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FG expresses sympathy for CBEX victims, urges a united effort to combat Ponzi schemes
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The Federal Government on Wednesday sympathised with victims of the digital investment platform CBEX, stressing that Nigerians must work together to put an end to the rise of Ponzi schemes in the country.
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, made the appeal in his keynote address at the second edition of The Spokespersons Summit organised by the Nigerian Institute of Public Relations in collaboration with the Federal Ministry of Information and National Orientation in Abuja.
According to Oyedele, ridding the country of such a menace is a collective task for all citizens.
He said, “To put your hard-earned money in an investment that collapses a few months later is very painful. It’s more painful than paying taxes because when you pay taxes, there’s actually the hope that they will fix your road, pay salaries of civil servants, and the government will provide security. But when it’s a Ponzi scheme, the benefit is zero.
“We also want to encourage Nigerians to take the opportunity to learn, including learning about the tax reform, because you may find that one knowledge in one area helps you in another area. I also believe that our regulators, professional bodies, including NIPR and you guys in the media need to educate our people more so they don’t lose their hard-earned money to Ponzi schemes.
“So people shouldn’t fall for all these ‘you get 100 cents in one month.’ If anybody can make 100 per cent returns in one month, they won’t come to you. They’ll go to the bank and take a loan of 30 per cent, make the money and keep it for themselves. If you’re not too sure and you don’t understand it, ask people around before you stake your money into it.”
Continuing, the Presidential Fiscal Policy chair assured that the Economic and Financial Crimes Commission and the Securities and Exchange Commission are rolling out the development.
When asked if he had fallen victim to such a scheme even as a teenager, Oyedele kicked.
“I’ve never fallen victim. I just feel like you can’t come to me with an investment proposition that does not make sense and leave convincing me it’s almost totally impossible. Even for credible platforms like banks and investment institutions, I challenge them every time before I invest.
“They have to tell me the activity behind the money, the risk I’m taking, and what guarantees you have. The EFCC are also playing their part. So I think it’s a collective assignment for all of us. If it looks too good to be true, it is most likely not true,” he stated.
On Tuesday, the digital investment platform CBEX suddenly collapsed, with reports indicating that investors incurred losses amounting to over N1.3 trillion.
The incident has sparked widespread reactions, with users expressing frustration, criticism, and concern.
In a related development, the Economic and Financial Crimes Commission, however, assured individuals who invested in the crashed investment platform that they would get their money back.
Speaking on Channels TV’s Morning Brief on Wednesday, the spokesperson for the EFCC, Dele Oyewale, said the anti-graft agency has been receiving numerous calls from Nigerians seeking information and remedies regarding CBEX.
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
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.
Ex-Minister of Labour and Productivity, SellJoel Ikenya, has been declared winner of the governorship primaries conducted by the Tanimu Turaki-led faction of the Peoples Democratic Party, PDP, in Taraba State.
Mr Felix Hyat, the chairman of the election committee, who announced the results in Jalingo on Saturday, said Ikenya scored 34,173, to defeat Mr Dinshiya Usman, who polled 4,853.
Hyat, who described the exercise as free, fair and transparent, commended the state working committee of the party for the peaceful conduct.
Ikenya, in his acceptance speech, pledged to revive Taraba to her days of glory if elected governor in 2027.
“I will transform Taraba; I will change the state from salary base, to an industrialised state.
“My desire is to also revive the state infrastructure and attract more investors to boost the economy,” he said.
The governorship candidate, however, denied the allegations of factional PDP in Taraba.
“There is no factional PDP in Taraba; I don’t know where the other people are coming from.
“PDP in Taraba is one, and we do not have any faction in the state. We are working as one united family to reclaim our mandate from Gov. Agbu Kefas of the All Progressives Congress (APC),” he said.
The News Agency of Nigeria (NAN) reports that, the Nyesom Wike led faction of the party had recently declared senator Emmanuel Bwacha as its governorship candidate in Taraba.
NAN
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