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N1.3trn CBEX Scam: EFCC caution Nigerians against Ponzi Schemes
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By Francesca Hangeior
The Economic and Financial Crimes Commission (EFCC) has reiterated its warnings to Nigerians about the dangers of Ponzi schemes, following the collapse of digital investment platform CryptoBank Exchange (CBEX), which has reportedly defrauded investors of over N1.3 trillion.
Speaking on Channels Television’s breakfast show – ‘The Morning Brief’ on wednesday, EFCC spokesperson, Dele Oyewale, said the commission had taken proactive steps to educate the public about illegal and unrealistic investment schemes.
“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr. Ola Olukoyede, instructed us to alert Nigerians about 58 Ponzi scheme companies,” Oyewale said.
“We came out with a list—that shows that we’re proactive and we have our hands on what is happening.”
Recall that CBEX, a digital trading company of Chinese origin, allegedly crashed on Monday, leaving thousands of Nigerian investors unable to access their funds. Videos circulating online have shown victims lamenting their losses.
Oyewale, however, maintained that the commission was not caught off guard.
“Concerning this CBEX thing, we’re on it. It’s not that we didn’t 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,” he emphasized.
He further clarified that CBEX had no legitimate operational presence in Nigeria.
“That business venture is a Chinese digital trading company with no jurisdictional link with Nigeria. All the area offices people are saying exist in Ibadan and other locations are not functional. The entire thing is online,” he said.
On the unrealistic promises made by CBEX, Oyewale urged Nigerians to apply common sense when assessing investment opportunities.
“If somebody says, ‘Bring your money and I’ll give you 100% return on investment in 30 days,’ you know that is not realistic,” he noted.
“Even we know that the prevailing interest rate in Nigeria is 27.5%. So how will somebody give you a 100% return?”
He also called attention to the Investment and Securities Act 2025, which criminalizes any form of digital trading activity not licensed or compliant with Nigerian law.
He emphasised the importance of verifying businesses’ compliance with relevant regulations, including the Money Laundering Prevention and Prohibition Act 2022, Proceeds of Crime Act, and Terrorism Financing Act.
Despite the losses suffered by many investors, the EFCC assured that efforts were underway to trace and recover the stolen funds. The commission is working closely with international partners, including Interpol.
“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,” Oyewale said.
“We’re already working with Interpol and international development agencies to ensure that these people are brought to book. Investors are going to get their money back.”
While he cautioned that recovery may not happen immediately, he insisted the commission would not abandon victims of the scam.
“Escapism is not a solution to any problem. The EFCC, as Nigeria’s leading anti-corruption agency, will not allow investors to just lose their money like that. We are more responsible and professional than that,” Oyewale concluded.
The Nigerian National Petroleum Company Limited, NNPCL, has slashed its fuel pump price for the second time within four days.
A market survey on Saturday by DAILY POST showed that NNPCL retail outlets around Airport Junction and Wuse Zone 6 (Berger) in Abuja have reduced their petrol price to N1210 per litre, down from N1260.
This means that the state-owned oil firm slashed the petrol price by N50 per litre.
This comes barely two days after Dangote Refinery reduced its petrol gantry price by N50 to N1,125 per litre.
Recall that four days ago, NNPCL had adjusted its fuel price pump by N75 per litre to N1260.
With the latest drop by NNPCL retail outlets, petrol prices stand between N1210 per litre and N1305 per litre in Abuja and its environs.
The reduction in domestic fuel comes amid falling crude oil prices, which stand at $69 per barrel and $71 per barrel for West Texas Intermediate and Brent crude, respectively, following the easing of the conflict in the Middle East.
Recall that President Bola Tinubu has kept mum amid the clamour by Nigerians for a commensurate drop in domestic fuel pump prices due to the significant reduction in crude oil prices.
The Independent National Electoral Commission, INEC, has said it is yet to receive the Certified True Copy, CTC, of the Federal High Court judgment that set aside an earlier order directing it to register the Nigeria Democratic Congress, NDC, as a political party.
INEC revealed this in a statement issued on Saturday by its Chief Press Secretary and Media Adviser to the Chairman, Adedayo Oketola.
According to the commission, although it is aware of media reports on the judgment delivered by the Federal High Court sitting in Lokoja on June 26, it cannot comment on the ruling until it obtains and reviews the certified copy.
The Independent National Electoral Commission, INEC, is aware of reports circulating in the media regarding the judgment delivered on Friday, June 26, 2026, by the Federal High Court sitting in Lokoja, which set aside an earlier order concerning the registration of the Nigeria Democratic Congress.
“However, as of this moment, the Commission has not yet received the Certified True Copy, CTC, of the court’s order,” the statement said.
INEC stated that its legal department would study the judgment upon receipt of the CTC before advising the commission on the next course of action.
“Once the Commission’s legal department receives and thoroughly studies the CTC of the judgment, INEC will take an informed, lawful decision in line with the court’s directives.
“Until then, we cannot comment on the specifics of the ruling, and the public is urged to await the Commission’s formal position on the matter,” Oketola added.
Justice Isah Dashen of the Federal High Court in Lokoja had on Friday set aside the court’s December 10, 2025, judgment directing INEC to register the NDC as a political party.
The court held that the rights of the Peace Movement Party were affected by the earlier judgment because it was not joined in the suit despite claiming ownership of the logo relied upon in securing the registration order.
Justice Dashen consequently ordered that all parties be restored to the positions they occupied before the December 2025 judgment and directed that the substantive suit be heard afresh with all necessary parties joined.
The NDC has rejected the ruling and announced plans to appeal the decision. Its National Chairman, Senator Moses Cleopas, maintained that the party had not been deregistered and argued that the trial court lacked jurisdiction to revisit a matter on which it had already delivered a final judgment.
The ruling has also attracted reactions from opposition figures, including the NDC’s presidential candidate, Peter Obi, the party’s National Leader, Senator Henry Dickson, and other stakeholders, who described the decision as a threat to Nigeria’s multiparty democracy and vowed to challenge it through all available legal channels.
INEC, however, maintained that it would reserve its position on the judgment until it receives and reviews the Certified True Copy.
A joint police operation rescued five victims abducted near Ogbere Forest in Ogun state on Wednesday.
They were rescued within 25 hours by the Lagos and Ogun Police Commands, which were part of a joint operation codenamed KOSAYE, meaning “No Space” in Yoruba.
The woman was among the victims who were shot in the incident. Her daughter and sister were among those rescued by the police on Thursday.
NNPC slashes petrol price twice within four days
Lokoja Court order: INEC speaks on NDC, says it’s yet to receive CTC
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