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SAD! SEC DG says “we can’t recover N1.3trn Nigerians lost to CBEX ponzi scheme”

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Dr Emomotimi Agama, the Director General of the Security and Exchange Commission (SEC), has explained that there is nothing the Commission can do to help victims of the CBEX scam recover their lost investments.

CBEX or Crypto Bridge Exchange, an unregistered online trading platform vanished last Monday with about N1.3 trillion invested by about 600,000 investors.

CBEX which had operated under ST Technologies International Ltd lured its victims with a 100 percent returns on investment after 30 days.

Asked by Sunday Vanguard if there is anything the Commission can do to help victims recover their money in part or in full, Dr Agama said: “There is nothing the Commission can do”.

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He however expressed concern that Nigerians continued to invest in an unregistered digital entity without drawing the attention of the Commission.

“We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection.

How Nigerians can identify a Ponzi Scheme

He warned Nigerians against investing their money in Ponzi Schemes, saying such schemes make promises that are not real.

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“You can identify a Ponzi Scheme when an entity makes offers that appear certainly untrue and are bogus. The definition we have in the ISA (Investments and Securities Act, 2025) clearly tells you that when an investment firm makes any promise that is almost totally unattainable, you will know that that is clearly a Ponzi scheme”.

SEC disclosed that preliminary investigations have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.

The Commission stated that CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, had held itself out as a digital asset-trading platform, offering high returns to investors in Nigeria.

According to the SEC, “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.

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The SEC emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the Commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates and promoters.

“The Commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models. Prospective investors are advised to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them”, the SEC added.

How I lost N500,000 in 7 days – Victim

Narrating how he got involved in the doomed platform, an Abuja based journalist told Sunday Vanguard that he invested N500,000 on April 4, 2025 with the hope of receiving N1 million after 30 days.

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The journalist who requested not be named said: “I was involved for just seven days and lost N500,000 to the scam. I have a friend who has been pressuring me to invest on CBEX since December last year and I actually have been resisting because of my past experience with MMM.

“But he kept telling me and showing me how much he was making. So, I decided to give it a try and I got involved and finally transferred N500,000 on April 4. I was admitted into a Telegram group chat. Then the story began. The only luck I have is that my wife refused to be involved after I asked her to. I would have been in serious trouble by now.

“Immediately I got wind of troubles especially when people were locked out of the Telegram group, I tried to withdraw my money which had risen to N616,000 but I couldn’t”, he narrated.

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Ex-VP Atiku raises alarm over strange payment into his account

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Ex-Vice President Atiku Abubakar has raised an alarm a strange person who transferred money into one of his private bank accounts, saying the incident raises serious questions about the security of his confidential banking information.

The ex-Vice President, who is the African Democratic Congress (ADC) presidential candidate, made this disclosure in a statement issued on Friday by his Senior Special Assistant on Public Communication, Phrank Shaibu.

It was stared in the payment that they credit came from someone unknown to Atiku, with the transaction carrying the description, “Contribution Electioneering Campaign.”

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The statement stressed that neither Atiku nor his campaign requested, approved or had any prior knowledge of the payment.

“Neither His Excellency nor his campaign solicited, authorised or has any knowledge of the individual or entity behind the unauthorised payment,” the statement read.

He said the transaction was particularly troubling because the account involved is a personal one whose details are not publicly known.

He questioned how an unknown individual was able to obtain the confidential account information.

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“The account is a strictly private one whose details are not in the public domain. This raises a fundamental question: How did unknown persons obtain the confidential banking details of a private citizen?” it added.

The former Vice President warned that the incident raises wider concerns about the safety of Nigerians’ financial information.

If the private banking information of a former Vice President and a leading presidential candidate can be accessed and deployed for reasons yet unknown then no Nigerian’s financial privacy is safe,” the statement quoted him as saying.

He also expressed concern that the information may have been accessed through people with privileged access to sensitive financial records.

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“Even more disturbing is the suspicion that such confidential information may have been obtained through persons with privileged access,” the statement said.

Atiku further warned that any confirmed breach of private banking information could expose citizens to serious security risks.

“If established, this would amount to a grave abuse of power capable of exposing the account holder to kidnappers, terrorists and fraudsters.

The former Vice President also called the attention of Nigerians and security agencies to the incident, describing it as part of what he termed a series of “suspicious activities” ahead of the 2027 general elections.

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“We therefore put the Nigerian public and the security agencies on notice about this latest incident in a litany of suspicious activities leading up to next year’s general elections.”

Atiku also alleged that the incident could be part of an attempt to damage his reputation as political activities intensify ahead of the elections.

He urged Nigerians not to be distracted by what he described as “tired tactics” aimed at character assassination.

“Such desperate antics have failed before and will fail again.”

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The ADC presidential candidate said he remained focused on his political agenda and his stated commitment to providing solutions to the country’s challenges.

“The Waziri Adamawa remains focused on offering Nigerians credible leadership and practical solutions to the nation’s challenges.”

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Nigeria-China Deepen Cultural Ties With New Media Partnership

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By Gloria Ikibah

Nigeria and the People’s Republic of China have strengthened their cultural and creative ties with the signing of a Content Exchange and Cooperation Agreement between the China Movie Channel (CMC) and the Nigerian Television Authority (NTA), a move expected to boost film production, media collaboration and cultural diplomacy between both countries.

The agreement was signed in Abuja during the China-Nigeria Film and Literature Symposium, which brought together diplomats, government officials, filmmakers, authors and other stakeholders from the creative industries of both countries.

Speaking at the event, Chinese Ambassador to Nigeria, Yu Dunhai, described the partnership as another milestone in the long-standing relationship between Nigeria and China, noting that literature and film have remained powerful tools for strengthening mutual understanding between peoples.

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He said celebrated Nigerian writers, including Wole Soyinka, Chinua Achebe and Chimamanda Ngozi Adichie, as well as renowned Chinese authors such as Mo Yan, Yu Hua and Mai Jia, have continued to build bridges of friendship through their literary works.

According to the envoy, both countries have established themselves as global forces in visual storytelling, making the collaboration both timely and strategic.

China, he noted, currently operates more than 93,000 cinema screens and produces about 700 films annually, while Nigeria’s thriving film industry releases over 2,000 films each year.

He also pointed to the growing appreciation of each country’s productions, citing the successful screening of the Chinese film My People, My Country in Nigeria and Nigerian productions such as Lionheart and October 1 in China.

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“The mutual appreciation of literature and film between the peoples of China and Nigeria is rooted in close friendship and cultural ties,” Ambassador Yu said.

He added that the initiative aligns with Chinese President Xi Jinping’s Global Civilization Initiative and President Bola Ahmed Tinubu’s vision of strengthening cross-border cultural cooperation.

The ambassador further noted that the agreement comes at a significant moment, marking the 55th anniversary of diplomatic relations between Nigeria and China, the China-Africa Year of People-to-People Exchanges and the 105th anniversary of the Communist Party of China.

Representing the Federal Government, Permanent Secretary in the Ministry of Art, Culture, Tourism and Creative Economy, Abdulkarim Ibrahim, described the agreement as a major boost for Nigeria’s creative industry and digital media ecosystem.

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“This partnership will create new opportunities for professional development, technological innovation, and co-productions,” Ibrahim stated.

He praised China for its continued support through fully funded educational, technical and capacity-building programmes, which he said have benefited many Nigerian public servants and professionals in the creative sector.

According to him, as the Federal Government intensifies efforts to harness the creative industry as a driver of economic growth and employment, international collaborations such as the one with China will provide the technical expertise and global exposure needed to accelerate that vision.

Also speaking, Director-General of the Nigerian Television Authority, Salihu Abdulhamid Dembos, said the agreement will significantly improve content sharing between both countries and open new opportunities for audiences to access diverse productions.

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He explained that the partnership will also promote wider accessibility through emerging technologies, including the possible integration of Artificial Intelligence-powered translation systems to enable viewers in both countries to enjoy films and television content without language barriers.

The symposium ended with interactive panel discussions involving Nigerian and Chinese filmmakers, writers and media experts, who explored opportunities for joint productions, talent development, content exchange and deeper collaboration between the creative industries of both nations.

Stakeholders expressed optimism that the agreement would not only strengthen diplomatic relations but also create fresh opportunities for cultural exchange, innovation and growth in the film and broadcast sectors.

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Fayose inaugurated as REA board’s chair, promises unprecedented results

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The Minister of Power, Mr Joseph Tegbe, on Friday inaugurated former Gov. Ayo Fayose of Ekiti, as Chairman of the Governing Board of the Rural Electrification Agency (REA).

Also inaugurated are Alhaji Ahmadu Abubakar and Mr Ilyasu Makinta and three others as members and non-executive directors, with Mr Abba Aliyu as Managing Director.

Fayose, who thanked President Bola Tinubu for finding them worthy said his mission in REA is to take the agency to greater heights by providing the needed political will.

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He promised to do everything possible to ensure that the agency gets funds to achieve its long and short-term programmes for Nigerians to get electricity.

“Work has started in earnest; we are reaching out very fast and appealing to people to ensure the work is done.

“I want to use this window to assure Nigerians that your expectation about my appointment and my colleagues will not be dashed.

“We will give our best to achieve the renewed hope of President Tinubu for the country to be better for us all,‘’ he said.

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He noted that a number of challenges faced in the power sector were at the grassroots.

He said that the assignment given to them was beyond providing electricity but also looking at the population of the country who need to feel the impact of the energy.

“When this happens, the people will forever be indebted to the agency,” he said

On his part, REA’s managing director thanked Tinubu for the opportunity to serve.

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Aliyu promised that the agency would continue to do its best to ensure electricity gets to the served and underserved communities.

Earlier, Tegbe said the Nigeria electricity sector was moving from counting kilowatts and megawatts to powering more communities in the country.

Tegbe said this while inaugurating the Governing Board of the Rural Electrification Agency (REA) in Abuja on Friday.

The minister explained that REA occupies a unique and strategic place within Nigeria’s power sector architecture, adding that its mandate extends well beyond connecting communities to electricity.

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“We are moving from just counting kilowatts and megawatts to how many communities and people were powered in the country.

“REA is fundamentally an institution for expanding opportunity.

“Every mini-grid inaugurated, every solar home system deployed, every market, school, primary healthcare centre, farm, or productive enterprise electrified represents an investment in human capital, economic inclusion, and national prosperity.

“As we continue the implementation of the Electricity Act and deepen reforms across the Nigerian Electricity Supply Industry, the role of REA has become even more significant, ‘’ he said.

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The minister said that the agency serves as the bridge between national policy and grassroots impact by ensuring that “the benefits of power reforms are being felt across the country.

“Not only in our major cities but also in the remotest communities across the federation,‘’ he said.

Tegbe said that the constitution of the board was another demonstration of the unwavering commitment of
Tinubu to strengthening governance in institutions.

This, according to him, is entrenching a culture of accountability, strategic oversight, and excellence across the public sector.

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The minister said that the board assumed office at a defining moment, adding that their stewardship must be guided by strategic thinking, transparency, innovation, and a steadfast commitment to provide value for money.

He said that the members were expected to provide clear policy direction, strengthen institutional governance, and safeguard public resources.

He urged them to encourage productive partnerships with development partners and the private sector, and ensure that REA remains a model public institution that delivers measurable impact.

“Most importantly, I encourage you to continually ask one fundamental question whenever decisions come before the board: “How does this improve the lives and livelihoods of ordinary Nigerians?

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“If that question remains our compass, I have no doubt that the agency will continue to exceed expectations”.

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