks on Real Estate Reform

Published

2 weeks ago

May 5, 2025

Samson Adeyanju

By Ekaete Bassey

President Bola Ahmed Tinubu and Senate President Godswill Akpabio are billed to headline the 55th Annual National Conference and Annual General Meeting of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), in Abuja.

The week-long event, themed “Transform, Invest, Thrive: Optimising Real Estate Finance and Taxation,” will run from May 5 to 10 at the Abuja Continental Hotel.

A statement by NIESV’s National Publicity Secretary, ESV Richard Olodu, confirmed Tinubu will serve as the special guest of honour, while Akpabio will attend as guest of honour.

The conference aims to chart a transformative path for real estate development through deeper fiscal reforms and investment strategies.

Also expected at the high-powered gathering are Minister of the Federal Capital Territory, Nyesom Wike; Minister of Housing, Ahmed Dangiwa; and Minister of Finance, Wale Edun.

Chairman of the Federal Inland Revenue Service and Presidential Adviser on Revenue, Dr. Zacch Adedeji, will deliver the keynote address, expected to dissect current tax policies and their impact on property financing.

NIESV President, ESV Victor Adekunle Alonge, has extended an open invitation to estate professionals, public sector leaders, investors and diaspora stakeholders to partake in what he described as a defining moment for Nigeria’s real estate sector.

The conference is projected to offer insights capable of unlocking economic growth, with real estate positioned as a strategic anchor.