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.

Lagos, the bustling cultural and commercial heartbeat of Nigeria, is once again highly favoured to host Africa’s most prestigious music celebration, All Africa Music Awards (AFRIMA), as Governor Babajide Sanwo-Olu officially declared the state’s readiness to host the rest of the continent and the world for the 2025 edition of the award ceremony. Governor Sanwo-Olu, who made the declaration when he received a high-powered delegation from the African Union and the AFRIMA International Committee in his office on Tuesday, said Lagos is more than prepared to roll out the red carpet for the rest of Africa in a demonstration of the state’s status as the creative and cultural capital of Africa. Sanwo-Olu said Lagos’ acceptance to host AFRIMA 2025 aligns perfectly with his administration’s vision to make the creative and tourism industry a major pillar of the state’s development drive. He stated that his government has made significant investments in the creative industry, recognizing it as a key component of its THEMES agenda. He expressed his admiration for the flourishing creative ecosystem that nurtures talent, attracts global attention, and drives economic growth, all of which have been created by his administration. “I am impressed by the diversity and calibre of the members of the AFRIMA International Committee. Seeing representatives from countries like Cote d’Ivoire, Mozambique, Ghana, Kenya, Ethiopia, Morocco, and South-Africa is a strong affirmation that AFRIMA is a global pan-Africa initiative, it is a true continental platform,” Sanwo-Olu said as he welcomed the team. “One of the key pillars of our administration’s development agenda is the creative industry. Since I took office, we’ve been intentional about building a vibrant creative ecosystem supporting film, music, fashion, photography, and cultural tourism. This year, Lagos will be at the Cannes Film Festival, and in October 2025, we’ll host the E1 world championship, Africa’s first international water sports event right here in Lagos. Our packed creative calendar is a strategic effort to position the state as Africa’s cultural and creative capital. “We are happy to receive the AFRIMA team; we will do it, and we will be part of this, this is one initiative we are proud to accommodate. Our team will work together with your team to action this. We thank the African Union and the AFRIMA Committee for trusting Lagos.” In her remarks, Ms. Angela Martins, Head of Culture and Acting Director for Social Development, Culture and Sport at the African Union Commission, commended the Governor for his continuous support of the arts and reaffirmed the AU’s long-standing partnership with AFRIMA. “The African Union has been proud to partner with AFRIMA since 2014. Over the years, we’ve supported the awards to make sure they live up to their promise to celebrate and reward African talent and music and to promote our cultural values. Beyond entertainment, AFRIMA has become one of the tools through which we promote and communicate the African Union’s cultural policies and the wider vision of Agenda 2063, particularly in building the creative economy of Africa. “Lagos has played a major role in the success of AFRIMA in the past. The state has hosted previous editions of the awards, and each time it has left a strong and lasting impression. This year, we are here again, not just to visit, but to officially ask for Lagos’ partnership and support to host AFRIMA 2025 because Lagos is at the heart of Africa’s creative industry,” she said. Mike Dada, AFRIMA President and Executive Producer, thanked Governor Sanwo-Olu for the state’s investment in the creative industry, stating that AFRIMA is positioned to create big opportunities for tourism, entertainment, jobs, and the economy for the host city. Dada said, “Your Excellency, under your leadership, Lagos has made great progress in the creative industry. You’ve been a strong supporter and a true promoter of talent and fresh ideas. Whether it’s film, fashion, music, or technology, your efforts have helped make Lagos stand out as Africa’s creative capital. We at AFRIMA truly appreciate your support, and we believe Lagos is more than ready to host an unforgettable AFRIMA 2025. “Since AFRIMA was birthed in 2014, and hosted in Ghana, Nigeria, and Senegal, with road shows in over 22 countries around the world, we’ve remained committed to celebrating and uniting Africa through music. AFRIMA is not just about music, it also resonates with real human stories, we’ve seen dreams come through, talents discovered, and careers launched. More importantly, AFRIMA is helping to reshape the global narrative about Africa. We’re showing that Africa is not a continent of lack but a cultural powerhouse that supports development and economic growth. “With over 1,600 nominees, and their teams, more than 1,100 production crew members expected in 2025 and over 400 million global broadcast audience, Lagos won’t just host an event; the impact of the one-week festival will be massive, opening more doors for tourism, hospitality, and new economic opportunities for business in the sector and beyond.” Ahmed Soultan, a past winner of the Best Male Artist in Northern Africa award, and a member of the visiting team, recalled how the award he won in 2014 transformed his career globally and opened a window of collaboration with top stars including Femi Kuti, late Sound Sultan and Waje. Other members of the visiting team included Ms. Matlou Tsotetsi from South Africa, Director of Brand Communications at AFRIMA; Ms. Adenrele Niyi, Chief Experience Officer (CXO) from Nigeria; Mr. Mike John Strano, an Australian-Kenyan and Regional Director for Eastern Africa; and Mr. Francis Doku, Country Director for Ghana. Also in the delegation were Mr. Kenny Ogungbe from Nigeria, a member of the AFRIMA International Congress and Media Committee, Ms. Edwidge Goli from Cote d’Ivoire, who serves as Liaison and Partnership Advisory Executive, Francophone region; and Ms. Victoria Nkong from Nigeria, an AFRIMA Associate Producer. The African Union and AFRIMA International Committee will on May 13 in Addis Ababa, Ethiopia officially announce and present the certificate to the host of the 2025 AFRIMA.