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.”

Governor Caleb Mutfwang of Plateau has advised the youths to rise and defend their communities against gunmen attacks.

Mr Mutfwang said this on Tuesday when he visited communities in the Kwall District of the Bassa Local Government Area (LGA), recently attacked by gunmen.

“We have come to a point in Nigeria where every community must defend itself. I will not, however, support lawlessness, but we can’t afford to go to sleep,” he said.

Gunmen on Sunday night attacked the Zike and Kimakpa communities of Kwali District, Iregwe Chiefdom of Bassa, killing scores and destroying many houses and other properties.

Mr Mutfwang said the ongoing security challenges in the state have deprived the state of steady growth and development.

The governor disclosed that the state government had made tangible investments in technology to address the state’s current security challenges.

“Insurgency and terrorism have deprived us of the riches of the land; our developmental strides on the Plateau have been slow because of insecurity.

“There is no reason for us to be where we are; our people cannot go to their farms and engage in any economic venture. But as a government, we are doing everything possible to end these circles of attacks and killings,” he said.

The governor, who commiserated with the families who had lost their loved ones, vowed to bring the perpetrators to book.

Mr Mutfwang thanked President Bola Tinubu for his support to the state and called on the security agencies to intensify efforts towards tackling the current security challenges in Plateau.

“You have every reason not to be happy, but I want to assure you that we have taken steps to correct all the lapses of the past.

“As a government, we will support the security agencies towards ensuring that our people are safe.

“But let me remind you that whatever arrangements the security agencies make may not solve the problem; the solution will come from the communities,” the governor said.

(NAN)

At least two police officers were killed on Tuesday in a deadly attack by gunmen in Achị, Oji River Local Government Area of Enugu State.

It was gathered that the assailants struck at a checkpoint near the popular Ozudaa market, setting the police patrol vehicle on fire during the assault.

A disturbing video of the aftermath, now circulating widely on social media, shows the bodies of the slain officers lying by the roadside.

A message shared on the Achi community WhatsApp platform confirmed the incident, stating that two officers were killed and their operational vehicle torched.

A resident, who spoke to the media on condition of anonymity, said the gunmen operated without any resistance.

“Yes, there was an attack on a police checkpoint by gunmen at Achi Court near Ozudda market. The assailants killed two policemen, took their guns and set their vehicle ablaze. A few weeks ago, some gunmen attacked the same checkpoint, but the attack was repelled. It may be the same assailants that repeated the attack,” the resident said.

Meanwhile, details of the attack remain unclear, as the Enugu State Police Command has yet to confirm the incident.

Efforts to speak with State Police Public Relations Officer SP Daniel Ndukwe were unsuccessful. He did not take his calls or respond to a text message seeking his confirmation.