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Despite EFCC probe, CBEX resumes operation, clears old users’ transaction history

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Despite an ongoing investigation by the Economic and Financial Crimes Commission (EFCC), the digital trading platform Crypto Bridge Exchange (CBEX) has resumed operations and begun clearing the transaction histories of its old users.

 

According to new messages shared in the CBEX user group on Thursday and obtained by Tribune Online, the Ponzi scheme, also operating under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, has assured users of renewed commitment and compensation plans, despite the controversies surrounding its shutdown and fraud allegations.

 

One of the messages reads, “ST has consistently faced various challenges head-on, formulating specific action plans and timelines to mitigate losses for every user. At the same time, new policies have been introduced to swiftly respond to market changes, ensuring the shared goal of mutual benefit for ST, CBEX, and users.”

 

To address the concerns of long-time users affected by the platform’s previous inactivity, the platform stated that it has extended the account verification period until June 25.

 

“For existing users, ST has extended the account verification period for old users until June 25th. This allows those who have not yet raised the necessary funds for verification or have been affected by rumours ample time to receive compensation from the ST fund.”

 

The messages detailed the process of verification and compensation, which, according to the platform, includes depositing $100 for accounts with balances up to $1,000, and $200 for accounts exceeding that amount.

 

“After the recharge is completed, the affected account will receive the corresponding compensation funds within 1 to 24 hours.”

 

The platform added that accounts that complete the process and receive compensation are expected to begin withdrawing 50 per cent of their principal losses after June 25, with a timeline extending to October for full access to funds

 

“Accounts that complete verification and receive compensation from the ST fund by 25th June can withdraw 50% of their principal losses after 25th June. After 25th August: The remaining 50% of the principal losses can be withdrawn. After 25th October: After the 25th of each month, each account can withdraw 30% of its account balance as profit.”

 

A breakdown was also provided to illustrate the recovery process. “For example, if your initial investment is $5,000 and you have not withdrawn any funds since joining the team, you can withdraw 50% of $5,000, which is $2,500, after June 25.”

 

New users who join the platform from April 21 have been promised immediate access to their funds, subject to specific trading volume requirements.

 

“New users who join after April 21 can withdraw their principal and earnings at any time without any restrictions, as long as they meet the required trading volume.”

 

The update also announced the launch of a new sub-account feature and relaxed bonus withdrawal terms.

 

“ST also introduced a sub-account feature, allowing everyone to have 2 accounts for profit after completing verification. Which means you can participate in trade with greater flexibility.

 

“Additionally, any bonuses earned by new members you invite, as well as dividends after upgrading to VIP status, can be quickly withdrawn without the need to meet any trading volume requirements, enabling your efforts to translate into earnings more swiftly.”

 

Further checks by Tribune Online revealed that the platform had also cleared all transactions of its old users, leaving their accounts blank.

 

This development follows a series of public notices issued by the EFCC, declaring several individuals wanted in connection with the CBEX fraud.

 

Tribune Online reports that CBEX, an online investment platform, has been at the centre of a multi-billion-naira fraud scandal for the past few days after disappearing with funds belonging to thousands of Nigerians.

 

The scheme had lured investors with promises of high returns on digital asset trades before going offline without warning.

 

CBEX’s downfall affected a wide range of Nigerians, including popular Ibadan-based Fuji musician Taye Adebisi, popularly known as Taye Currency, who lost N10 million after being introduced to CBEX by close associates.

 

 

-Tribune

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NFVCB Boss Urges Stronger Distribution Channels As Coal City Film Festival 2026 Opens In Enugu

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The Executive Director/Chief Executive Officer of the National Film and Video Censors Board (NFVCB), Dr Shaibu Husseini, has called for stronger distribution frameworks within Nigeria’s film industry to ensure that locally produced content achieves global visibility.


‎Dr Husseini made this call while delivering the keynote address at the opening ceremony of the 2026 edition of the Coal City Film Festival, held in Enugu.
‎Welcoming participants to the festival, Dr Husseini expressed his personal delight at hosting the event in Enugu, his birth state, noting the city’s rich cultural heritage and longstanding contributions to Nigeria’s creative landscape.

‎He commended the festival organisers, particularly the Festival Director, Uche Agbo, for their resilience and commitment in sustaining the initiative.

‎ According to him, the Coal City Film Festival has grown into a significant cultural platform and a must-attend cinematic event in South East Nigeria.
‎Speaking on the festival’s theme, “Local Stories, Global Screens,” Dr Husseini emphasised the importance of authenticity in storytelling. He noted that films rooted in local realities, languages, and cultural truths often resonate more strongly with global audiences.

‎He cited notable Nigerian productions such as “King of Boys” by Kemi Adetiba, “The Wedding Party” by Mo Abudu, “Anikulapo” by Kunle Afolayan, “Black Book” by Editi Effiong, and “Lionheart” by Genevieve Nnaji as examples of culturally grounded stories that have gained international recognition on platforms such as Netflix and at global film festivals.

‎While acknowledging the growth in film production across Nigeria, the NFVCB boss identified distribution as a major bottleneck in the industry. He observed that many high-quality films struggle to reach audiences both locally and internationally due to limited distribution channels.

‎Dr. Husseini therefore urged film festivals across the country to evolve beyond networking platforms into active marketplaces where filmmakers can secure distribution deals. He stressed that festivals must attract distributors, exhibitors, streaming platforms, and marketers to create tangible opportunities for filmmakers.

‎“Film festivals must become gateways to distribution where filmmakers leave not just with applause, but with real opportunities,” he said.

‎Reaffirming the Board’s commitment to industry development, Dr. Husseini stated that the NFVCB has continued to reposition itself as a partner in progress by engaging stakeholders, improving classification processes, and promoting a balance between creative freedom and social responsibility.

‎However, he raised concerns over increasing non-compliance with regulatory requirements, noting that some filmmakers bypass the Board by releasing unclassified films or operating without proper licensing.

‎He reiterated that all films and video works must be submitted to the NFVCB for classification and registration before being released on any platform, including digital platforms such as YouTube.

‎“This is a legal obligation, and the Board will not hesitate to take decisive action against defaulters,” he warned, adding that regulation is essential for protecting the industry, audiences, and national values.

‎Looking ahead, Dr. Husseini assured stakeholders of the Board’s continued collaboration with filmmakers and festival organisers to build a structured, sustainable, and globally competitive Nigerian film industry.

‎He concluded by commending the organisers of the Coal City Film Festival for their vision and contribution to Nigeria’s cultural economy, urging filmmakers to continue telling authentic stories that can resonate across global screens.

 

 

-Leadership

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Wike Reaffirms Nigeria–EU Ties, Moves To Reclaim Encroached Diplomatic Lands

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The Minister of the Federal Capital Territory, Nyesom Wike, has reiterated Nigeria’s commitment to strengthening its relationship with the European Union, while announcing steps to recover diplomatic lands in Abuja allegedly taken over by land grabbers.

 

Wike made this known on Thursday during a courtesy visit by the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, in Abuja.

He emphasised the importance of sustained cooperation between Nigeria and EU member states, noting that the partnership aligns with the broader policy direction of President Bola Tinubu’s administration.

“We will continue to engage EU member countries to further strengthen bilateral relations,” the minister said.

Addressing concerns over diplomatic land allocations, Wike disclosed that several plots originally designated for EU countries had been unlawfully occupied over the years. He noted that the FCT Administration has begun reclaiming such lands.

“We discovered that some lands allocated to EU member countries were taken over by land grabbers. In recent weeks, we have moved to recover those lands by removing illegal structures,” he stated.

He added that the government would formally communicate with the affected countries to determine their continued interest in the properties and ensure rightful ownership is restored.

“We are writing to those countries. If they still intend to retain the lands, we are willing to return them. We will not allow land grabbers to take advantage,” Wike said.

The minister also commended the EU for its contributions to governance and justice sector reforms in the FCT, particularly in court digitalisation and improved justice delivery.

“I am aware of your support, especially in strengthening the administration and dispensation of justice. We will continue to partner with you to deepen these initiatives,” he added.

On requests for land allocation for local EU staff, Wike assured that applications would be considered based on due process, stressing that such processes must ultimately benefit the public.

He further addressed infrastructure concerns at the IBB Golf Club, confirming that a caretaker committee has been constituted, with rehabilitation works expected to commence soon.

In his remarks, Mignot described Nigeria as a key strategic partner for the EU, noting that both parties are entering a new phase of deeper engagement.

“The European Union remains one of Nigeria’s foremost trade and development partners. Our relationship is strong, mutually beneficial, and evolving into a more significant phase,” he said.

He highlighted ongoing EU-supported programmes in the FCT, including judicial reforms, court digitalisation, human rights initiatives, and support for victims of gender-based violence.

Mignot also invited the FCT minister to engage further with EU ambassadors to explore collaboration in areas such as waste management, urban planning, and water infrastructure.

Meanwhile, Wike recently ordered the demolition of buildings illegally constructed on land designated for foreign embassies in the diplomatic zone of Katampe Extension, Abuja.

He explained that the land, originally allocated on March 18, 2008, for residential use by diplomatic missions, was later encroached upon by an unauthorised developer who commenced construction without approval from the Federal Capital Development Authority.

The affected diplomatic missions include Thailand, Bulgaria, Syria, Somalia, Serbia and Montenegro, Japan, Austria, Switzerland, Senegal, and the Palestine Liberation Organisation.

 

-Leadership

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Inspector-General Disu Submits 75-Page Framework On ‘State Police’ To Senate As Push Gains Momentum

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According to a statement issued on Thursday by Ismail Mudashir, Special Adviser on Media and Publicity to the Deputy Senate President, the document titled “A Comprehensive Framework for the Establishment, Governance and Coordination of Federal and State Police” was presented at Jibrin’s office within the National Assembly complex.

 

The Inspector-General of Police, Olatunji Disu, has submitted a 75-page framework on the establishment of State Police to the Deputy President of the Senate, Barau Jibrin, in a fresh move to advance decentralised policing in Nigeria.

According to a statement issued on Thursday by Ismail Mudashir, Special Adviser on Media and Publicity to the Deputy Senate President, the document titled “A Comprehensive Framework for the Establishment, Governance and Coordination of Federal and State Police” was presented at Jibrin’s office within the National Assembly complex.

The report was delivered on behalf of the IGP by Prof Olu Ogunsakin, who chairs the Nigeria Police Force committee set up to develop modalities for instituting State Police.

Disu said the document encapsulates the Force’s professional input following extensive consultations and a thorough evaluation of the legal, operational and administrative implications of decentralised policing.

“The report covers the considered views, professional insights and strategic recommendations of the Force, derived from extensive consultations and a careful assessment of the operational, legal and administrative implications of instituting State Police in Nigeria,” Disu said.

“It is our expectation that the contents of this report will meaningfully contribute to ongoing deliberations and assist in shaping informed, balanced, and pragmatic decisions on this critical aspect of national security architecture.”

The police chief noted that the framework has been formally submitted to the Senate Committee on the Review of the 1999 Constitution as the Nigeria Police Force’s official contribution to the ongoing constitutional amendment process.

Responding, Senator Jibrin commended the IGP for what he described as a proactive step aligned with the security agenda of Bola Ahmed Tinubu.

“The Deputy President of the Senate commended the IGP for his proactiveness on the establishment of State Police in line with President Bola Ahmed Tinubu’s agenda to fully secure the country,” the statement read.

He assured that the Senate Committee reviewing the Constitution would carefully examine the framework alongside other submissions as part of efforts to strengthen Nigeria’s legal foundation.

The proposed framework is expected to outline the operational structure, governance model, and coordination mechanisms between federal and state policing systems— marking a significant step in ongoing efforts to overhaul Nigeria’s security architecture.

SaharaReporters had earlier reported that Disu inaugurated an eight-member committee in March to drive the implementation of State Police, declaring that the reform was irreversible.

At the inauguration in Abuja, the IGP insisted that decentralised policing “has come to stay,” dismissing concerns that it could threaten the roles of existing police personnel.

“State Police has come to stay, and the police should be able to contribute their part in making it succeed. The police are not afraid, our jobs are not being taken,” he said.

He described the committee’s assignment as urgent and critical, giving members one month to submit their report amid rising security challenges across the country.

Disu stressed that the move towards State Police is aimed at strengthening internal security by bringing law enforcement closer to communities and enabling faster, more targeted responses to threats.

“Across the nation, we continue to confront evolving security challenges. These require innovative thinking, strategic collaboration, and the willingness to explore reforms,” he added.

The push for State Police has gained renewed momentum following President Tinubu’s assurance that the plan would not be shelved, urging stakeholders to support the initiative.

-Sahara

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