Category: News

Despite being under investigation for an alleged ₦1.2 trillion fraud that affected over 600,000 Nigerians, Crypto Bridge Exchange (CBEX) has resumed operations. The embattled platform is now allowing new users to register, trade, and withdraw profits, even as regulatory bodies like the Securities and Exchange Commission (SEC) and the Economic and Financial Crimes Commission (EFCC) maintain that its operations are illegal. Sources confirmed that CBEX is undergoing an external audit by a UK-based insurance firm to verify the extent of losses from its April 14 collapse, which the company attributes to a malfunction in its AI trading system. The firm claims that an organized cyberattack tampered with its algorithm, leading to the loss of investor funds. In response, a verification process is underway, with compensation tied to an insurance-backed claims initiative. According to traders on the platform, old accounts are still restricted from withdrawing funds but will be partially reactivated by June 25, 2025. Investors with balances under $1,000 must inject $100 to restore access, while those with more must contribute $200. Starting in June, these users can withdraw up to 50% of their capital, with the remaining balance becoming available from August 25. In the meantime, CBEX has launched fresh trading features for new users, including manual trading signals and instant withdrawal of referral bonuses. The promoters insist that new accounts are not affected by the ongoing audit and that they aim to rebuild trust by showing transparency and continued operation. They deny allegations of fraud, claiming the company is wrongly accused and that actual losses were far less than reported. However, the EFCC continues to pursue key figures linked to the platform. A prominent trader, Adefowora Abiodun, recently surrendered to the agency, and a foreign national, Elie Bitar, has been declared wanted. The EFCC has urged the public to provide information on his whereabouts as investigations intensify. Meanwhile, the Nigerian Financial Intelligence Unit (NFIU) has issued a separate advisory warning against unregulated digital investment platforms. The agency flagged multiple platforms—such as eWealth Connect, WWCoin (TOFRO), Delux, and ADK—for exhibiting traits of Ponzi schemes. Common red flags include unrealistic returns, high withdrawal fees, and revenue models dependent on new investor recruitment. SEC Director-General Dr. Emomotimi Agama has reiterated that registration with the Corporate Affairs Commission or the EFCC’s anti-money laundering unit does not validate an investment firm’s legitimacy. He warned that participation in unlicensed investment schemes could result in significant financial loss and criminal penalties, including fines of up to ₦20 million and jail terms of up to 10 years.

Senator Natasha Akpoti-Uduaghan, representing Kogi Central, has responded to legal expert and former NBA President Olisa Agbakoba (SAN) over her sexual harassment allegation against Senate President Godswill Akpabio. Agbakoba, in a letter dated April 14, 2025, had urged Senator Natasha to either retract her claim or provide substantial proof of the alleged incident, said to have occurred on December 8, 2023. However, in her official reply dated April 30, 2025, Senator Natasha stated she had not received any such correspondence, either by mail or courier, rejecting accusations of intentional silence. “I place it on formal record that no such letters have ever been served upon me. The imputation of recalcitrance is therefore inoperative,” she said. She attributed her silence to the principle of lis pendens, which discourages public commentary on active court matters, highlighting two ongoing cases: a ₦250 billion lawsuit filed by Akpabio’s wife, and her own legal challenge to her Senate suspension. “While Suit No. FHC/ABJ/CS/384/2025 is unrelated to the sexual harassment allegations, Suit No. CV/816/2025 is directly related to those allegations and was instituted by your client’s spouse,” she noted. Senator Natasha criticized Agbakoba’s attempt to shape public opinion while previously citing the sub judice rule to halt a Senate inquiry. “A litigant may not approbate in the courts and reprobate in the press,” she stated. She also accused Akpabio of violating the principle of natural justice by presiding over the Senate session that led to her suspension. “Nemo judex in causa sua: no one ought to be judge in his own cause,” she said. Addressing suggestions that her cordial past with Akpabio undermined her claim, she asserted that “civility should not be mistaken for consent or comfort,” especially in a workplace marked by power imbalances. She concluded by reaffirming her February 28, 2025, complaint and legal filings, stressing that only the courts have the authority to adjudicate the matter. “A private legal practitioner, however distinguished, is not vested with adjudicatory authority,” she added, urging that future correspondence be routed through her legal team.

Workers from the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) gathered in large numbers at Eagle Square, Abuja, to celebrate the 2025 May Day festivities. This year’s celebration holds special significance, coming months after the Federal Government, led by President Bola Tinubu, raised the national minimum wage to ₦70,000. The increase followed the removal of the fuel subsidy on May 29, 2023, a move that triggered widespread economic debate. Despite the wage hike, many workers have expressed concern, citing Nigeria’s persistently high inflation and rising cost of living. There are growing calls for another review of the minimum wage to reflect current economic realities and safeguard workers’ welfare. May Day, celebrated annually on May 1st, honors the contributions of workers to national development. At Eagle Square on Thursday morning, the atmosphere was lively, with workers in high spirits singing solidarity songs. Members of various NLC and TUC affiliate unions were dressed in colorful branded attires representing their respective organizations. As of the time of this report, it remained unclear whether President Tinubu would attend the event in person or send a representative.