Abductors of Lagos trader demand ransom in dollars – Newstrends
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Abductors of Lagos trader demand ransom in dollars

Published

2 years ago

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  • Release victim but vow to come back for balance

An abducted Lagos-based Igbo businessman, Timothy Uche, has regained freedom some days after his family was made pay ransom in dollars.

Uche, who deals in different kinds of electronics, was kidnapped in the Ejigbo area of Lagos State last Friday.

His abductors, a gang of four kidnappers, had waylaid him in the Iyana-Ejigbo area and fired several shots at his car. He waa dragged out of the vehicle and whisked away to an unknown destination.

The gunshots made everyone around the area, including tricycle riders, to scamper for safety.

It was gathered that as soon as he was taken away, his telephone lines were immediately switched off.

He could neither be reached through his lines nor did the kidnappers call any member of his family for over 48 hours.

It was learnt that after the incident was reported at the Ejigbo police station, the DPO deployed a tracking system which indicated that Uche had been taken away through Liasu and LASU roads.

His abductors later called Uche’s wife on Sunday and demanded N70 million naira ransom for the release of his husband.

Eventually, after a lot of plea, the kidnappers agreed to take N5 million.

While the family and friends of Uche were gathering the money, the captors placed a clause that the N5 million value must be converted to United States Dollars.

The family members started running around to raise the money and convert it to dollars.

News broke on Tuesday morning that Uche was released.

Uche narrated his ordeal to Credible News correspondent who visited him.

”I was kidnapped on Friday, March 10, 2023, around 9:30pm, when I closed from my shop situated on Ifoshi Road, close to Iyana Ejigbo, Lagos.

”On that fateful day, three armed men and a ‘pregnant woman’ shot sporadically at my car when I entered it to make a U-turn to pick up my children, who were still in the store waiting for me. The next thing I saw was people and tricycle riders running for safety. I was left alone at this point.

”They shot at the front, back, and sides of my car to ensure that I cannot escape. They even fired a bullet at my seat, which burned the upholstery of the seat but didn’t touch me. But to my greatest surprise, none of these bullets touched. At that point, the abductors whisked me away to an unknown destination.

”They drove through Egbe, Idimu, and Liasu roads to an apartment in the Ayobo area of Lagos State, where I was kept for three days. While I was struggling with them in their vehicle, they used knives on me and the gun which could not penetrate. ”There were bruises on me but the knives could not penetrate. I had bruises, but my clothes did not tear. One of them even cut through my signet but the knife could not enter me. If not God, who could have done it for me?

“For the three days, I spent in their custody, I was fed and medically treated.

“This is the third time these kidnappers have come for me. The last one was two months ago. While I was in the kidnappers’ den, one of them said they had been monitoring me since Monday of the same week.

“On Sunday, one of the kidnappers used my phone to call my wife, demanding N70 million in ransom. When they discovered that she could not raise the money, they agreed to N15 million, and when they observed that the money was not available, they requested N5 million, stressing that they would come for the balance later.”

Asked if those that kidnapped him were Igbo or Yoruba. Uche said they spoke in English each time they were together. “I also heard two or three of them communicating in the Igbo language at other times. I later found out that one of the kidnappers who dressed like a pregnant female is actually a male.

“But, before I was released, one of the kidnappers tapped at me where I was praying and said: ”It is okay, your prayers have been answered. Let us do what we want to do and leave here. But you must promise to give us the balance.’ They told me that they will still come back for me.’

“When the ransom was paid, I was blindfolded by my abductors, who dropped me somewhere at Ayobo on Tuesday, where my family members came to pick me up. My phone is presently with the kidnappers.”

 

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Outrage over video of police officers collecting cash from Chinese man

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14 hours ago

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April 16, 2025

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Outrage over video of police officers collecting cash from Chinese man

A video currently making the rounds on social media has triggered widespread criticism and public outrage, after it showed several Nigerian police officers allegedly receiving N5,000 each from a Chinese man and his family.

In the viral footage, the uniformed officers are seen lining up in an orderly fashion as the Chinese man distributes cash to each of them.

The incident has stirred heated reactions online, with many Nigerians calling it a blatant display of unprofessionalism and a disgrace to the integrity of the Nigeria Police Force.

Human rights activists and anti-corruption advocates have condemned the act, describing it as unethical and damaging to the already fragile reputation of law enforcement in the country.

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When contacted by Vanguard, Force Public Relations Officer, ACP Olumuyiwa Adejobi, said he was unaware of the viral video or the incident.

Similarly, the Lagos State Police Command distanced itself from the footage. Its spokesperson, CSP Benjamin Hundeyin, clarified that the incident did not occur in Lagos, contrary to claims circulating online.

Public figures have also weighed in. Omoyele Sowore, former presidential candidate of the African Action Congress (AAC), described the video as “shameful” and called for the removal of the IGP.

“This is why I keep saying illegal IGP Kayode Egbetokun must leave the police force. It is the shame of the nation,” he wrote in a Facebook post.

Popular social commentator and human rights activist Martins Victor Otse, also known as VeryDarkBlackMan, called the act “disgraceful, disrespectful, and degrading,” urging the police leadership to address the matter transparently.

The incident has intensified calls for accountability, with many Nigerians demanding disciplinary action and systemic reforms to restore public confidence in the police force.

 

Outrage over video of police officers collecting cash from Chinese man

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Nigerians lose N1.3tn as ponzi scheme CBEX collapses

Published

14 hours ago

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April 16, 2025

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Nigerians lose N1.3tn as ponzi scheme CBEX collapses

Thousands of Nigerians face financial ruin after the collapse of CBEX, a digital investment platform accused of running a Ponzi scheme that allegedly vanished with over ₦1.3 trillion ($850 million USD). The fallout has sparked widespread distress, with victims sharing devastating stories on social media.

One investor, quoted in a transcribed audio obtained by Daily Sun, described being lured by a friend’s promise of a 100% return on a $100 Bitcoin investment within 35-40 days. Initially wary due to past scams, she was reassured after visiting CBEX’s Egbeda office, where a supposed EFCC certificate suggested legitimacy. “I visited the office only to see even a kind of a certificate from EFCC that they are aware of these people, that they are not scammers and the rest of them. So that convinced me into investing $100,” she said.

Despite her caution, limiting her investment to $100, her funds vanished when withdrawals were halted. “As my investment matured last week Monday, I planned to withdraw it this week. Only for us to wake up yesterday, 14th of April, around 5 p.m., all the money in our account has vanished,” she recounted. Other reports cite losses of up to ₦3 million, with one man allegedly writing a suicide note after investing his home and borrowed funds. The audio claimed, “About three people have been reported dead. So many attempted suicide because of this Ponzi scheme.”

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The scale of the alleged fraud has raised questions about regulatory oversight. The anonymous victim asked, “The question now is to the authorities, where are they, when Nigerians are injecting this kind of money in this kind of investment?” CBEX’s offices in Egbeda and Ikeja added a veneer of credibility.

Financial experts noted the Central Bank of Nigeria (CBN) has long warned against Ponzi schemes promising unrealistic returns. A Lagos-based forex broker, @Obobanj, tweeted, “The Central Bank of Nigeria (CBN) has long warned citizens about the dangers of Ponzi schemes, cautioning against investments that promise unrealistic returns. Despite this, platforms like CBEX continue to attract large followings, often collapsing without warning and leaving chaos in their wake.”

Social media reactions on X range from sympathy to criticism. “Nigerians don’t learn,” tweeted @ricky_chiekezie, reflecting frustration over repeated scams. The victim’s despair was palpable: “God, oh, God, oh, what have I done to deserve this? Huh? What have I gotten myself into? God, please help me. Hey, whoa. CBEX has finally killed me, oh.”

As victims reel, calls grow for authorities to investigate CBEX and hold perpetrators accountable. The forex broker emphasized, “The collapse serves as a reminder of the critical need for financial literacy and vigilance in the face of seemingly lucrative investment opportunities.”

Nigerians lose N1.3tn as ponzi scheme CBEX collapses

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Stop promoting risky coins, unlicensed platforms, SEC warns influencers

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14 hours ago

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April 16, 2025

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Stop promoting risky coins, unlicensed platforms, SEC warns influencers

Following the sudden collapse of CBEX crypto trading platform, the Securities and Exchange Commission (SEC) has warned celebrities and influencers against endorsing or promoting unregistered digital asset platforms and meme coins.

After users lost access to their funds in CBEX, aggrieved ‘investors’ looted the office of Smart Treasure (ST Team), an arm of the cypto trading platform in Ibadan.

It is against this background that Emomotimi Agama, Director-General (DG) of SEC, spoke against the promotion of unregistered digital asset platforms and meme coins by influencers.

Citing the provisions of the Investments and Securities Act 2025 recently signed by President Bola Tinubu, Agama said the act established clear rules and regulations for digital asset platforms, including registration requirements to promote transparency and trust.

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According to him, this allows SEC to crack down on illicit activities, such as ponzi schemes, pump and dump tokens, and unregistered exchanges.

He said, “It is important that even for celebrities, we must be cautious around what we do. Becoming influencers or introducing meme coins that do not mean well for the generality of Nigerians are not going to be tolerated.

“The ISA 2025 is intended to promote FinTech growth and innovation, specifically within the Digital Asset space, while ensuring regulatory compliance.

“However, I want to say this very clearly. If it is not registered, it is illegal. The law will be enforced.”

Stop promoting risky coins, unlicensed platforms, SEC warns influencers

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