Nation

CBEX Resumes Operations Despite SEC Ban, N1.2trn EFCC Probe

Published

8 months ago

May 1, 2025

Despite the alleged N1.2 trillion digital trading fraud that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange trading platform, accused of these acts, has resumed operations, announcing fresh withdrawal options in a move to restore investor confidence.
Two traders on the CBEX platform confirmed to The Tide’s source that the digital trading firm has quietly resumed operations, allowing new users to register, trade, and withdraw profits, despite ongoing investigations by regulatory agencies.
According to the sources, an insurance verification process and an external audit of the company’s financial records are currently underway to ascertain the actual amount lost in the scheme, which collapsed in April.
They added that existing investors, many of whom have been unable to access their funds for weeks, will be able to take out their funds starting from June 25, 2025, when the audit is expected to be concluded by an insurance firm based in the United Kingdom.
This development comes barely weeks after the Securities and Exchange Commission declared the platform illegal, and the Economic and Financial Crimes Commission confirmed an ongoing investigation into the firm’s operations.
CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading. The trading platform started operations in 2024 after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.
No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.2tn after it collapsed on April 14, 2025.
Miffed by the development, the EFCC declared eight persons wanted for promoting the programme. They include Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

Nation

Firefighters battle New Year Day inferno in Abuja, several states

Published

1 day ago

January 2, 2026

The Tide

Federal Fire Service FFS entered the New Year on full operational alert, tackling multiple fire outbreaks across the country from midnight into the early hours of January 1, 2026, in what officials described as one of the busiest festive-season deployments in recent years.

The intensified nationwide response followed a December 2025 directive issued by the Controller General of the Federal Fire Service, Olumode Samuel Adeyemi, who had ordered that no firefighter should proceed on leave throughout the holidays.

According to a statement by the National Public Relations Officer and Head of Corporate Services of the FFS, DCF Paul Abraham, the no-leave policy proved critical as the Service moved swiftly to contain fires in several states.

The Federal Capital Territory FCT recorded its first fire incident of the year barely twenty-three minutes after midnight when flames erupted at Cake Hot Restaurant located within River Plate Park, Wuse, Abuja.

Abraham said fire crews from the Federal Fire Service and the FCT Fire Service arrived promptly and were able to stop the blaze before it could spread through the popular recreational centre.

While a section of the garden area was destroyed, no lives were lost and no injuries were recorded.

Officials said property worth an estimated ?1.5 billion was saved, although losses were placed at about ?500 million.

“Preliminary findings suggested that the fire was triggered by objects thrown during New Year celebrations, reinforcing long-standing warnings over the dangers posed by fireworks during the harmattan season”, the Service said.

The Controller General had repeatedly urged Nigerians to avoid fireworks, candles and open flames indoors, warning that the dry winds characteristic of the season allow fires to spread rapidly.

He also warned the public about electrical faults and power surges and advised that electrical appliances be switched off and unplugged when not in use or when occupants leave their homes, stressing that overloading sockets and extension boxes remains a significant cause of domestic fires.

Nation

Enugu North LG chairman presents ?10.8bn 2026 Budget, prioritises roads …Security, Healthcare, Human Capital Development

Published

1 day ago

January 2, 2026

The Tide

Chairman of Enugu North Local Government Area in Enugu State, Dr. Ibenaku Harford Onoh, has presented a Ten Billion Eight Hundred Million Naira (?10.8bn) 2026 budget to the legislative council of the local government.

The budget, tagged “Budget of Continued Growth and Consolidation,” was presented on Wednesday during a plenary session attended by councillors, department heads, and other stakeholders.

Dr. Onoh explained that the 2026 budget is designed to consolidate achievements recorded in 2025 while scaling up development across the council’s 13 wards. Priority areas include road infrastructure, grassroots security, healthcare delivery, youth empowerment, and digital governance.

He also reviewed the 2025 budget performance, highlighting significant revenue growth and successful completion of key projects. Notably, the council’s internally generated revenue more than doubled, attributed to the introduction of digital revenue collection platforms and other innovative measures.

Among the 2025 achievements, Dr. Onoh mentioned the reconstruction of major roads at European Quarters, Hilltop, Coal Camp, and Ukwa Street, Ihewuishi, as well as the upgrade of the local security architecture through the reorganisation of the neighbourhood watch into “The City Watch.”

On the 2026 budget, the chairman stated that projected revenue would come from statutory allocations, VAT, internally generated revenue, and counterpart funding through public-private partnerships.

He noted that capital expenditure would take the larger share of the budget, with over half allocated to the economic sector. Planned projects include:

Completion of transport terminals at Aria Market

Construction and reconstruction of urban roads

Establishment of two sports centres

Healthcare interventions

Youth skills development programmes.

Dr. Onoh emphasised that the projects, policies, and programmes outlined in the budget are aimed at complementing the initiatives of Governor Peter Ndubisi Mbah, who is setting standards for local government councils to follow.

Responding, the Leader of the Legislative Council, Rt. Hon. Chizoba Nnamani, said the budget would be carefully scrutinised in the interest of residents before its passage.

Nation

Christians Convert To Islam or die As ISWAP burns down Christian village

Published

1 day ago

January 2, 2026

The Tide

Christians in Adamawa have been asked to Convert to Islam or die as commanded by the Islamic State of West Africa Province (ISWAP).

.The ISWAP forcedly burnt down Christian village in Adamawa Nigeria as reported on January 1, 2026.

The Islamic State of West Africa Province, ISWAP, has continued to wreak havoc on Christian communities in the Northeast, Nigeria.

This comes as ISWAP burned down a Christian village in Adamawa State.

A security expert, Brant Philip, disclosed this on Thursday in a viral video released by the terrorists.

“ISWAP released an image of one of the Christian villages in Adamawa State burning, alongside a statement saying that all Christians in Nigeria are legitimate targets, and they have an opportunity to “spare their blood” by converting to Islam or paying the jizyah tax to ISWAP,” Brant Philip wrote on X.

The move is perceived as retaliation for recent joint airstrikes by the Nigerian and United States military against a terrorist enclave in Sokoto, Nigeria.

Recall that five days ago, United States President Donald Trump announced that the US military launched airstrikes against terrorists in Sokoto State.