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Hong Kong regulatory authority alerted public about Ponzi scheme CBEX, exposed scam in 2024
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According to an alert memo issued by the Securities and Futures Commission (SFC) in Hong Kong, CBEX was not licensed to conduct digital trading in Japan or Canada—despite the company’s claims to the contrary.
Amid mounting outrage in Nigeria over the operations of CBEX Group, which resulted in significant financial losses for many, SaharaReporters has obtained a document revealing that authorities in Hong Kong had flagged the company’s fraudulent activities as early as 2024.
According to an alert memo issued by the Securities and Futures Commission (SFC) in Hong Kong, CBEX was not licensed to conduct digital trading in Japan or Canada—despite the company’s claims to the contrary.
The SFC is an independent statutory body set up in 1989 to regulate Hong Kong’s securities and futures markets.
“We derive our investigative, remedial and disciplinary powers from the Securities and Futures Ordinance (SFO) and subsidiary legislation. Operationally independent of the Government of the Hong Kong Special Administrative Region, we are funded mainly by transaction levies and licensing fees,” it said on its website.
“The entity has adopted a name that is very similar to that of a property rights trading organisation based in China, when in fact they are not associated,” the memo said.
“While it purports to be a virtual asset trading platform and claims to hold a compliant digital asset license on its website, it does not, in fact, hold any relevant digital asset license in Canada—where it claims to be headquartered—or in Japan, where it claims to operate a digital asset trading platform.”
The report further noted that investors faced difficulties withdrawing virtual assets and alleged that CBEX misled users with fake withdrawal records.
“Investors reported difficulties with virtual asset withdrawals. The entity is suspected to have deceived investors with fake withdrawal records,” it added.
A review by SaharaReporters on Canada’s business registration portal showed that the closest registered entity to CBEX—CBEX Capital Corp—had its license revoked about a year ago.
Earlier, SaharaReporters reported that following the collapse of the CBEX platform, a group of enraged investors stormed and looted its office in the Oke-Ado area of Ibadan, Oyo State. The incident, which unfolded on Monday evening, saw a mob forcefully gain access to the premises and make away with furniture and office equipment.
Eyewitnesses said the chaos erupted after the platform abruptly crashed, wiping out user balances and rendering countless investments worthless.
In the wake of the collapse, devastated users flooded social media with posts expressing their anger and heartbreak, recounting stories of lost savings and dashed hopes.
In response to the crisis, Nigeria’s Securities and Exchange Commission (SEC) reiterated that any platform not registered with the SEC is considered illegal. During a virtual session with fintech stakeholders on Monday, SEC Director General Emomotimi Agama stated: “Recently, a post went viral concerning a certain platform and its activities. The fallout includes news of its closure and financial losses. I want to be very clear: if it is not registered, it is illegal.”
While he did not mention CBEX by name, the timing and context strongly suggest he was referring to the controversy.
On X (formerly Twitter), a user with the handle @mrsean_Okwute commented: “I’m just hearing the name CBEX. So Nigerians fell for another scam again? Now I understand why politicians have the nerve to do what they do. Some Nigerians really lack awareness.”
Another user, @Rukkie339, posted: “The streets are quiet—CBEX really did a number on investors. Never get involved in any investment promising 100% ROI. It’s a clear scam. Reach out to friends and family, console—don’t mock. It’s a tough time that leads to dark thoughts.”
News
Rivers 2027: Wike breaks silence on ‘Rainbow Coalition’ Governorship ticket, insists no candidate endorsed yet
…says Ticket still open to APC, PDP, LP, AA
The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has dismissed speculations surrounding the automatic endorsement of any governorship candidate under the “Rainbow Coalition” in Rivers State ahead of the 2027 general elections.
Speaking on Saturday at a high-profile luncheon organized for candidates of the coalition in Port Harcourt, Wike clarified that while the political bloc has firmly resolved to support President Bola Ahmed Tinubu’s administration, it has not settled on any individual for the state’s governorship.
Addressing the cross-party gathering, Wike dismissed what he called premature victory celebrations by any of the candidates, noting that such claims create a false impression and undermine his own political standing, especially given his affiliation with the People’s Democratic Party (PDP).
”The Rainbow Coalition, we have not chosen who will be the governor of Rivers State. But we have party candidates who have emerged under the Rainbow Coalition.
“The only decision we have taken is that we are going to support President Bola Ahmed Tinubu,” Wike declared.
Wike reminded the stakeholders that the alliance is an inclusive, multi-party structure comprising the All Progressives Congress (APC), PDP, Labour Party (LP), and Action Alliance (AA).
He emphasized that final strategic decisions would be made collectively under the leadership of the coalition’s chairman.
The Minister noted that all candidates from the participating parties are “okay for Rivers State” and have been praying for success.
All political blocks, including AA, LP, and APC, were urged to continue their grassroots preparations until the coalition formally meets to take a unified position.
The FCT Minister launched a scathing critique against external commentators, human rights activists, and media organizations that he accused of historically exploiting the state’s political volatility for financial gain.
Wike stated that the Rainbow Coalition was engineered to permanently alter this negative perception.
”God said no, we must come together as a people, irrespective of our political leanings.
“What is important is that we must talk about the development of our state. We must talk about the unity of our state,” Wike maintained.
Taking a swipe at newer or less established political parties—specifically mentioning the African Democratic Congress (ADC), Wike argued that noise-making and political defections should not be mistaken for structural electoral capacity.
He stated that only the PDP, APC, and Labour Party have demonstrated true operational experience in running national and statewide elections across Nigeria.
News
Insecurity: Gunmen abduct ex-Defence spokesperson Maj-Gen Rabe Abubakar, wife in Katsina
By Kayode Sanni-Arewa
Suspected bandits have kidnapped retired Major General Rabe Abubakar, former Director of Defence Information, and his wife on Matazu Road in Katsina State.
Security sources told PRNigeria that the couple was ambushed on Saturday morning, May 30, 2026, while travelling in a red Peugeot 504 saloon car.
The gunmen intercepted the vehicle and whisked the retired officer and his wife to an unknown location.
The driver escaped with gunshot wounds and is receiving treatment at a nearby hospital, a security source said.
The former DDI and his wife were waylaid by armed men on the route. The driver escaped with gunshot injuries and is receiving medical attention,” the source stated.
Security forces have launched search-and-rescue operations and deployed intelligence assets to track the abductors, according to the source. Official confirmation from the military was still pending at press time.
—Rising concern in Katsina—
The abduction comes amid persistent insecurity in parts of Katsina despite ongoing military operations against bandit groups in the North-West.
In recent years, several serving and retired security personnel have been targeted on highways linking Katsina to neighbouring states. PRNigeria reports that criminal groups now see high-profile individuals, including retired military officers, as lucrative targets.
Maj-Gen Abubakar served as Director of Defence Information and was one of the Nigerian military’s most visible spokespersons during the counterinsurgency campaign against Boko Haram.
The incident is expected to renew calls for stronger security along major highways and rural communities in Katsina, where residents continue to face kidnapping and banditry.
Credit :PRNigeria
News
Police nab two for attempted theft of two-week-old baby in Abia
Abia State Police Command has nabbed two suspects for conspiracy, attempted child theft and possession of hard drugs.
The Command which made this known on Saturday, named the suspects as Nzubechi Chinagorom and Chinonso Chibundu, indigenes of Olokoro, Umuahia South LGA of the Abia State.
In a statement signed by DSP Maureen Chinaka, the Police Public Relations Officer, the Command said its officers apprehended the suspects through actionable intelligence, in collaboration with Olokoro vigilante personnel.
She stated that the suspects went to the residence of one Miss Amarachi Chinyereugo and attempted to forcibly take away her two-week-old baby girl.
DSP Chinaka said that the Nzubechi Chinagorom allegedly stabbed the nursing mother with a kitchen knife during a struggle, causing the baby to fall and hit her head on ground.
The police spokesperson said that the two suspects fled from the scene and ran into a nearby bush on realizing that the nursing mother, Miss Amarachi Chinyereugo cried out for help.
She added that the suspects were later apprehended at a bus stop
where they had reportedly gone to take hard drugs.
“The mother and child were immediately rushed to the hospital, where they received treatment and have since recovered.
“The suspects were apprehended, exhibits were recovered and investigation has been conducted at the State Criminal Investigation Department (SCID). Suspects will be charged to court on 2/06/2026,” Chinaka said.
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