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CBEX Reportedly Resumes Business, Demands $200 Deposit From Nigerians To Recover Lost Investments

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A digital financial platform known as Crypto Bridge Exchange, or CBEX, which operates as a Ponzi scheme, has restarted its operations nationwide just weeks after it abruptly ceased activities and vanished with large sums of money from unsuspecting Nigerian investors.

According to investors, they have been instructed to revisit the platform to retrieve their lost funds.

“Someone asked me to log into CBEX account this morning that they have returned our balance,” an investor told the Peoples Gazette on Tuesday while sharing a screenshot of the restored funds.

The investors said the scheme’s operators are now demanding a $200 payment from each participant to reactivate their individual accounts and enable withdrawals.

“But I think it is a way of luring people into it again because we were asked to pay $200 to continue trading with the account before we can apply for withdrawal,” another investor told the Gazette. “So, the $200 is for those with investments above $1,000. All those below are asked to pay $100.”

In April, many Nigerians lost their entire savings when the scheme suddenly shut down, locking them out of their accounts.

The situation triggered widespread alarm and led to the looting of the CBEX office in Ibadan. Disguised as a digital investment platform, the scheme had promised to double investor deposits within 40 days.

The scheme’s Telegram group was disabled to prevent users from expressing their frustrations, while the CBEX team blamed the shutdown on a hacking incident, claiming their security infrastructure had been compromised.

The Economic and Financial Crimes Commission later reported that several individuals had been arrested in connection with the fraud, stating that the funds had been traced to at least three or four different countries.

Following the incident, the EFCC issued wanted notices for some of the scheme’s Nigerian collaborators and added two more names to the list last week.

Despite the arrests, the commission clarified that it may not be able to recover and refund the investments of all those affected by the scheme.

BIG STORY

Lagos Announces Eight-Month Partial Closure Of Lekki-Ajah Road For Major Rehabilitation Works

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The Lagos State Government has announced that parts of the Lekki–Ajah corridor will undergo partial closure for eight months to allow major rehabilitation and improvement works aimed at easing traffic congestion along the busy route.

In a statement issued on Wednesday, the Commissioner for Transportation, Mr. Oluwaseun Osiyemi, confirmed that the project is designed to enhance road quality and ensure smoother traffic flow for commuters.

“The Lagos State Government has announced road rehabilitation works on Lekki-Ajah corridor commencing from Saturday 15th November, 2025 to Wednesday 15th July, 2026, a period of 8 months,” the statement shared on his X handle read.

Osiyemi explained that the project would be carried out in two phases to reduce inconvenience to motorists and residents. Preliminary work, he added, is already underway ahead of the full commencement.

According to him, the first phase of the rehabilitation will be implemented in seven sections. During this period, one lane will remain open while the other is closed for construction. Once work on the closed lane is completed, repairs will shift to the opposite side.

“Motorists heading toward Lekki and Ajah will continue to have access throughout the construction,” he stated.

For the second phase, vehicles moving from Ajah toward Lekki will be restricted to one lane while the other undergoes rehabilitation.

“When the first lane is completed, work will shift to the second. At all times, movement toward Ajah will remain open,” Osiyemi assured.

The commissioner further noted that certain sections of the corridor would experience partial closures throughout the duration of the project.

He appealed for patience and cooperation from road users, stressing that adherence to traffic directions and diversions would ensure safety and minimal disruption.

“We urge road users to obey traffic officers and follow diversion signs as directed. These repairs are part of the Lagos State Government’s commitment to improving road infrastructure and ensuring safer, smoother journeys for everyone,” Osiyemi added.

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Wike’s Verbal Assault On Soldier Undermines National Security, He Must Apologise — Buratai

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Former Chief of Army Staff, Lt. Gen. Tukur Buratai (rtd), has condemned the Minister of the Federal Capital Territory (FCT), Nyesom Wike, over a recent confrontation with military personnel at a disputed land site in Abuja.

Videos circulating on social media on Tuesday showed Wike in a heated exchange with uniformed officers during an inspection of the land in question.

In a statement released on Wednesday, Buratai described the altercation as a direct “threat to national security,” warning that it requires “immediate and serious response” from relevant authorities.

“His public disparagement of a uniformed officer of the Nigerian Armed Forces transcends mere misconduct; it represents a palpable threat to national security and institutional integrity,” Buratai said.

He added that “a minister’s verbal assault on a military officer in uniform is an act of profound indiscipline that strikes at the core of our nation’s command and control structure.”

Buratai further explained that such behaviour “deliberately undermines the chain of command, disrespects the authority of the Commander-in-Chief, and grievously wounds the morale of every individual who serves under the Nigerian flag.”

He warned that “such actions erode the very foundation of discipline upon which our national security apparatus stands,” stressing that it should not be treated as “political theatre.”

“This is a reckless endangerment of national order. This action by Wike is clearly an indication of undermining the federal government’s authority,” he said.

The former army chief called on Wike to publicly apologise to President Bola Tinubu, the Commander-in-Chief of the Armed Forces, and to the military officer involved in the incident.

“Our nation’s security must come first. It is time for decisive action, not politics of military bashing. The integrity of our Armed Forces demands nothing less,” Buratai added.

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Senate Panel Rejects NNPCL’s Position On ‘Unaccounted’ N210trn, Demands To See Ojulari

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The Senate Committee on Public Accounts has dismissed the written explanations submitted by the management of the Nigerian National Petroleum Company Limited (NNPCL) regarding the “unaccounted” N210 trillion uncovered in its audited financial statements between 2017 and 2023.

On October 7, the committee chairman, Senator Aliyu Wadada, confirmed that the NNPCL had responded to all 19 audit queries raised about its finances. The review followed findings from the Office of the Auditor-General of the Federation, which highlighted significant discrepancies in the company’s books.

According to the audit report, N210 trillion could not be properly accounted for — comprising N103 trillion listed as liabilities and N107 trillion as assets.

Despite being scheduled to appear before the committee on Tuesday, the NNPCL management failed to show up, opting instead to send a written response. The decision drew sharp criticism from lawmakers, who accused the company of avoiding accountability.

Describing the company’s action as “offensive evasiveness,” Senator Wadada said the committee would no longer accept written submissions or representatives appearing on behalf of Bayo Ojulari, the Group Chief Executive Officer (GCEO) of NNPCL.

“Today, November 11, 2025, was a date chosen by NNPC,” Wadada said. “It is rather unfortunate that none of the officials of NNPC is here on a date they themselves chose. The public has been waiting for this. It is important that we keep Nigerians informed.”

He said the committee would proceed with its findings based on the documents already submitted, noting that the company’s explanations raised major red flags over claims of N103 trillion in accrued expenses and N107 trillion in receivables, totalling N210 trillion.

Wadada further stated that the submissions made by NNPCL contradicted evidence already in possession of the committee. “NNPC claimed N103 trillion as accrued expenses and N107 trillion as receivables—amounting to N210 trillion,” he said. “On question eight, NNPC’s explanation on the N107 trillion receivables — equivalent to about $117 billion — contradicts available facts and evidence provided by NNPC itself. The committee is duty-bound to reject this.”

He also questioned the credibility of the company’s claim that it paid N103 trillion in cash calls in 2023 alone, pointing out that its total crude oil revenue between 2017 and 2022 was only N24 trillion. “Cash call arrangements were abolished in 2016 under the Buhari administration,” he said. “How can NNPC claim to have paid N103 trillion in one year when it only generated N24 trillion in revenue over five years? Where did NNPC get that money?”

The senator added that the alleged N103 trillion must be remitted to the federal treasury pending proper clarification from the company.

Wadada also dismissed NNPCL’s justification for the N107 trillion in receivables, which it partly attributed to funds supposedly held in defunct banks. “No bank or amount was named. This lack of transparency is unacceptable,” he said.

He disclosed that the committee might summon former officials of both NNPCL and the National Petroleum Investment Management Services (NAPIMS) to provide further clarification, stressing that NAPIMS, by law, is not permitted to operate an independent account.

Wadada warned that future committee invitations must be honoured in person by the NNPCL chief executive, stating, “At any point this committee invites NNPC; the chief executive must appear in person. Being out of the country will no longer be accepted as an excuse.”

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