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Meanwhile new investors can participate in a referral program, earning bonuses that can be withdrawn immediately.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

Alleged breach: Court strikes out FCCPC charge against MTN executives

The Federal High Court in Abuja on Thursday, struck out the criminal charge filed by the Federal Competition and Consumer Protection Commission (FCCPC) against MTN Nigeria Communications Plc and its top officials.

Justice Hauwa Yilwa struck out the suit, in a ruling, following an application for the withdrawal of the case by FCCPC’s lawyer, I. O. Aiaba.

Earlier upon resumed hearing on Thursday, Aiaba told the court that a notice of withdrawal was filed on Sept. 8.

The lawyer told the judge that the application was brought under Section 108 of the Administration of Criminal Justice Act (ACJA), 2015.

He said the prosecution adopted the notice and prayed that the court strike out the charge.

However, no lawyer appeared for the defendants and the defendants were also not in court for the trial.

Justice Yilwa consequently struck out the suit after the lawyer’s application.

MTN Nigeria; its Managing Director and Chief Executive Officer (MD/CEO), Mr Karl Toriola, and other co-defendants were being prosecuted by FCCPC over allegations bordering on breach of the commission’s Act.

FCCPC had sued the MTN Nigeria Communications Plc and Toriola as 1st and 2nd defendants.

The commission also named Tobechukwu Okigbo, MTN’s Chief Corporate Services and Sustainability Officer, and Ikenna Ikeme, General Manager, Regulatory Affairs of MTN as 3rd and 4th defendants respectively.

In the two-count charge, they were accused of failure to produce documents and information required by the commission in compliance with a lawful summons contrary to the FCCPC Act.

The charge, marked: FHC/ABJ/CR/354/2024, was dated July 19, 2024, and filed July 22, 2024 by a team of lawyers led by Akoji Achimugu.

It would be recalled that the FCCPC, through its lawyer, Nsitem Chizenum, had, in one of the settings, accused the MTN CEO and his co-defendants of evading service of court documents on them.

Chizenum had told the court, following the absence of the defendants in court.

He said several efforts made to effect the service of the processes on the defendants were unsuccessful

The lawyer also told the court that the Nigeria Police Force (NPF) had been involved and that their application was being processed by the NPF with a view to produce the defendants in court.

The matter was fixed for May 28 for the defendants to take their plea.

But when the matter was called, none of the defendants was in court.

In count one, the MTN Nigeria Communications PLC, Toriola, Okigbo and Ikeme were alleged to have on or about June 18, 2024 did without sufficient cause failed to produce documents and or information which they were required to produce, “in compliance with a lawful Summons and Request to Produce dated May 17, 2024.”

The commission alleged that the compliance with same summon was further extended by a letter dated June 5, 2024 and they thereby committed an offence contrary to and punishable under Section 33 (3) of the Federal Competition and Consumer Protection Act, 2018.

The offence, according to the prosecution, contravenes the provisions of Section 111 (1) of the FCCP Act, 2018, and punishable under Section 111 (2) of the same act.

Business

FIRS issues new directive to banks on treasury bills, corporate bonds interest

The FIRS on Tuesday, October 28th directed banks, stockbrokers, and other financial institutions to begin the deduction of a 10 per cent withholding tax on interest income earned from investments in short-term securities including but not limited to government bonds, treasury bills, bills of exchange, promissory notes, corporate bonds, financial papers, etc.

In a public notice issued on Tuesday, the agency said the new directive takes effect immediately.The tax is to be deducted at the point of payment and remitted to the government in line with the provisions of the tax law.

Interest income from short-term securities, before this directive, was exempted from tax as part of measures introduced years ago to deepen the domestic debt market and enhance returns for investors.

However, the exemption had helped attract substantial local and foreign participation in Nigeria’s money market, particularly among yield-hungry investors seeking quick and relatively safe returns.

Investors, under the new arrangement, will receive tax credits for the amounts withheld unless the deduction represents a final tax, the FIRS explained.

However, interest on Federal Government bonds will remain exempt from the levy, in line with existing tax incentives for long-term instruments.

“All relevant interest-payers are required to comply with this circular to avoid penalties and interest as stipulated in the tax law,” said FIRS Executive Chairman, Zacch Adedeji, in the circular announcing the policy.

Although the FIRS did not disclose how much the government expects to generate from the new tax, analysts say the measure could marginally boost non-oil revenue but may also dampen short-term investment appetite in the fixed-income market.

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.