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N1.3trn CBEX Probe: We Warned Nigerians Against Ponzi Schemes – EFCC

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Amid growing concerns over the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX), which reportedly led to the loss of N1.3tn belonging to Nigerians investors, the Economic and Financial Crimes Commission (EFCC) says it warned Nigerians against investing in Ponzi schemes.

The spokesperson of the EFCC, Dele Oyewale, who spoke as a guest on Channels Television’s The Morning Brief on Wednesday, however, said that the Commission had taken steps to enlighten Nigerians about the dangers of the criminal schemes.

CBEX was reported to have crashed on Monday, leaving many Nigerians unable to access their funds.

Several videos online showed some Nigerians lamenting the loss of their funds to the scheme.

But Oyewale said, “You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, had cause to instruct us to alert Nigerians about 58 Ponzi scheme companies; we came out with a list–that shows that we’re proactive and we have our hands on what is happening.

“So, concerning this CBEX thing, we’re on it; it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans. So, before the calls came, we were working; while the calls were coming, we were working, and even after the calls, we’re still working.”


Speaking further, he said, “We cannot lay any blame on the EFCC concerning this CBEX thing. I’m sure we know that that business venture is a Chinese digital trading company with no jurisdictional link with Nigeria; all the area offices that people are saying are in Ibadan and in some other locations are not functional offices. The entire thing is online.

“And we have been warning Nigerians against criminal engagements online. So, what would you expect the EFCC to do? We have given empowerment, given enlightenment, given public awareness, and raised intelligence. It is to the credit of the EFCC chairman that he came forward to say that there are 58 companies that Nigerians are patronising that they should no longer patronise.

“So, if the commission is as proactive as that, then the rest is for the people concerned to be more vigilant and to ensure that they guard their investment in line with the information that is available.”

He further explained that the Investment and Security Act 2025 is a very important, well-conceived and responsive Act of the government to check illegal investment schemes.

According to him, with the Act, it is a criminal thing to engage in any digital trading activity without being licensed, without complying with all the extant laws, as any form of exchange or business engagement must conform with the Act.

Oyewale said, “We know that for every business concern, you declare your profit either quarterly, annually or bi-annually, but if somebody says, ‘Bring your money; I’m going to give you a return in 30 days, you know that is not realistic; it’s just not pragmatic.

“Or if somebody says if you bring your money, we’re going to give you a 100% return on investment, that is not possible; even we know that the prevailing interest rate in Nigeria is 27.5. So, how will somebody give you a 100% return on investment in 30 days?

“So if you want to go into any investment, you must look at these fellows that are parading this: how compliant are they with the Money Laundering Prevention and Prohibition Act 2022? How compliant are they with the Proceeds of Crime Act? How compliant are they with the Terrorism Financing Act? It is very important.

“Now, if they’re operating at variance with all of these laws, you know that it’s just a matter of time before a problem will come.”

He, however, assured that the EFCC is working with its international partners, including Interpol, to ensure that the victims get their money back.

“It would be very irresponsible and unprofessional of the EFCC to say you have lost your money and there is nothing the commission can do about it; we’re already working with Interpol and we’re already working with our international development agencies to ensure that these people are brought to book.

“Investors are going to get their money back and we’re already working on that. All I’m saying is that this kind of thing could have been averted, but we’re not going to throw our hands up helplessly to say that there’s nothing the EFCC can do about it. No, we’re more responsible; we are more professional than that,” the spokesperson said.

“So, we’ve spread our wings; we’re talking to Interpol, we’re talking to all the necessary agencies across the world to be able to bring all the actors to book and the investors are going to have their money back. It might not be in the short term, but I can assure you that the commission, as the leading anti-corruption agency in Nigeria, is not going to allow investors to just lose their money like that because they are not compliant. No. Escapism is not a solution to any problem,” he added.

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Security Operatives Arrest Five Suspects Over Abduction Of 20 NYSC Members In Imo

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Five suspected members of a criminal gang accused of abducting 20 prospective National Youth Service Corps (NYSC) members in Imo State have been arrested in a joint security operation led by the Department of State Services (DSS), in collaboration with the military, police and other security operatives.

The suspects were apprehended in Port Harcourt, Rivers State, and Abia State during intelligence-led operations conducted between October 10 and 14.

Three other suspects reportedly escaped with gunshot wounds, prompting a manhunt for the fleeing members of the gang.

The arrests followed the abduction of 20 prospective corps members along the Owerri-Onitsha Expressway in Imo State on October 1, 2026, while they were travelling from Ibadan, Oyo State, to their assigned NYSC orientation camps in Abia and Akwa Ibom states.

The gunmen attacked two buses conveying the prospective corps members and other passengers near Umunoha in the Mbaitoli Local Government Area of Imo State.

The victims were rescued on October 7 during a joint security operation at Amakohia-Ubi Village in Owerri West Local Government Area of the state. They were subsequently taken to the DSS hospital in Owerri for medical attention and necessary checks.

During the search-and-rescue operation, the police had said their operatives located the kidnappers’ camp through drone surveillance but could not immediately advance because the location was reportedly planted with improvised explosive devices (IEDs). Security agencies later intensified efforts to reach the victims and secure their release.

The latest arrests mark a development in efforts to track down those allegedly responsible for the abduction and dismantle the criminal network.

A security source described the arrests as a major relief, saying security agencies had sustained a manhunt for the suspects.

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ADC Campaign Council Accuses Kwankwaso Of Doing Tinubu’s Bidding

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The African Democratic Congress Presidential Campaign Council (ADC-PCC) has accused former Kano State Governor Rabiu Musa Kwankwaso of advancing President Bola Tinubu’s political interests by asking former Vice President Atiku Abubakar to withdraw from the 2027 presidential race in favour of Peter Obi.


The council described Kwankwaso’s call as reckless and self-serving, alleging that it was an attempt to weaken the opposition ahead of the election.

In a press statement, the Director of Media and Publicity of the ADC-PCC, Kola Ologbondiyan, criticised Kwankwaso over comments he made during an interview on Channels Television.

Ologbondiyan accused the former governor of focusing on opposition figures instead of challenging the Tinubu administration, which he said Nigerians were eager to vote out.

He also expressed confidence that Atiku could win Kano State in the 2027 presidential election, regardless of whether Kwankwaso supported him.

According to him, the rising cost of living, hunger, poverty and insecurity would play major roles in determining voters’ decisions.

The ADC-PCC spokesman questioned Kwankwaso’s position, given his political alignment with Peter Obi and the National Democratic Congress (NDC). He argued that opposition leaders should work together to defeat the ruling All Progressives Congress (APC) rather than attack one another.

“Rather than campaigning against President Tinubu, whose administration Nigerians are eagerly working to vote out, Kwankwaso is fixated on Atiku Abubakar, the ADC candidate, whom millions of Nigerians believe can restore economic stability and make life affordable again,” Ologbondiyan said.

He further questioned Kwankwaso’s motives, suggesting that the former governor was more interested in his future political ambitions than in addressing Nigeria’s present challenges.

“Why is Kwankwaso so obsessed with Atiku? The answer may lie in his own political calculations. Having reportedly described the office of the Vice President as a ‘spare tyre’, he appears more concerned about positioning himself for the 2031 presidential election rather than addressing the urgent challenges confronting Nigerians today,” he added.

Ologbondiyan alleged that Kwankwaso’s actions could benefit the ruling party by creating divisions among opposition politicians.

“What Kwankwaso is doing amounts to advancing President Tinubu’s interests. It is a familiar APC strategy to use willing collaborators within the opposition to create confusion, sow division and weaken the collective efforts to bring about political change,” he said.

He maintained that Kwankwaso’s support was not essential for a candidate to win Kano, citing the 2003 and 2007 presidential elections, when former President Muhammadu Buhari secured victories in the state despite not having Kwankwaso’s backing.

The ADC-PCC spokesman also questioned Kwankwaso’s ability to translate his strong political base in Kano into nationwide electoral success.

“Kwankwaso must come to terms with the realities of the national political landscape. His influence should not be confused with the capacity to win a presidential election.

“If his political relevance were as extensive as he suggests, why did he finish fourth in the last presidential election?” he queried.

He further alleged that Kwankwaso’s support for Obi was motivated partly by personal ambition and the possibility of future political negotiations.

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Tinubu approved lifetime pay for retired immigration chiefs — Tunji-Ojo

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The Minister of Interior, Dr Olubunmi Tunji-Ojo, has said President Bola Tinubu ended promotion backlogs in the services under the ministry and approved lifetime salaries for retired Comptrollers-General and Deputy Comptrollers-General of Immigration.

Tunji-Ojo said this at the closing ceremony of the Specialised Border Control and Immigration Management System (BCIMS) Training at the Immigration Headquarters in Abuja on Friday.

He commended Tinubu for addressing promotion backlogs, noting that no fewer than 50,000 personnel had gained new ranks and offices within three years.

“It has never happened before, but Tinubu did it. He also increased the volume of recruitment, where we now have no fewer that 40,000 new recruits at once.

“When it comes to salary increment, Mr President has done it. In terms of hazard allowances, peculiar allowance, he also did,” he said.

Tunji-Ojo also praised the President for his commitment to the welfare of active and retired personnel, highlighting the increase in pensions for retired Comptrollers-General of Immigration.

“Previously, CGs had a pension of about N130,000, it was not encouraging. But what did the president do? He signed, and approved salary for life for CGs and DCGs.

“This president has cared for the services more than any president in the history of Nigeria. He has given you his all.

“And all he asks from us in the service is to do our jobs well and make Nigerians happy. Everything we have asked of him, he has done. This the least we can do,” he added.

The minister also described Tinubu as a visionary leader whose policies were intended to have long-term and lasting positive impacts.

Tunji-Ojo noted that under the Renewed Hope Agenda, Tinubu was building a system that would stand the test of time and remain effective even after he left office.

“President Bola Tinubu has never been about the immediate, but the future. He understands that the most prosperous nations do not boil, cook, and eat their seeds, they plant them.

“What this president is doing is planting the seed so that there will be abundance for the future,” he said.

The minister said Tinubu acknowledged that he would not be in office forever, but institutions would remain, adding that what mattered was what would be handed down through generations.

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