Business

CBEX resumes operations despite SEC ban, N1.3tn EFCC probe

The Crypto Bridge Exchange (CBEX) trading platform, accused of scamming Nigerians, has resumed operations and introduced new withdrawal options to restore investor confidence.

Despite ongoing investigations into an alleged N1.3 trillion digital trading fraud affecting over 600,000 Nigerians, CBEX is allowing new users to register, trade, and withdraw profits.

According to CBEX sources, an insurance verification process and external audit of CBEX’s financial records are underway to determine the actual amount lost.

The sources claimed that old investors will be able to withdraw funds starting June 25, 2025, after the audit’s expected completion.

Meanwhile, new users can currently register, fund accounts, and withdraw profits without restrictions, as these accounts are not subject to the ongoing audit.

The platform’s promoters also refute allegations of fraud, claiming funds remain intact and the audit aims to reconcile discrepancies in old accounts.

They attribute the loss to an AI trading incident and assert that the platform is insured.

Meanwhile new investors can participate in a referral program, earning bonuses that can be withdrawn immediately.

One of the sources said, “People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain the withdrawal. The old account was wiped; you can’t take out funds from it yet. On the 14th of this month, the Artificial Intelligence on the platform traded 100 per cent, lost its trade, and wiped people’s money out.

“But now, the promoters are saying that the platform and the CBEX application are insured, with verification of funds ongoing by the insurance company. Now, previous investors who have $1,000 as their capital would have to inject $100, and the former account balance would be restored, while persons with over $1,000 would have to put in $200 to bring back the account balance. And we have started seeing people put in these funds to get back their money, and are using it to trade now, as I talk to you.

“According to the latest information shared, previous investors can only trade but not withdraw because the United Kingdom government is carrying out an audit on their financial account, which will be completed between 30 to 60 days. Hence, the reason why previous investors cannot withdraw their funds yet.

“But from June 25th, you can now withdraw up to 50 per cent of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital. But if you don’t do the verification, it won’t reflect in your account.”

Another source said: “Currently, fresh investors can register a new account, fund it, and withdraw their profit. The new accounts are not under audit. It is the old account that is under review.

“What they are auditing is because the Federal Government said they scammed Nigerians of N1.2tn, and they are insisting that the amount is not up to half of the publicised amount. They are claiming only N126bn was lost, and that is the reason for the audit. But new accounts can now start investing and get their money. There is also a bonus for referrals that you can withdraw immediately, and this is ongoing currently.

“They just want to prove to Nigerians that they are not scammers. It was just because AI traded 100 per cent of the funds that the money was lost. There is a new group where people can say whatever they want to say; they also drop signals for trading three times a day, but it is no longer automated; you have to do it by yourself. They would give you a code; you just have to put it in your account and trade. If you notice any abnormality, you can cancel it. That was how it was before AI started doing the trading,” the source stated.

When questioned on why the audit was not conducted by the Nigerian government, a source explained, “The firm is registered in the United Kingdom, not in Nigeria. They merely extended their operations here. In fact, they also have branches in Kenya, South Africa, and Egypt.”

Similarly, messages sent to a new Telegram group created for information sharing showed that a person could withdraw referral bonuses.

Addressing concerns from interested members in a user group, an admin identified simply as Laura stated that the specific cause of the platform’s issues was still under investigation, adding that the findings of the ongoing probe by the UK government would determine what is eventually made public.

The message read, “There are some factors in the incident on April 14th that I cannot tell you in detail. I can only tell you that Al was attacked and the trading strategy was tampered with.

“This is why some users who did not turn on HOSTING were able to survive. And this attack was definitely not from an individual, because Al’s firewall cannot be easily breached. Including the Bybit hacker incident last month, it was definitely not something that an individual could do. This was an organized and premeditated action.

“The specific cause is under investigation, and we need to wait for the official investigation results of the UK government before we make it public. As for this channel, some scammers affected by ST and online rumour mongers who received donations from scammers deliberately stigmatized the compensation.

“Some rumour mongers even claimed that CBEX administrators transferred more than $800m in assets. These are purely slanderous rumours. An exchange’s payment system can’t have only one common account. The payment system will randomly generate deposit addresses. These are all procedures of the exchange Including any wallet we use now will regularly update the deposit address.”

According to her, users must first accept the claims process initiated by the insurance company linked to the ST Fund firm.

She said, “We need to accept the claims processing of the insurance company that the ST fund company is tied to.”

The process involves verifying the authenticity of each account before any compensation can be issued for losses allegedly caused by the AI-related incident on April 14.

She added that many users have already begun receiving compensation.

“Moreover, the impact of this incident on the Internet has seriously exceeded our expectations. The UK government has also been negotiating with the Nigerian government.

The Securities and Exchange Commission (SEC) and Economic and Financial Crimes Commission (EFCC) have condemned CBEX’s operations, warning Nigerians about unrealistic returns.

The EFCC has declared eight individuals wanted for promoting the program, and investigations are ongoing.(PM)

Business

Dangote Cement reports 165% surge in EPS, reinforces Market Leadership across Africa

Dangote Cement Plc has announced robust financial results for the nine months ended September 30, 2025, showcasing a remarkable 164.8 per cent increase in earnings per share (EPS), which rose from ₦16.55 to ₦43.80.
This significant growth reflects the company’s strong operational performance and strategic expansion efforts.

Group revenue climbed by 23.2 per cent, reaching ₦3,154.8 billion compared to ₦2,560.6 billion in the same period of 2024. The company also recorded a 57.7 per cent rise in Group EBITDA, which grew from ₦908.7 billion to ₦1,428.2 billion. Profit after tax (PAT) surged by 166.3 per cent, from ₦279.1 billion to ₦743.3 billion.

EPS, a key indicator of profitability and shareholder value, continues to be a central metric in Dangote Cement’s financial reporting, reflecting the company’s commitment to delivering returns to investors.

A major contributor to this performance was the commissioning of a new 3Mta grinding plant in Côte d’Ivoire, which expanded Dangote Cement’s total installed capacity to 55Mta across Africa. This strategic move reinforces the company’s leadership in the continent’s cement industry and supports regional self-reliance.

Commenting on the results, Arvind Pathak, Chief Executive Officer of Dangote Cement, stated:

“The commissioning of our 3Mta Côte d’Ivoire grinding plant marks a significant milestone in our growth journey. It strengthens our position as Africa’s leading cement producer and underscores our commitment to regional self-reliance.”

Pathak attributed the revenue growth to proactive management strategies and resilient market demand. He highlighted the success of efficiency programs and disciplined cost management, particularly in Nigeria, where a more favorable energy mix helped reduce cash costs. Exports from Nigeria increased by 23 per cent, driven by 27 clinker shipments to Ghana and Cameroon.

He also emphasized the company’s sustainability initiatives, including the phased deployment of 1,600 CNG-powered trucks aimed at reducing logistics costs and carbon emissions. Progress on the Itori Integrated Plant is also underway, expected to boost domestic capacity and open new export opportunities.

Looking ahead, Pathak added: “Our focus remains on sustaining earnings momentum, enhancing operational efficiency, and executing our long-term growth strategy. With a clear strategic direction and a strong balance sheet, Dangote Cement is well-positioned to continue delivering superior value to stakeholders.”

Earlier in the year, for the six months ended June 30, 2025, Dangote Cement reported a 17.7 per cent increase in revenue to ₦2,071.6 billion—the highest in its history. Group EBITDA rose by 41.8 per cent to ₦944.9 billion, while Nigeria operations saw an 82.4 per cent increase to ₦845.4 billion. Profits before tax jumped by 149 per cent to ₦730 billion, and PAT soared by 174.1 per cent to ₦520.5 billion.

Dangote Cement remains Africa’s largest cement producer, with a fully integrated quarry-to-customer model and a production capacity of 35.25Mta in Nigeria alone. Its facilities include: Obajana Plant (Kogi State): 16.25Mta across five lines; Ibese Plant (Ogun State); 12Mta across four lines; Gboko Plant (Benue State): 4Mta; Okpella Plant (Edo State): 3Mta

Through strategic investments, the company has eliminated Nigeria’s reliance on imported cement and transformed the country into a net exporter of cement and clinker.

Dangote Cement also operates across several African countries, including: Cameroon, Congo, Ghana, Ethiopia, Senegal, Sierra Leone, South Africa, Tanzania, Zambia and Côte d’Ivoire.

Business

Nigeria raises $2b to boost renewable energy, power sectors – Adelabu

The Minister of Power, Chief Adegoke Adelabu has said that over $2 billion has been raised through to accelerating renewable energy deployment and expand reliable, affordable power across Nigeria.

At the Nigeria Energy Forum 2025, holding in Lagos, the Minister said that Nigeria has been advancing its energy transition and access goals by ‘leveraging bilateral funding and development finance to de-risk investments and attract private participation for access expansion across underserved and unserved communities, educational institutions, healthcare facilities and government institutions’.

Adelabu further said: ‘In the past two years, over $2 billion has been mobilised through key facilities, including the $750 million World Bank DARES (Distributed Access through Renewable Energy Scale-up) programme for off-grid and mini-grid expansion, the $500 million NSIA RIPLE (Nigeria Sovereign Investment Authority’s Renewables Investment Platform for Limitless Energy) platform to unlock private capital for renewables, and the $190 million JICA (Japan International Cooperation Agency) fund to complement DARES. Collectively, these interventions are accelerating renewable energy deployment and expanding reliable, affordable power across the country’.

He said that Nigeria now has over 10 GW of stranded generation capacity, explaining that this is energy that could power industries, create jobs, and support electricity exports to the neighboring countries through the regional power pool.

‘We are therefore open to strategic partnerships to mobilise the necessary investments and unlock this potential. Our market fundamentals are improving, our policy environment is clear, and the national leadership is committed to creating the enabling conditions for long-term investment and innovation’, Adelabu told his audience.

He spoke of Nigeria’s aspiration, along with its partners, ‘to build a resilient, inclusive, and sustainable energy future’. Such a move, the Minister further said, ‘speaks not only to the urgent need for capital infusion but also to the transformative role of collaboration, especially with the private sector in driving progress’.

He said that the Federal Government is pursuing a comprehensive, multi-pronged approach to reposition the Nigerian power sector for sustainability, efficiency, and growth. ‘This approach spans critical pillars which include legislation, policy reforms, infrastructure development, energy transition and access expansion, and local content and capacity development with each designed to address structural challenges, unlock private capital, and enhance service delivery across the electricity value chain’, Adelabu said.

He pointed at the enactment of the Electricity Act 2023 as a major milestone, which provides a robust governance and regulatory framework for the Nigerian Electricity Supply Industry.

The Minister said that one of the essence of the Act is that it devolves regulatory powers to the states, enables subnational markets, promotes competition, and empowers private participation across the value chain.

‘This represents a clear shift towards a liberalised and investment-friendly electricity market. Since its passage, 15 states have received regulatory autonomy to establish subnational electricity markets with one fully operationalised. We are working actively with these states to ensure strong alignment between the wholesale market and the retail market. In this regard, we believe the active involvement of state governments, particularly in the off-grid segment is critical, given the series of roundtable engagements held with governors by the Rural Electrification Agency, as well as the ongoing efforts to closely track the Distribution Companies’ performance within their respective jurisdictions’, he said.

He said that the development of the Integrated National Electricity Policy, initiated by his Ministry and approved by the Federal Executive Council last February, ‘marks the first comprehensive, sector-wide policy framework in nearly two decades, and we deeply appreciate the industry experts and development partners many of whom are here today for their invaluable contributions in achieving this milestone’.

Adelabu told the Forum that the Nigerian government is deepening power sector commercialisation to strengthen revenue, liquidity, and investor confidence. He added: ‘Through tariff policy reforms, which enabled cost-reflective tariffs for select consumers, supply reliability has improved while reducing energy costs for industries, and industry revenue has increased by 70% to N1.7 trillion in 2024 compared to previous year and the revenue is expected to exceed N2 trillion for 2025.

‘To stabilise the market, Mr. President has approved a N4 trillion bond to clear verified GenCo (electricity generating companies) and gas supply debts. Alongside this, a targeted subsidy framework is being developed to protect vulnerable households and ensure a sustainable path toward full commercialization and viable industry’.

He said that the Federal Government has operationalised the Presidential Metering Initiative (PMI) to close the national metering gap and improve sector viability.

According to the Minister,N700 billion has been secured from FAAC (Federation Accounts and Allocation Committee) to deploy 1.1 million meters by end of 2025, and two million annually over the next five years under the PMI.

‘This complements the 3.2 million meters being procured through the World Bank’s DISREP program, positioning Nigeria to close the metering gap within five years and strengthen transparency and revenue assurance across the value chain’, he said.

Business

FG unveils N10m excellence award for tax reform reporting

The Presidential Fiscal Policy and Tax Reforms Committee has announced the unveiling of the Excellence in Tax Reform Reporting Award to honour journalists and digital influencers who demonstrate accuracy, balance, and impact in covering Nigeria’s ongoing tax reforms.

The announcement was made via X on Tuesday by the chairman of the committee, Mr. Taiwo Oyedele.

Oyedele said that the initiative aims to promote constructive public discourse, counter misinformation, and support journalism that helps citizens better understand and trust fiscal reforms.

According to him, the award is open to Nigerian journalists across print, broadcast, and online platforms, as well as digital influencers, bloggers, and podcasters.

‘The award seeks to strengthen constructive public discourse, counter misinformation, and elevate journalism that explains reforms in ways citizens can trust and understand’, Oyedele added.

He explained that entries must consist of published works between 1 July and 31 December, 2025, in English, Pidgin, Hausa, Igbo, or Yoruba.

On the award structure, Oyedele said prizes include ₦10 million for the overall winner, ₦5 million for the second-place winner, ₦3 million for the third-place winner, and consolation prizes for the top 20 finalists.

He added that entries will be judged based on accuracy, balance, clarity, public engagement, and creativity.

‘T𝐨 𝐀𝐩𝐩𝐥𝐲, applications will open via the official portal http://fiscalreforms.ng by 31 December 2025′, the statement stated.

The initiative aligns with the committee’s broader efforts to harmonise multiple taxes and levies into a simplified, broad-based system.