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N1.3tn CBEX scam: Forfeiture process begins as EFCC recovers funds
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The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has disclosed that funds lost to the fraudulent CBEX investment scheme have been recovered, with the process of final forfeiture already in progress.
No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3tn after it collapsed in April 2025.
Olukoyede, who did not state the amount recovered, assured Nigerians that the EFCC had taken decisive action against the promoters of the scheme.
Speaking at an event to mark the Africa Anti-Corruption Day in Abuja, the EFCC boss stressed that those found culpable were already facing prosecution.
He said, “We have found a lot of people culpable. Those who promoted that scheme are within our jurisdiction and have been arrested.
“So at this moment, they are being prosecuted. And we can also say that money has been recovered, even though the process is still ongoing for us to finally forfeit it.”
The EFCC chairman condemned the CBEX scheme as a prime example of virtual asset and investment fraud, which he said was spreading like wildfire across Africa.
He noted that fraudsters continued to exploit the desperation of investors to defraud them through Ponzi schemes and similar fraudulent arrangements.
“Ponzi schemes remain one of the most pervasive threats facing unsuspecting investors.
“The CBEX case is a clear example. We all remember the outcry that followed the collapse of the scheme, but these unfortunate situations are preventable.
“Nigerians must begin to conduct due diligence before committing their resources to such platforms,” Olukoyede said.
He blamed the rising trend of investment fraud not only on the fraudulent actors but also on the carelessness of many investors, who, according to him, often failed to report suspicious activities until it was too late.
“When the going was good with CBEX when people were collecting 100 per cent returns in one week or one month, nobody complained. Nobody reported to EFCC.
“It was only when the bubble burst that people wanted EFCC to perform magic and recover their money,” he said.
Olukoyede emphasised that while the EFCC remained committed to its mandate of enforcement and recovery, the public must also take responsibility by verifying investment platforms before participation.
He advised Nigerians to “shine their eyes” and not fall for too-good-to-be-true offers.
The EFCC boss also confirmed that some foreign nationals had been linked to the CBEX fraud, revealing that they were part of a larger network building cybercrime cells across Africa.
“In the case we investigated in Lagos, which we dubbed Operation Flush, we arrested a large number of foreigners involved in various cybercrimes, including CBEX. I want Nigerians to know that as of today, we have secured close to 150 convictions.
Some of them are already serving their jail terms. And when they are through with that, we are going to send them back to where they came from. So we are monitoring them,” he said.
He reiterated the EFCC’s resolve to pursue every case to its logical conclusion, adding that even cases requiring international collaboration would not be abandoned.
“We are no longer the EFCC that drops cases halfway. Whatever we start, we will finish.
“Nigerians should trust us and believe in our capacity to do justice. Some of these cases are complex and may require cross-border investigations, but we are up to the task,” he added.
Olukoyede urged the public to remain vigilant, avoid unregulated investment schemes, and support the anti-corruption fight by promptly reporting suspicious financial activities to the appropriate authorities.
News
Ataoja Hosts Olubadan as Adeleke Commissions Overhead Bridge, Roundabout at Lameco, Osogbo
By Kayode Sanni-Arewa
The Ataoja of Osogboland, Oba Jimoh Oyetunji, Larooye II, on Wednesday hosted the Olubadan of Ibadanland, Oba Rasheed Adewolu Ladoja, Arusa I, as Governor Ademola Adeleke officially commissioned the new Lameco Flyover Bridge and roundabout in Osogbo, the Osun State capital.
The five-span overhead bridge, which has a total length of 672 metres, was constructed to solve the perennial traffic congestion along the Lameco axis and boost economic activities in the metropolis.
The Olubadan performed the ribbon-cutting ceremony at the event, which was attended by traditional rulers and key stakeholders.
Speaking at the commissioning, Governor Adeleke praised the project as proof of his administration’s local content policy. “The high quality of this flyover confirms the workability of our local content model.
We have proven to the whole world that our local engineers can perform to world class standards,” he stated.
The governor also disclosed that his administration has completed over 27 kilometres of intra-city roads in Osogbo and more than 300 kilometres across the state.
He charged residents to protect the infrastructure, warning against street trading and vandalisation of the bridge’s railings and lights.
In his goodwill message, the Ataoja of Osogbo, Oba Jimoh Oyetunji, Larooye II, described the project as strategic.
He noted that it would ease human and vehicular movement and enhance socio-economic activities within the town.
The commissioning marks the start of a series of project inaugurations across the state.
News
Insecurity: Gunmen kidnap popular pastor, members in Benue
By Kayode Sanni-Arewa
Samuel Gbinde, pastor of the Universal Reform Christian Church (URCC), also known as Nongu u Kristu u i Ser u sha Tar (NKST), and two members of his congregation have been abducted by gunmen in Benue State.
The incident happened on Tuesday at the pastor’s residence located within the NKST Church premises in Andyar, Ishan Classis, Benue State.
The church’s General Secretary, Titus Targba, announced the incident in a statement, saying the victims were taken by armed men from the pastor’s residence.
He appealed to church members and the public to pray for their safe return while efforts continue to secure their freedom.
The church also called on security agencies, the Benue State Government and the Federal Government to move quickly to rescue the three victims and arrest those behind the kidnapping.
It further urged the authorities to step up efforts against kidnapping and other violent crimes across the state by taking stronger action to stop criminal groups before they strike instead of responding only after attacks have taken place.
The latest abduction has added to growing worries over insecurity in Benue State, where communities have continued to face repeated attacks despite ongoing security operations and peace efforts.
Only a few days earlier, the chairman of the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN) in Benue State, Ardo Risku, and his associate, Yakubu Isa, were killed after attending a peace meeting in Ohimini Local Government Area.
Police later confirmed the arrest of 10 suspects in connection with the killings.
News
NUT suspends strike, directs Oyo teachers to resume Thursday
The Nigeria Union of Teachers (NUT) has suspended its industrial action across public primary and secondary schools in Oyo State, directing members to resume work on Thursday, July 2, 2026.
The decision followed fresh engagements with the Oyo State government and assurances on measures to improve security after the abduction of teachers and learners in Oriire Local Government Area.
In a statement jointly signed by the Oyo State Chairman of the union, Comrade Hassan Ajibola Fatai, and the State Secretary, Comrade Olukayode Salami, the union said the suspension was approved by its national leadership after reviewing the prevailing security situation and considering appeals by the state government and other stakeholders.
According to the statement, the strike, which was declared in protest against the kidnapping of teachers and students in the Oriire Local Government Area, was suspended in the interest of teachers, learners, and the general public.
“The Nigeria Union of Teachers hereby directs all public primary and secondary school teachers in Oyo State to resume official duties on Thursday, July 2, 2026,” the statement read.
The union said the state government had assured it of sustained efforts to secure the safe release of the abducted victims while strengthening security around schools and vulnerable communities across the state.
It noted that the government had committed to intensified rescue operations for the abducted teachers and learners, the establishment of a well-equipped Joint Security Task Force to patrol vulnerable schools and access roads, continuous engagement with affected families, psychosocial support and rehabilitation for rescued victims, and payment of gratuities and other entitlements to the families of deceased teachers.
Other commitments, according to the union, include strengthening the Safe School Initiative through public sensitisation and improved early warning systems, enhancing emergency response mechanisms, dismantling criminal hideouts, upgrading school infrastructure, tackling illegal mining and open grazing in forest reserves, improving community intelligence gathering, ensuring the speedy prosecution of criminal suspects, improving the welfare of security personnel, and deploying technology to improve school security.
The union commended its members for their discipline and solidarity throughout the industrial action while also appreciating the support of the All Nigeria Confederation of Principals of Secondary Schools (ANCOPSS) and the Association of Primary School Head Teachers of Nigeria (AOPSHON).
“We sincerely appreciate all our members, ANCOPSS, AOPSHON, and other stakeholders for their discipline, solidarity, and unwavering support during this period. Your cooperation has once again demonstrated our collective commitment to the welfare and safety of teachers and learners,” the statement added.
While directing teachers to return to the classroom, the union urged members to remain vigilant and report any security threats to the appropriate authorities.
“We urge all teachers to remain vigilant, law-abiding and promptly report any suspicious activities or security threats within their schools and communities to the relevant authorities. Together, we can build safer schools for our children and educators,” it stated.
The union reaffirmed its commitment to protecting the welfare and security of teachers, saying it would continue to engage the government until all outstanding concerns regarding the safety of teachers and learners are fully addressed.
“Our resolve to safeguard the lives, welfare and dignity of teachers remains unwavering. We shall continue constructive engagement with the government until every concern relating to the security of our members and learners is adequately addressed,” the statement said.
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