Thousands of Nigerians are reeling from the collapse of CBEX, a digital asset trading platform that has reportedly disappeared with more than N1.3 trillion of investors’ funds.

The platform, which lured users with promises of a 100% return on investment within 30 days, abruptly crashed on Monday. 

Investors were shocked to find their digital wallets emptied, while CBEX shut down its Telegram channels and froze all withdrawal options.

In a last-ditch attempt to maintain control, CBEX introduced a so-called “verification” process, demanding $100 or $200 from users in exchange for a supposed chance to recover their lost funds—further deepening suspicions of a coordinated scam.

CBEX had presented itself as a secure and transparent digital trading platform, but its sudden disappearance has left investors counting heavy losses in what is now considered one of Nigeria’s largest digital financial scams.

However, its operational model is now under intense scrutiny as accusations of fraud and deceptive tactics surface. The platform allegedly displayed fake withdrawal records to cover up the issues users faced when trying to access their funds.

Reports indicate that user funds disappeared almost immediately after deposit, meaning investors never truly owned or accessed the digital assets they believed they were trading.

CBEX reportedly operated without proper licensing and ran a poorly designed website that mimicked reputable platforms like ByBit to appear legitimate and gain users’ trust.

It was reported that behind the scenes, investors’ deposits were funneled into a TRX (Tron) wallet, quickly converted to USDT and then ETH. Meanwhile, what appeared on users’ dashboards were fake balances — artificially generated figures showing fictitious AI trading profits.

In reality, the scheme ran like a typical Ponzi structure, using funds from new investors to simulate returns for earlier ones.

After the platform’s crash, CBEX introduced a so-called “verification” phase, demanding an extra $100 from users with balances below $1,000, and $200 from those with higher amounts, under the guise of helping them recover their funds.

Analysts have described this as a last-ditch effort to extract more money from desperate victims, possibly to pay a few and sustain the illusion of credibility, while the majority are left defrauded.

[TheNation]

Eighteen-year-old Osariemen Unuigbe, a Nigerian-American student of Edo State origin, has been accepted into six Ivy League universities in the United States, including the prestigious Harvard and Yale.

Currently a senior at Egg Harbor Township High School in New Jersey, Osariemen is earning widespread praise for her exceptional academic performance and steadfast pursuit of excellence.

Her parents, Dr. Augustine and Dr. (Mrs.) Florence Unuigbe, expressed their heartfelt joy, describing her achievement as “a great miracle” and giving “all glory to God.”

Osariemen’s impressive resume includes acceptance into the highly competitive Governor’s School of New Jersey, as well as holding numerous leadership positions throughout her academic journey.

She has received a host of academic honours, all highlighting her commitment to personal growth and intellectual achievement.

Recently, Osariemen Unuigbe was named a 2025 “Rising to the Top” scholar by the National Coalition of 100 Black Women, Inc., Southern New Jersey Chapter—another prestigious recognition of her all-around excellence.

Her success reflects the increasing visibility and impact of Nigerian students in U.S. higher education.

The Open Doors Report on International Educational Exchange revealed that Nigerian student enrollment at U.S. institutions reached 20,029 in the 2023/2024 academic year, marking a 13.5% rise from previous years.

Vanguard News

The house of representatives has inaugurated a 21-member ad hoc committee to oversee the emergency rule in Rivers state.

Speaking while inaugurating the committee on Tuesday, Tajudeen Abbas, speaker of the house, said the move indicates the parliament’s “dedication to transparent governance and the rule of law in our country”. 

On March 18, President Bola Tinubu declared a state of emergency in the Rivers, citing a political crisis.

He also suspended Siminalayi Fubara, governor of the state; his deputy, Ngozi Odu; and all members of the Rivers assembly for a period of six months.

The president appointed Ibok-Ete Ibas, a retired naval chief, as the state’s sole administrator.

Shortly after his appointment, Ibas suspended all political officeholders appointed by Fubara.

During the Monday’s event, Abbas, who expressed support for the state of emergency, recalled how similar measures were implemented under previous administrations, particularly during Olusegun Obasanjo’s tenure, when some serving governors were suspended.

“This decisive action was taken out of genuine patriotism and a deep concern for the security and welfare of both the people of Rivers State and our country as a whole,” he said.

“The President’s extraordinary actions were not taken lightly. They reflect a profound sense of duty and responsibility and a recognition that when democratic institutions falter, decisive action is necessary to protect the interests of the nation. This same sense of duty underpins our proceedings today.”

Abbas said when a state of emergency was declared in some states in the past, the intervention of the national assembly ensured continuity in governance.

He cited section 11(4) of the 1999 constitution, saying it confers on the parliament the authority to make laws for any state in which its legislature is unable to perform its statutory functions. It states that:

“It is paramount to note that the current administration in Rivers state is inherently temporary,” Abbas said.

Abbas said Ibas’ role is “strictly circumscribed”, adding that he is charged with maintaining law and order and ensuring that the basic functions of governance are met only until full democratic governance is restored.

“The administrator is required to operate with the highest levels of transparency and accountability, reporting directly to the national assembly on all matters that pertain to the peace, order and good government of the State as prescribed by the constitution,” Abbas added.

He said the duty of the committee is to monitor the implementation of federal directives and policies in Rivers state, ensure that the caretaker administration adheres to the law, and protect the public interest while facilitating the re-establishment of full democratic governance in the state.

“The members of this committee have been selected with meticulous care by the house leadership based on their integrity, experience, and steadfast dedication to the national interest,” Abbas said.

The speaker asked members of the committee to carry out the assignment with the “highest standards of professionalism, impartiality, and diligence”.

“In fulfilling your mandate, you must conduct your oversight in strict accordance with the constitution and avoid all forms of partisanship or bias,” he told the panel members,” he said.

“It is imperative that you monitor every aspect of the caretaker administration’s conduct, scrutinise public expenditures, and ensure that all federal directives and policies are implemented as intended.

“Moreover, it is expected that you will regularly report your findings to this house in a transparent manner, enabling us to continuously assess the impact of the emergency measures and to take further legislative action if necessary.

“Beyond mere oversight, your work must actively support efforts to restore lasting peace and re-establish a fully functioning democratic system in Rivers state.

“You are called upon to interface with federal agencies, security institutions, and any reconciliation initiatives that may be established, fostering trust among all stakeholders in the process.”

Abbas added that the committee members must be conscientious, forthright and astute in the assignment.

[TheCable]

Gunmen reportedly stormed a prayer session  at a remote mountain site in the Egbola area, along Agbaja Road in Lokoja Local Government Area of Kogi State and abducted an unspecified number of the worshipers.

The incident is said to have occurred  on  Friday during  a night  vigil  on the mountain.

A woman identified as Mary Adams Gure was said to have been rescued  by men of the state vigilante services who got the wind of the incident and mobilized to the scene and confronted the gunmen in a gun duel.

According to the source, their  attackers stormed the prayer ground, firing sporadically to instil fear before forcefully whisking  the worshippers into the  bush.

The rescued woman was said to have escaped amidst chaos.

“The vigilantes  were  mobilized quickly  in response to the attack; and in the process, Gure was rescued . A search-and-rescue operation is ongoing to locate the remaining abducted faithful.

“Gure managed to escape and later found safety, thanks to the swift intervention of local vigilante members who were alerted and got to the scene of the incident on time,” the vigilante source said.

The state Police Public Relations Officer (PPRO), ASP William Aya, did not respond to calls and messages sent to him on the incident.

 [DailyTrust]

Niger Delta human rights activist, Ann-Kio Briggs, has accused Rivers State Administrator, Ibok Ete Ibas of pouring petrol to the fire President Bola Tinubu sent him to quench in the state.

This was as she said Ibas’s actions in the state were contrary to what the president sent him to do.

DAILY POST reports that Tinubu appointed Ibas, Nigeria’s Chief of Naval Staff from July 2015 to January 2021, as the Administrator of the oil-rich state in March after the President declared state of emergency and suspended Governor Siminalayi Fubara and his deputy, Ngozi Odu.

The president had said that his decision was to restore peace in the state following the political tension between Governor Fubara and the FCT Minister, Nyesom Wike.

However, speaking on ‘Politics Today’, a programme on Channels Television on Monday, Ann-Kio Briggs alleged that Ibas is pouring petrol on fire.

“First of all, I can assure you that he is pouring petrol on a fire Mr President believes that was on.

“So, he was told to come and pour water on that fire, to quench it. Well, he has done nothing of the sort, I have told you that he has removed people who were constitutionally and democratically in governance.

“There were no issues, and he came along and removed everybody. Even in the government house, it is alleged that he has removed the pictures of Siminalayi Fubara. I repeat Siminalayi Fubara remains the governor of Rivers State,” Ann-Kio Briggs said.

According to her, Ibas is currently overseeing violence in Rivers State, saying that the retired military chief is not welcomed in the state.

She added that although the President stated the state of emergency would last for six months, it doesn’t mean he can’t change his mind and return everything to the status quo before the stipulated time.

Recall that earlier on Monday, two groups of women held rallies in Port Harcourt, the Rivers State capital.

While one group was in support of Ibas and the emergency rule, the other group who were half-clothed demanded the return of Fubara.

[DailyPost]

The suspended governor of Rivers State, Siminalayi Fubara, has slammed the Nigeria Police over their alleged high-handedness and clampdown on peaceful demonstrators in parts of Rivers State, as political tension continues to escalate in the oil-rich South-South state.

This followed two separate protests by women’s groups who took to the streets in Port Harcourt City Local Government Area and Ahoada East Local Government Area of Rivers State to express their feelings about the declaration of a state of emergency in the state.

The Port Harcourt protesters were in support of the emergency rule while the Ahoada East protesters called for the reinstatement of Fubara.

Last Friday, a group of women under the aegis of Rivers Women Unite for Sim protested against the emergency rule in the state and demanded the reinstatement of Governor Siminalayi Fubara.

The women carrying out the latest protest under the auspices of ‘Rivers Women for Peace and Good Governance’, mostly dressed in white, said the emergency rule was constitutional.

They also denied being hired to support emergency rule in the state, even as they declared their support for President Bola Tinubu.

The women had gathered at the Garrison junction at about 7.30am on Monday, marched through Aba Road and arrived at the popular Isaac Park in Port Harcourt.

They sang and displayed placards with several inscriptions to drive home their message.

Some of the inscriptions on the placards read,” Emergency rule is Constitutional,” “Rivers women voted for you but you made us your slaves”, “ Investigate Fubara’s bloated contracts award”, “say no to dictatorship”, “Rivers women need peace in our state”, “we support Tinubu”,  among others.

Led by the former commissioner for Social Welfare in the state, Mrs Inime Aguma, and others, the protesters claimed that the state of emergency had brought relative calm and peace to Rivers since the emergency regime.

Mrs Aguma, speaking to journalists after the rally, expressed support for the Sole Administrator of Rivers State Vice Admiral Ibok-Ette Ibas (retd.), saying his leadership has brought peace and good governance in the State.

She stated, “Gathered here are Rivers women who need peace in Rivers State. We are gathered here because of the anomalies in our system.

“We also thank the President for declaring a state of emergency in Rivers State. We are grateful and pleased with it and living well with it.

“We said this because our democratic structure was decimated, the House of Assembly was left comatose and there cannot be any democracy with only two arms of government working.

“We know the doctrine of separation of powers, the executive, the legislature and the judiciary. For over two years, the legislature was clamped down; we have a big wound that needs to heal.

“The House of Assembly was burnt down because of rumours of impeachment and while that was going on, the assembly complex was demolished, the taxpayers’ money was spent; that is an aberration.”

She added, “Despite such an incident, there was no investigation. Recently, we have heard the former Head of Service, Dr. George Nwaeke, mention some allegations against the former government. We want the police to follow up on such allegations.

“Let us not be emotional and sentimental about facts.  We have not had a government in Rivers State.”

Meanwhile, the situation at the Ahoada protest did not go down well as security operatives fired teargas at the women protesting against the emergency rule in Rivers State and the reinstatement of the suspended governor.

Around 200 protesters from Elleye and Engine communities in Ahoada East Local Government Area marched to condemn the appointment of a sole administrator in the state.

While the women from Ahoada were teargassed during their demonstration, members of the ‘Women for Peace and Good Governance’ group, who held a rally in Port Harcourt in support of the emergency rule, carried out their activities peacefully without any interference.

As the pro-Fubara women marched and chanted solidarity songs, they held placards with various messages, even as security operatives, including police officers, attempted to stop their progress.

Some of the placards bore messages such as “Ibas leave us alone” and “Our democracy is threatened,” among others.

Our correspondent further observed that after the women refused to back down from the protest, security operatives, including the police, fired teargas to disperse them, causing the protesters to flee in different directions.

A viral video that later surfaced online showed emotional scenes as some women were seen crying after inhaling the teargas. They insisted they wanted Governor Fubara reinstated to power.

An elderly woman without a brassiere was spotted in the video being supported by others who held her by the hand.

In the same footage, soldiers were seen attempting to disperse the crowd, pushing the women back and forcefully removing the banners and placards they were displaying.

One of the women said, “We are here to tell President Bola Tinubu that since he declared a state of emergency in Rivers State, it has not been easy. We, the women, are hungry; we are suffering and dying.

“Sim is our hope. We say bring back our Governor. We love him. We say no to emergency rule in Rivers State. We voted for Sim, not sole administrator. We don’t want a caretaker.

“Let the FCT Minister remain in Abuja and leave Sim alone.”

Soon after, the chorus of ‘We want Fubara, we want Fubara’ filled the air while three of the elderly women knelt on the floor saying, “We want peace in Rivers State”.

Reacting to the twin protest, Special Adviser to the suspended Governor on Electronics Media, Jerry Omatsogunwa, hailed the pro-Fubara protesters, describing them as heroes of democracy.

Omatsogunwa, however, berated the women in Port Harcourt who supported the emergency rule and backed the appointment of a sole administrator in the state.

He also slammed the police for the unequal treatment of the protesters, firing teargas at one and providing security for the other.

He stated, “First and foremost, I want to thank the women in Ahoada for standing and fighting for democracy. And it is like the police have two standards for the same activity right now.

“You can see old women who came out in Ahoada to exercise their right to protest when they see that things are not going well, the police teargassed them. The police teargassed them to the extent that one of them, an old woman, fainted.

“While the ones in Port Harcourt here that said they support illegality and said they support the King Solomon son-division situation that said let us kill the child so that we can prove the owner, they were guarded, protected and directed by the police.

“So I tell you, those women who protested in Port Harcourt, I think they don’t mean well for the state, and the ones that protested in Ahoada, I say kudos. They are the heroes of democracy.”

Fubara’s aide added, “I think the whole world should keep an eye on the state Commissioner of Police and the sole administrator.

“When the sole administrator came here, he said there was no problem in the state. Maybe he has another agenda because we learnt he is nursing a governorship ambition in his own Cross River

State, so he needs to also gather some money just to justify it.”

The political crisis in the oil-rich state had escalated into a full-blown conflict before President Bola Tinubu declared a state of emergency and suspended Governor Fubara, his deputy, Mrs. Ngozi Odu, and all elected members of the Rivers State House of Assembly.

Tinubu further appointed Ibas as the sole administrator of the state for an initial period of six months.

This directive was supported by the Senate and House of Representatives through a voice vote.

Consequently, 11 PDP governors sued the President and the National Assembly before the Supreme Court, challenging the President’s powers to declare an emergency rule and suspend elected officials in a state

The PDP governors have further engaged 11 Senior Advocates of Nigeria and six other attorneys to battle the Federal Government at the Supreme Court on what powers the President has to declare emergency rule in a state and suspend a democratically elected institution of the state.

Meanwhile, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), has sprung into action and commenced drafting the response of President Bola Tinubu to the Peoples Democratic Party’s governors’ suit challenging the declaration of emergency rule in Rivers State.

[Punch]

The first head of government that declared a state of emergency in Nigeria was the then Prime Minister, Sir Abubakar Tafawa Balewa (December 1912 – January 15, 1966) and that was in May 1962. I was a student then at Olofin Anglican Grammar School in Idanre in Ondo State, along with Folu Olamiti, Prince Wale Olateru-Olagbegi, Olu Adegboro, Feyi Famutimi(75) and others. 

He declared the state of emergency in the Western Region which now comprises South-West and parts of South-South.

The crisis was an internal affairs in the then region which later consumed the whole country. 

The crisis of the Action Group which reared its ugly head at the party’s annual convention held in Jos, Plateau in January 1962 started like a joke. It was at the convention that the General Secretary of the party, Chief Ayotunde Rosiji (1917-2000) resigned and Mr. Samuel Goomsu Ikoku (1912-1997) took over as the Chief Scribe of the party. Chief Anthony Eromosele Enahoro (1923-2010) became the deputy leader of the party. Mr. Sam Ikoku had earlier defeated his father, Dr. Alvan Ikoku by 59 votes in the Eastern Nigeria House of Assembly election. 

The 8th convention of the party was held in African Sports Club in Jos with Chief Ajibola Idowu Ige,SAN(1930-2001) elected Publicity Secretary of the party and with Professor Samuel Adepoju Aluko(1929-2012), Prof. Hezekiah Adedunmola Oluwafemi Oluwasanmi (1919-1983), Prof. Victor Adenuga Oyenuga(1917-2010),Chief Arthur Edward Prest(1906-1976), Prof. H.E. Ajose, Dr. Sanya Dojo Onabamiro (1913-1985) and Prof. Akinlawon Ladipo Mabogunje (October 18, 1931 – August 4, 2022), in attendance. 

At the convention, the then leader of the party, Chief Obafemi Awolowo (1909-1987), was on one side, while the Premier of the Western Region at the time, Chief Samuel Ladoke Akintola (1912-1966) was on another side. The crisis snowballed into a major national crisis, the consequences of which we still face today.

Before the declaration of the state of emergency, Sir Abubakar Tafawa Balewa had issued a press statement on May 22, 1962. In the statement, he declared: “The two factions in the Action Group have contacted the Prime Minister regarding the holding of another meeting of the Western Nigeria house of assembly today. The Prime Minister cannot stop the meeting from taking place, but because of the fight which has broken out in the house this morning, if the parties decide to hold a meeting of the house of assembly they may do so. It may be on the strict understanding that there will be no police protection within the chamber. If, however, any party insists on being afforded police protection within the chamber the police may be so present, but the Federal Government will not accept any decision reached as a result of such proceedings in the chamber. If in spite of all efforts of the police there should be an outbreak of violence or any disorder, the police have authority to clear the chamber and lock it up”.

Despite this clarification, no solution was found to the Western Region crisis; in fact, the situation became more tensed. However, the logistical problems of the army, which was transferring most of its battalion between the Congo and home depots, a token number of troops and armoured vehicles went to Ibadan to back up the police if necessary. The GOC of the army (General Welby-Everard) caused an administrative sensation by moving his tactical headquarters to Ibadan and setting up a joint ‘pol-mil’ HQ with the Inspector General of Police Sir Kerr Bovell(1913-1973). It was unprecedented. Some AG members asked Chief Anthony Enahoro to go abroad to tell the world of a threat to democracy. 

On May 29, 1962, then Prime Minister, the Right Honourable Sir Abubakar Tafawa Balewa (1912-1966), summoned an emergency meeting of the Federal House of Representatives which was then the Federal Parliament in Lagos during which he moved a motion on the Action Group crisis. 

*Read the full motion as reproduced and the reply of the then opposition leader, Chief Obafemi Awolowo, next week. 

To be concluded 

•Teniola, a former director at the Presidency, wrote from Lagos.