metro

Nigerians lose N1.3tn as ponzi scheme CBEX collapses

Published

1 month ago

April 16, 2025

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

metro

Nigeria’s inflation rate drops again to 23.7%, says NBS report

Published

11 hours ago

May 16, 2025

Trends Admin

Nigeria’s inflation rate drops again to 23.7%, says NBS report

The National Bureau of Statistics (NBS) has reported a decline in Nigeria’s inflation rate, which eased to 23.7 percent in April 2025, down from 24.23 percent recorded in March.

This was disclosed in the April Consumer Price Index (CPI) and inflation data released on Thursday.

According to the report, inflation dropped by 1.86 percent on a month-on-month basis.

The food inflation rate also showed a slowdown, standing at 21.26 percent year-on-year in April.

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“In April 2025, the headline inflation rate eased to 23.71 percent relative to the March 2025 headline inflation rate of 24.23 percent.

The MoM headline inflation rate in April 2025 was 1.86 percent. The food inflation rate was 21.26 percent (YoY),” NBS wrote on its X account on Thursday.

The CPI report comes just days before the Central Bank of Nigeria’s (CBN) Monetary Policy Committee meeting scheduled for May 19 and 20, 2025.

Recall that the inflation rate had surged to 24.23 percent in March following the CPI rebase introduced in January. The CBN had paused interest rate hikes in February after inflation appeared to ease.

Nigeria’s inflation rate drops again to 23.7%, says NBS report

Education

UTME: Father of candidate who committed suicide over low score speaks

Published

11 hours ago

May 16, 2025

Trends Admin

Opesusi Timilehin

UTME: Father of candidate who committed suicide over low score speaks

A 2025 Unified Tertiary Matriculation Examination (UTME) candidate committed suicide on account of her low score.

The Lagos candidate, now identified as Faith Opesusi, was said to have scored 146 out of 400 points.

The Joint Admissions and Matriculation Board (JAMB) released the results for its 2025 UTME on May 9.

An analysis revealed that more than 78 per cent of candidates scored less than 200 points out of the 400 maximum obtainable points.

The metrics, believed to have signalled mass failure, spurred protests from candidates who challenged the integrity of the exam.

Oluwafemi Opesusi, Faith’s father, said his distraught daughter took a liquid substance that led to her death after checking her result.

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In an interview with BBC, Oluwafemi said his 19-year-old daughter wanted to study Microbiology but the dream was cut short.

He said JAMB did not release the original result of his late daughter.

Oluwafemi said his daughter was devastated and disappointed after seeing her result.

“She had a high score in 2024 UTME. This year, she was given 146. The pain of it drove her to commit suicide,” he said.

The father said he would have tried to console his daughter if she had opened up about her trauma.

He added that the family was disappointed that her daughter had taken her own life.

On May 14, JAMB admitted that a technical error in Lagos and south-east states compromised UTME results across 157 centres.

A teary-eyed Ishaq Oloyede apologised to the affected candidates and Nigerians in a televised conference on May 14.

The JAMB registrar said the error, caused by one of its service providers, affected nearly 380,000 candidates.

These candidates, he added, will now be made to resit the examination between May 15 and May 19, 2025.

As of this reporting, JAMB has yet to directly address the Faith Opesusi case.

UTME: Father of candidate who committed suicide over low score speaks

metro

Shadow Govt: Nigerians mobilisiing 500 lawyers for me- Utomi

Published

12 hours ago

May 16, 2025

Trends Admin

Pat Utomi

Shadow Govt: Nigerians mobilisiing 500 lawyers for me- Utomi

Renowned political economist and former presidential candidate, Professor Pat Utomi, says a group of Nigerians is mobilising legal support in response to a lawsuit filed against him by the Department of State Services (DSS).

Utomi made the disclosure on Friday via a post on X, formerly known as Twitter.

“It’s energising (that) some want to put together 500 lawyers to defend me against the DSS,” he stated.

The DSS recently dragged Utomi to the Federal High Court in Abuja, accusing him of attempting to institute what he termed a “shadow government” in Nigeria. The security agency is urging the court to classify the action as unconstitutional.

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In court documents dated May 13 and filed by Senior Advocate of Nigeria, Akinlolu Kehinde, the DSS argued that Utomi’s initiative was not only improper but posed a serious threat to national stability and the current democratic order.

Utomi, who contested the presidency in 2007 under the African Democratic Congress (ADC), is the sole defendant in the case.

Despite the legal action, he expressed gratitude for the messages of support he has received from around the country.

“I am heartened by messages of solidarity from across Nigeria on this shadowy business of chasing shadows of shadow cabinets. Reminds me of the Nigeria I used to know. I want to thank all,” he wrote.