Business
CBEX: SEC can’t recover lost N1.3trn funds for victims – DG

The Director General of the Security and Exchange Commission (SEC), Dr Emomotimi Agama has explained that there is nothing the Commission can do to help victims of the CBEX scam recover their lost investments.
CBEX or Crypto Bridge Exchange, an unregistered online trading platform vanished last Monday with about N1.3 trillion invested by about 600,000 investors.
CBEX which had operated under ST Technologies International Ltd lured its victims with a 100 percent returns on investment after 30 days.
Asked if there is anything the Commission can do to help victims recover their money in part or in full, Dr Agama said: “There is nothing the Commission can do”.
He however expressed concern that Nigerians continued to invest in an unregistered digital entity without drawing the attention of the Commission.
“We are worried that this went on for long without anyone drawing our attention to it. That is why we are doing more enlightenment and asking people to come forward to report this for early detection.
How Nigerians can identify a Ponzi Scheme
He warned Nigerians against investing their money in Ponzi Schemes, saying such schemes make promises that are not real.
“You can identify a Ponzi Scheme when an entity makes offers that appear certainly untrue and are bogus. The definition we have in the ISA (Investments and Securities Act, 2025) clearly tells you that when an investment firm makes any promise that is almost totally unattainable, you will know that that is clearly a Ponzi scheme”.
SEC disclosed that preliminary investigations have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.
The Commission stated that CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, had held itself out as a digital asset-trading platform, offering high returns to investors in Nigeria.
According to the SEC, “The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market.
The SEC emphasised that pursuant to the provisions of Section 196 of the Investments and Securities Act 2025, the Commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates and promoters.
“The Commission uses this medium to remind the public to refrain from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models. Prospective investors are advised to verify the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them”, the SEC added.
How I lost N500,000 in 7 days – Victim
Narrating how he got involved in the doomed platform, an Abuja based journalist told Sunday Vanguard that he invested N500,000 on April 4, 2025 with the hope of receiving N1 million after 30 days.
The journalist who requested not be named said: “I was involved for just seven days and lost N500,000 to the scam. I have a friend who has been pressuring me to invest on CBEX since December last year and I actually have been resisting because of my past experience with MMM.
“But he kept telling me and showing me how much he was making. So, I decided to give it a try and I got involved and finally transferred N500,000 on April 4. I was admitted into a Telegram group chat. Then the story began. The only luck I have is that my wife refused to be involved after I asked her to. I would have been in serious trouble by now.
“Immediately I got wind of troubles especially when people were locked out of the Telegram group, I tried to withdraw my money which had risen to N616,000 but I couldn’t”, he narrated. (Vanguard)
Business
Fuel scarcity looms as IPMAN issues 21-day notice

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called on Gov. Chukwuma Soludo to protect operations of marketers in the state from the plague of multiple taxes and harassment by different agents.
IPMAN which made the call at an emergency general meeting with members in Awka on Wednesday issued a 21-working days notice to shutdown operations if the grouses were not addressed.
The ultimatum was a unanimous decision of the no fewer than 700 marketers in attendance.
The meeting was presided over by Mr Chinedu Anyaso, Chairman of IPMAN Enugu Community Depot and members of his executive and Chief Linus Mgbakaogu, a national ex officio.
The marketers said they had an agreement of harmonised revenue agreement approved by Soludo and had been keeping their part of the bargain by paying as and when due.
They expressed dismay that some local government officials and agencies were coming up with different type of demand notices, arresting members and extorting money from them.
Anyaso said members were asked by the House of Assembly to produce some operational documents but IPMAN was of the position that only the Nigeria Midstream and Downstream Petroleum Regulatory Agency had such powers under the Petroleum Industry Act.
According to him, marketers agreed on annual fees/levies of N120,000 with the Anambra government which Gov. Soludo approved and we had been complying fully with the terms.
“But now we have different demand notices general purpose fee, Land Use Charge, fire, Signage, waste management and worse if it is that Local Government Councils are arresting and extorting our members under different guise.
“We are appealing to Gov. Soludo to protect our members in Anambra, we have an existing agreement, if that is no longer applicable they should sit with us for renegotiation, that is why we are asking that this harassment and extortion should be addressed.
“So we are giving a 21 days strike notice within which the state government, Local government and marketers would meet for discussion on revenue and we expect that all court cases are withdrawn and all arrested members freed,” he said.
Anyaso also called on the Federal Government to address the issue of unpaid bridge claims by members in the zube and pay them so they could remain in business.
Also Chief Linus Mgbakaogu, a national ex officio of IPMAN described the business environment for members in Anambra as hostile.
According to him, the agreement we reached with other states as we did with Anambra is still subsisting but I do not know why the governor’s order is being disregarded by various agents of state.
“Mr Governor is our person, the buck stops on his table and we expect that he should protect us,” he said.
In his speech, Mr Greg Ezeilo, Chairman of the Anambra Internal Revenue Service, blamed the misunderstanding on Local Government chairmen, who wished to assert their autonomy but promised to intervene and ensure that the areas of concern were addressed.
Ezeilo said Soludo was keen on improving Ease of Business in Anambra and would not condone anything that would jeopardise businesses.
“I will create environment for, constructive dialogue is held, I am aware you are open to negotiation and I will tell them to come to negotiate with you.
Business
Speaker Abbas laments shipping bottlenecks, revenue loss to Nigeria’s West-African neighbours

The Speaker of the House of Representatives Rt. Hon. Abbas Tajudeen, Ph.D., GCON, has called for reforms in the economy, especially with the bottlenecks in the import and export chain in the maritime sector.
While addressing a delegation of the Presidential Enabling Business Environment Council (PEBEC) at his office on Wednesday, the Speaker decried that Nigeria is losing huge revenue to the neighbouring West-African countries due to administrative issues at the borders.
Speaker Abbas assured PEBEC that the House will attend to the reforms sought by the council, especially regarding the Financial Reporting Council of Nigeria (FRCN) Act enforcement and the fate of investors at the Free Trade Zones under the Tax Reform Bills.
The Speaker said: “I feel really sad that we in Nigeria, in some areas, are doing things differently. Even from our neighbours here in West Africa, I hear complaints about customs bureaucracy, clearance… I hear about the shipping industry, ports regulatory authorities… all these are taking so long to provide… and the costs of even bringing in products to Nigeria – in some instances doubling what they collect (as duty) in our neighbouring countries.
“I think those are serious and major areas that your agency (PEBEC) needs to actually pay attention to. There is so much you can do by looking at our regulatory bodies, particularly those that are responsible for international businesses and trade, and see what you can do to make the Nigerian environment more competitive.”
Speaker Abbas raised the alarm of reports that countries are avoiding shipment to Nigeria, noting that some reports say over 75 percent of imported goods offloaded in Benin Republic are actually meant for Nigerian destinations.
The Speaker also recalled his recent visit to Morocco, where officials of the North African country criticised the bureaucracy and delay in the import and export chain between Nigeria and Morocco.
While stating that addressing the issues in the shipping system will be a win-win for the Nigerian Government and foreign investors, Speaker Abbas said the House would look at the issues raised by PEBEC and “we will take action immediately.”
The Speaker noted that the presentation by PEBEC was timely as the Senate and the House just constituted a Conference Committee on the Tax Reform Bills to harmonise the versions passed by the two chambers. He said the House would invite the council and chairman of the committee to review the proposals.
Speaker Abbas stated that the reviews would be done to enable Nigeria to respect the previous agreements signed with foreign investors in the Free Trade Zones.
He said: “You (PEBEC) have come to the right place. This is the House where we have been reforming the way we do things from Day 1. That is why our Legislative Agenda is the best working document ever crafted in the history of the parliament.”
While noting that every ministry, department and agency (MDA) has an issue that begs for attention, especially of the parliament, Speaker Abbas thanked PEBEC for finding the House worthy to present its challenges in solving problems.
He disclosed that he receives complaints “every day from the private sector, foreign investors complaining of bottlenecks” in every facet of the nation’s economic life.
The Speaker commended PEBEC for monitoring the MDAs towards creating an enabling environment for businesses in the country. He noted that the business environment is challenging while the areas of concern are many as “every sector and every agency has issues that beg for attention.”
He said: “I want to assure you on behalf of all the members that we are ready and willing to do everything humanly possible to support you so that you can succeed,” he said.
Speaker Abbas said he was excited by the youths dominating PEBEC, with most members of the delegation being under 40.
Earlier, the Director-General of PEBEC, Princess Zara Mustapha Audu, said the visit to the Speaker was on behalf of the Vice-President, Senator Kashim Shettima, GCON, who is the chairman of PEBEC.
She noted that PEBEC supervises 69 MDAs with mandates relating to the economy.
While she presented a letter from the Office of the Vice-President to Speaker Abbas, Audu sought legislative intervention of the House regarding the Financial Reporting Council of Nigeria (FRCN), saying there have been pushbacks in the economic environment over implementation of the new FRCN Act.
She particularly noted a stand-off between the FRCN and operators in the private sector.
Business
NSIB faults US assessment on safety of Nigeria airports

The Nigerian Safety Investigation Bureau, NSIB, has faulted the assessment of the US State Department, suggesting that Nigerian airports are generally unsafe.
The Director General of NSIB, Capt. Alex Badeh, in a statement on Wednesday, said regarding the recent incident in Asaba, where an aircraft was reported to have encountered animals on the runway, that the aircraft was fine and continued its journey to Abuja without any damage.
He noted that such occurrences involving animals on runways are rare in Nigeria, adding that these are not unique to Nigeria and occur at airports globally, including in the United States.
He noted: “It’s unfair to generalise that our airports are totally unsafe. We recognise the need for continuous improvement, and we commend the efforts of the Federal Airports Authority of Nigeria, FAAN, in implementing upgrades.”
Badeh said, “It’s crucial to consider the context and metrics used in such evaluations and acknowledge that challenges such as perimeter fencing and instances of wildlife intrusion exist at some airports.”
”The incident was reported to the Nigerian Civil Aviation Authority (NCAA). Since there was no significant issue, it was not reported to the NSIB.
“However, we plan to reach out to the private entity managing the airport to discuss best practices.”
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