Nigerians lose N1.3tn as ponzi scheme CBEX collapses - Newstrends
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Nigerians lose N1.3tn as ponzi scheme CBEX collapses

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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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Court Dismisses Sowore’s Suit Against DSS, Meta

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Omoyele Sowore, publisher of Sahara Reporters and political activist
Omoyele Sowore, publisher of Sahara Reporters and political activist

Court Dismisses Sowore’s Suit Against DSS, Meta

The Federal High Court in Abuja on Thursday dismissed a fundamental rights enforcement suit filed by Omoyele Sowore, publisher of Sahara Reporters and political activist, against the Department of State Services (DSS), its Director‑General, and Meta Platforms Incorporated (formerly Facebook). The court held that the suit, which challenged the removal of a social media post and deactivation of Sowore’s Facebook account, lacked merit, and awarded a total of ₦1.5 million in costs against him.

Justice Mohammed Umar, who delivered the judgment, explained that the suit failed on all key legal issues, including claims relating to fair hearing, freedom of expression, and freedom of association under the Nigerian Constitution. Sowore had alleged that Meta, acting on instructions from the DSS and its Director-General, removed his post on August 26, 2025, in which he referred to President Bola Tinubu as a “criminal”, and subsequently deactivated his account.

Sowore’s legal team argued that the removal of the post and account action violated his constitutional rights to fair hearing, free expression, and association. He joined the DSS, its DG, Meta Platforms Inc., Meta Platforms Ltd., and Facebook Nigeria Operations Ltd. as respondents in the suit. The case, marked FHC/ABJ/CS/1887/2025, sought declaratory reliefs against the respondents for allegedly infringing these rights.

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In his ruling, Justice Umar stated that the right to fair hearing under Section 36(1) of the Constitution applies only to proceedings before courts or tribunals, not to complaints made by non-judicial bodies or private platforms. The judge emphasized that Sowore’s claim on fair hearing was therefore not justiciable under the fundamental rights enforcement procedure.

The court also found that Sowore’s freedom of expression and association were not violated, noting that constitutional rights are not absolute and may be restricted to protect the rights and reputation of others. The judge clarified that the DSS’s complaint to Meta and the platform’s action to remove the post were lawful steps under existing policies, and did not constitute a violation of Sowore’s rights.

Regarding the reliefs sought, Justice Umar held that Sowore failed to prove that his constitutional rights had been or were likely to be violated, and that the reliefs were therefore unwarranted. The suit was dismissed in its entirety.

Following applications for costs by counsel to the DSS and its DG, as well as Meta, the court awarded ₦500,000 each to the DSS, its DG, and Meta Platforms, totaling ₦1.5 million to be paid by Sowore.

The case highlights ongoing debates in Nigeria over online freedom of expression, state interventions, and the role of global tech platforms in moderating content following complaints by government agencies. Sowore, known for his activism and political engagement, has previously been involved in legal disputes and protests concerning government accountability and free speech.

Court Dismisses Sowore’s Suit Against DSS, Meta

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Kano APC Chieftain Dies in Abuja Hotel Elevator Accident

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Abdulsalami Ginsau, the Assistant Organising Secretary of the All Progressives Congress (APC) in Kano State

Kano APC Chieftain Abdulsalami Ginsau Dies in Abuja Hotel Elevator Accident

Tragic details have emerged surrounding the death of Abdulsalami Ginsau, the Assistant Organising Secretary of the All Progressives Congress (APC) in Kano State, who died after being trapped in a faulty elevator at Chida Hotels in Utako District, Abuja. The incident occurred on Friday, March 27, 2026, during the APC national convention.

Ginsau, a respected lawyer and party stalwart, had travelled to Abuja to coordinate accommodation for APC delegates from Kano State. After settling the delegates, he checked into Chida Hotels, unaware of the malfunctioning elevator in the facility. Sources reveal that although 150 rooms had been booked, over 1,000 delegates arrived, overwhelming the hotel’s capacity. The hotel reportedly raised concerns over elevator safety, but these warnings were reportedly ignored.

In the early hours of Friday, Ginsau reportedly entered the malfunctioning elevator on the third floor. The lift shaft was empty, and he tragically fell, going unnoticed until the following day, when staff detected a strong odor, prompting a search that led to the discovery of his remains.

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The Utako Police Division confirmed the incident, stating that the hotel management reported the accident on Saturday, March 28, 2026. An autopsy and police investigation are ongoing to determine the circumstances surrounding his death.

The Kano State APC has called for a thorough investigation, alleging potential negligence by the hotel. Party leaders noted that Ginsau was in good health before the trip. A committee has been set up to work with security agencies to uncover the facts. The Kano State Government has also reached out to the family to ensure accountability and transparency.

Speaking for the family, Hamza Haladu described the death as “a complete shock,” highlighting Ginsau’s good health before the trip. The APC stalwart, known for his expertise in corporate, commercial, and property law, is survived by two wives and two children. His funeral is scheduled to take place in Kano on Thursday, April 3, 2026, in accordance with Islamic rites.

Ginsau held several leadership roles in the legal profession, including CEO of Ginsau & Sons and litigation work with Ginsau & Co. Advocates, specialising in labour, corporate, estate, and family law. Within the APC, he was a key strategist, playing a central role in party organisation in Kano State.

Kano APC Chieftain Abdulsalami Ginsau Dies in Abuja Hotel Elevator Accident

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VeryDarkMan Dares Sowore Over Blord’s Kuje Prison Remand

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VeryDarkMan Dares Sowore Over Blord’s Kuje Prison Remand

VeryDarkMan Dares Sowore Over Blord’s Kuje Prison Remand

Controversial social media activist VeryDarkMan has fired back at politician and activist Omoyele Sowore following his criticism of the incarceration of cryptocurrency entrepreneur Blord. The case has ignited widespread discussion about identity theft, impersonation laws, and online accountability in Nigeria.

Blord, whose real name is Linus Williams Ifejirika, was remanded at the Kuje Correctional Centre on April 1, 2026, after being charged with criminal conspiracy, impersonation, and unauthorized use of VeryDarkMan’s identity for commercial purposes. Court proceedings have been scheduled to continue with Blord in custody until April 27, 2026.

The legal action arose after Blord allegedly used VeryDarkMan’s image without consent, including on promotional materials and advertisements, falsely presenting himself as a partner or endorser of certain businesses. VeryDarkMan claimed Blord even went as far as forging flight tickets in his name to promote events.

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In response to Sowore’s public condemnation of the case, VeryDarkMan took to Instagram to express disappointment that Sowore opted to speak publicly instead of contacting him privately. He warned Sowore against unauthorized use of his identity and threatened legal action if similar actions occurred.

“Dear Omoyele Sowore… because of the respect I have for you, if you had asked me to let it go, I might have,” VeryDarkMan wrote. “But instead, you chose to test your strength… On God, if you cross this path and use my face or name to promote any business without my approval, I, Martins Vincent Otse, will send you to prison… you might end up begging to discontinue the case.”

VeryDarkMan emphasized that the case highlights how wealth and influence do not place anyone above the law, pointing out that Blord—despite being perceived as well-connected—was remanded. This, he asserts, sends a strong message about the consequences of identity theft and impersonation in Nigeria.

Sowore, for his part, condemned the “celebration” of Blord’s incarceration, warning that the law should not be weaponized to target individuals. He pledged to work toward having the case dropped and Blord released, asserting that justice must be fair and impartial.

The dispute has sparked heated debates on social media, with some supporting VeryDarkMan’s strict stance on protecting personal identity, while others echo Sowore’s concerns about legal overreach and fairness. Observers note that the case has also raised questions about digital rights, online reputation management, and enforcement of impersonation laws in Nigeria’s fast-growing tech ecosystem.

As the case continues, it remains a flashpoint for discussions on law, online influence, and accountability, highlighting the challenges that arise when social media personalities, politicians, and entrepreneurs collide in Nigeria’s legal and digital spheres.

VeryDarkMan Dares Sowore Over Blord’s Kuje Prison Remand

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