In a bid to enhance accessibility and flexibility for viewers, MultiChoice has unveiled a new range of affordable weekly subscription packages for both DStv and GOtv users under a campaign dubbed ‘Ka Weekie’.

Announced on Thursday, the new packages are designed to cater to customers who prefer short-term payment options, with prices starting as low as UGX 5,000. The DStv Lumba and GOtv Lite packages mark the lowest price points, making the pay-TV services more accessible to a broader audience in Uganda.

Speaking at the launch, Rinaldi Jamugisa, PR and Communications Manager for MultiChoice Uganda, said the initiative was part of the company’s continued effort to align with customer needs.

“We understand that our subscribers require affordable and flexible options to keep up with their favorite shows and programs,” Jamugisa said. “The launch of Ka Weekie reflects our commitment to delivering value while ensuring entertainment remains accessible to all.”

He emphasised that the short-term plans offer viewers the freedom to manage their subscriptions according to their budgets and lifestyles.

The newly introduced 7-day subscription packages cover a range of viewing preferences and budgets:

For DStv Weekly Packages, Lumba package costs UGX 5,000, Access costs UGX 14,000, Family package costs UGX 22,000 and Compact package costs UGX 37,000

For GOtv Weekly Packages, Lite coats UGX 5,000, Valuepack costs UGX 7,000 and Plus pack costs UGX 11,000 .

Other packages are Max, UGX 17,000, Supa – UGX 22,000 and Supa Plus – UGX 37,000

According to Colin Asiimwe, Head of Marketing at MultiChoice Uganda, the “Ka Weekie” campaign is a direct response to consistent feedback from subscribers.

“You Asked, We Listened! And we believe this is a step in the right direction in offering subscribers the best in entertainment at affordable price points, allowing them to pay and watch at their own convenience,” Asiimwe stated.

He further noted that the campaign is particularly tailored for daily and weekly earners, frequent travelers, and customers who prefer on-demand viewing.

The new packages can be accessed via the MyDStv and MyGOtv mobile apps, by dialing *206#, or through mobile money platforms such as Airtel Money and MTN MoMo. They are also available through partner banks and selected agents across the country.

Jamugisa added that users can switch back to monthly, quarterly, or annual subscriptions at any time by making a full payment or maintaining sufficient account credit. The cost of any active weekly plan will be deducted from the new subscription.

Established in 1994, MultiChoice Uganda is a subsidiary of MultiChoice Africa Holdings, offering a variety of entertainment channels via DStv satellite and GOtv digital terrestrial services.

Nigerian Afrobeats star, Davido, has revealed that he began life in a one-room apartment within a public housing compound, popularly known as face-me-I-face-you.

The singer shared this personal story in “CFMF,” a track off his fifth studio album, 5ive, released on Friday.
According to Davido, his rise to fame and wealth is a result of divine intervention.

“Take a step and walk into my life…
Started all the way from face me I face you
Face me I face you
And now, I am living real large, all thanks to Jesu
All thanks to Jesu oh,” he sings.

His claim has sparked widespread skepticism, particularly on social media, where many users questioned the narrative, citing Davido’s well-known background as the son of billionaire businessman Deji Adeleke.

This isn’t the first time the singer has attempted to craft a grass-to-grace storyline in his music. In his 2011 debut single Back When, Davido claimed that women ignored him when he was broke but began chasing him after he found fame and fortune. However, the song saw limited commercial success—partly because of public doubts about his claims of a modest upbringing, given his affluent family background.

Davido eventually embraced his elite status in his 2012 breakout hit Dami Duro, where he boldly declared himself unstoppable as the son of a wealthy man—a move that resonated more with fans and helped catapult him to national prominence.

A four-storey building under construction has collapsed in Ojodu Berger area of Lagos State, trapping dozens of occupants on Saturday.

LEADERSHIP gathered that the ill-fated building sited on Oremeta Street, Ojodu Berger, with an already completed section, was being used for commercial purposes before it caved in on Saturday morning.

Eyewitnesses, who spoke at separate interviews, said the building caved in on the occupants, including staff and customers, who came to patronise the popular EqualRight Restaurant in Ojodu Berger.

As of the time of filing this report, Good Samarithans were making frantic efforts to rescue people trapped in the rubble, while awaiting officials of the Lagos State Emergency Management Agency (LASEMA).

Details Later…

The Imo State Police Command has confirmed the death of two yet-to-be-identified actors in Owerri, the state capital after eating rice and drinking wine on Friday.

Police Public Relations Officer for Imo State Command, DSP Henry Okoye said investigations had begun to unravel how the two actors died.

Confirming the incident, Okoye said, “Yes, the Command is aware of the unfortunate incident of unnatural death. I can confirm that two people were pronounced dead while two were hospitalised.

“As I speak with you, the Commissioner of Police for Imo State, CP Aboki Danjuma has directed the Pathologist to conduct tests on the two deceased persons to ascertain the cause of their deaths.

“The results will determine the next line of action on the matter”, Okoye said. 

News broke out on Friday night that four actors were rushed to the Federal University Teaching Hospital Owerri during which two were pronounced dead on arrival.

LEADERSHIP gathered that the two deceased persons and others had after shooting a movie, ate rice and drank wine that was provided by the unnamed movie director, during a house party.

Two of them were discovered dead in the wee hours of Friday.

A source, Kaito Karisia had said the movie director who provided the meal and drinks was said to have gone to bed early, leaving the four actors and three ladies partying.

He, however, woke up in the early hours of Friday to turn off power generator and return to public power supply to discover the two already dead and the other two gasping for their lives.

Karisia who notified people about the incident via his Facebook handle, said the two other male survivors were responding to treatment at the Federal Teaching Hospital Owerri where they were rushed to.

According to him, one of the survivors told him that, “Their host (the movie director) offered them rice and everybody ate. He later presented them with a bottle of Calypso and wine. But they only took a sip and never drank again. However, the two other guys who are now dead finished the drink”.

LEADERSHIP reports that the movie director and the three girls in the apartment have been arrested and answering questions, while investigation continues.

For those who are willing to relocate to United States of America legally and effectively, it is important to ascertain their eligibility for an immigrant visa. 

If you do not have a family member and you want to permanently move to the United States of America, here are seven ways you can relocate to America the right way.

1. Student Visa

If you have no one to sponsor you and you have good grades, search for universities in the U.S to see which ones offer a scholarship to international students, and you can apply to these schools and relocate.

If you get it, you can study in the US and later find a US employer who can hire you to work in the US. Depending on the category, they may file a green card for you, and you can stay there.

2. Already in the US on a visitor’s visa

If you are already in the US on a visitor’s visa and have a credible fear that you will be harmed in your country or you think someone will hurt you, you can apply for asylum. With this, you do not need a family member, you just need to have a credible fear.

3. Already acquired a Bachelor’s Degree or a Master’s Degree in the STEM category

STEM is an acronym for Science, Technology, Engineering, and Mathematics. You can reach out to the U.S employer and see if they will hire you during the H1B forthcoming process.

4. PHD Degree or Extraordinary Ability Green Card

If you have a PHD Degree and you have good scholarly writings, you can apply for a National Interest Waiver, that also gives you a green card. There are a lot of geniuses who do not know how to use this, seemingly ignorant of the opportunity, but you can leverage it if you are qualified.

Similarly, if you are a star in your country and you have received an award or a medal, there is something called the Extraordinary Ability Green Card.

5. U-Visa

If you are in America on a Visitor’s visa or on a student’s visa, and you witness a crime or you are a victim of a crime not committed by a spouse, just by anybody, you may qualify for the U-Visa.

6. VAWA

 If you are in the United States and your spouse is stopping all filings for you and you are being abused, you can actually, because of the abuse, file for VAWA (Violence Against Women Act) and get a green card.

7. Religious Visa

If you are in the United States via a visitor’s visa, you can also apply for a religious visa. With this, you go from obtaining a visitor’s visa to a religious visa. Eventually, after a while on the visitor’s visa, you get a green card, but for the religious visa, be careful because you have to work for a religious entity outside of the country and one inside the United States.

4-skills test (reading, writing, listening, speaking):

Skilled Worker Visa

Health and Care Worker Visa

Student Visa

Start-up / Innovator Founder Visa

Scale-up Worker Visa 

High-Potential Individual Visa

Minister of Religion Visa

Temporary Work (International Agreement route)

Speaking and listening only:

UK Citizenship 

Settlement (Indefinite Leave to Remain)

Partner / Parent Visa

International Sportsperson Visa

Representative of an Overseas Business

Approved SELT providers: 

Pearson

Trinity College London

IELTS SELT Consortium

PSI Services (Skills for English UKVI)

LANGUAGECERT 

UK test centres:

Pearson

Trinity College London

IELTS SELT Consortium

LANGUAGECERT 

Overseas test centres:

Pearson

IELTS SELT Consortium

PSI Services (UKVI)

LANGUAGECERT 

Tests can be booked via provider websites, with availability usually within 28 days. Booking details must match the applicant’s ID exactly.

Accepted ID documents:

Passport

UK BRP or BRC

EEA National ID (if applicable) 

Government-issued photo ID (outside UK only)

Photocopies or emergency documents are not accepted. After testing, candidates receive a SELT reference number linking their result to their application.

The Investments and Securities Act (ISA) 2025 strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth under the supervision of the Securities and Exchange Commission (SEC). However, the recent crash of a Ponzi scheme, CBEX, is a litmus test on the SEC’s resolve to handle similar occurrences.

The sudden crash of CBEX, a digital investment platform accused of running a Ponzi scheme that allegedly bolted away with over ₦1.3 trillion (about $850) of depositors’ funds, has thrown many Nigerians into a quandary.

CBEX had promised the gullible Nigerians to double their invested funds within a month, but failed to honour its obligations, sending shock waves running through the spine of thousands of Nigerians, who now face financial ruin after the collapse.

The development sparked widespread reactions, with users expressing frustration, criticism, and concern. Many were reported to have stormed the CBEX office in Oyo State to destroy its belongings.

When it started, CBEX claimed to be a global platform linked to a government-owned business in China. However, Beijing Equity Exchange, in a statement released in 2024, denied any affiliation with the Ponzi scheme. It also claimed to operate offices in Canada and has ties with China. These were never substantiated; rather, CBEX displayed certificates online, such as a US FinCEN registration, while no real branches existed outside Nigeria. Business Insider Africa estimates that about 250,000 to 300,000 Nigerians invested their money in CBEX.

This would have raised a red flag for discerning investors to withdraw their patronage, but that did not happen due to greed and get-rich-quick syndrome.

Following its collapse, the Economic and Financial Crimes Commission (EFCC) announced it would collaborate with Interpol to track down the masterminds, including those possibly hiding overseas.

In the aftermath of the sad development, Chief Economist at SPM Professionals, Paul Alaje, has advocated investment education, highlighting that Nigerians have lost an estimated ₦4.8 trillion to pyramid scams since the collapse of MMM in 2016. “Since MMM in 2016, Nigerians have lost approximately 4.8 trillion to pyramid scams. The pyramid scam is a scheme designed to rip you off of funds. It is only a pyramid scam that promises more interest than the IMF and World Bank put together in a month and sometimes in a week,” Alaje said.

Meanwhile, the Securities and Exchange Commission (SEC) clarified that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public, or perform any other function within the Nigerian capital market.

“Preliminary investigations carried out by the Commission have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.

“CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints,” the SEC stated.

The SEC emphasised that under the provisions of Section 196 of the Investments and Securities Act 2025, the Commission would collaborate with relevant law enforcement agencies to take appropriate enforcement action against the CBEX, its affiliates, and promoters.

“The Commission uses this medium to remind the public to REFRAIN from investing in or dealing with any entity offering unrealistic returns or employing similar recruitment-based investment models.

“Prospective investors are advised to VERIFY the registration status of investment platforms via the Commission’s dedicated portal: www.sec.gov.ng/cmos before transacting with them”, the SEC added.

SEC Director General, Dr. Emomotimi Agama, had recently said the Commission is launching a more forceful and coordinated enforcement regime against unregistered and illegal “phony” investment schemes, otherwise known as Ponzi schemes. He said that with the newly enacted Investments and Securities Act, 2025 (ISA 2025), the Commission now has enhanced powers to prosecute Ponzi schemes and their promoters.

According to the SEC, investigations were ongoing on CBEX, adding that promoters of the failed scheme will not go scot-free. Agama said the new law has given the Commission more powers and blocked loopholes in emerging areas of virtual and digital assets.

“The ISA 2025 has given the Commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence, especially in new and previously unregulated segments such as digital asset exchanges and online foreign exchange platforms,” Agama said. He said that while the apex capital market regulator would continue to support innovations in finance and investments, the Commission would maintain strict oversight in line with its enhanced investor protection mandate. “We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama said.

He recalled that the SEC had even with the limited scope of the repealed Act, maintained extensive surveillance and was able to shut down a number of Ponzi schemes, with some of the promoters, like Fahmzi Interbiz, jailed for defrauding Nigerians. The ISA 2025 gives the Commission more powers to deal with issues, stressing that the Commission will ensure that promoters of such schemes are not allowed to operate.                                         

Indeed, the performance of the Nigerian capital market has been reinvigorated for sustainable growth in line with global best practices. The market has been modernised with a stronger regulatory framework for financial market infrastructures (FMIs), ensuring stability and reducing systemic risks, notwithstanding the global headwinds occasioned by the Donald Trump tariff war.

Indeed, the Nigerian capital market has been enhanced by the Investments and Securities Bill (ISB) 2025, recently assented to by President Ahmed Bola Tinubu. The landmark legislation, which repeals the Investments and Securities Act No. 29 of 2007, has been described as a major boost to capital market regulation in Nigeria. It strengthens the legal framework of the Nigerian capital market, enhances investor protection, and introduces critical reforms to promote market integrity, transparency, and sustainable growth.

The enactment of the ISA 2025 reaffirms the authority of the Securities and Exchange Commission (SEC) as the apex regulatory authority of the Nigerian Capital Market to regulate the market to ensure capital formation, the protection of investors, and the maintenance of a fair, efficient, and transparent market and reduction of systemic risks. It introduces transformative provisions to further align Nigeria’s market operations with international best practice.

Speaking on key highlights of the Act, Director General of the SEC, Dr. Emomoitimi Agama said, “The Act enhances the regulatory powers of the SEC in a manner comparable with benchmark global securities regulators. These enhanced powers and functions ensure full conformity with the requirements of the International Organization of Securities Commissions (IOSCO) Enhanced Multilateral Memorandum of Understanding (EMMoU), enabling the SEC to retain its “Signatory A” status and enhancing the overall attractiveness of the Nigerian capital market.”

One notable aspect of the ISA 2025 is the recognition of digital assets as securities, providing a legal framework for Virtual Asset Service Providers (VASPs) and Digital Asset Exchanges. For the first time, virtual assets and investment contracts are formally classified as securities under Nigerian law. This brings VASPs, Digital Asset Operators (DAOPs), and Digital Asset Exchanges under the SEC’s regulatory purview, providing a clear legal framework for digital assets.

The new Act provides for “Enforcement Against Illegal Investment Schemes”. It expressly prohibits Ponzi Schemes and other unlawful investment schemes, while prescribing stringent jail terms and other sanctions for the promoters of such schemes. To ensure that illegal fund managers are not allowed to fleece unsuspecting Nigerians of their hard-earned funds, the Act stipulates an express prohibition of Ponzi/Pyramid Schemes and other illegal investment schemes. The Act stipulates that promoters and operators of any entity engaged in a prohibited scheme commit an offence and are liable on conviction to a penalty of not less than N20,000,000 or imprisonment for a term of 10 years or both. This is a transformative step for the capital market, reflecting a commitment to building a dynamic, inclusive, and resilient capital market.

Similarly, salient provisions of the Act address existing restrictions in respect of funds raising from the capital market by Sub-Nationals and their agencies to allow for greater flexibility. State and local governments can now raise funds through the capital markets for public projects like infrastructure or healthcare.

 This reduces their reliance on federal allocations or debt, fostering economic development at sub-national levels while increasing transparency in fund utilisation.

Furthermore, transparency in securities transactions has gained traction in the market as the Act introduces the mandatory use of Legal Entity Identifiers (LEIs) by participants in capital market transactions. This stipulation is designed to improve transparency in the conduct of securities transactions.

In the same vein, ISA 2025 introduces a stronger regulatory framework for financial market infrastructures (FMIs), such as clearing houses and central depositories, ensuring stability and reducing systemic risks in Nigeria’s capital markets. It creates a legal framework for commodity exchanges and warehouse receipts, allowing for more structured commodity trading and agricultural financing. This is particularly important for Nigeria’s agricultural and mining sectors, which were not well-integrated into the capital market under the ISA 2007. Under the new law, public companies must obtain SEC consent before engaging in mergers, acquisitions, or issuing securities.

The Act mandates that no public company shall undertake schemes, transactions, arrangements, or issue securities related to corporate actions and restructurings without prior approval from the SEC. The idea is to ensure that corporate restructuring activities comply with market regulations and enhance transparency.

Some other provisions of the Act include Comprehensive Insolvency Provisions for Financial Market Infrastructures, which introduce provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws.

Management of Systemic Risk – introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market. Expansion of the Category of Issuers to the Public – The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act. Classification of Exchanges and inclusion of provisions on Financial Market Infrastructures – The Act classifies Securities Exchanges into Composite and Non-composite Exchanges. A Composite Exchange is one in which all categories of securities and products can be listed and traded, while a Non-composite Exchange focuses on a singular type of security or product. There are also new provisions on Financial Market Infrastructures such as Central Counter Parties, Clearing Houses, and Trade Depositories.

Comprehensive Insolvency Provisions for Financial Market Infrastructures – The Act introduces provisions that exempt transactions facilitated through or otherwise involving Financial Market Infrastructures from the application of general insolvency laws. Management of Systemic Risk – The Act introduces provisions for the monitoring, management and mitigation of systemic risk in the Nigerian capital market. Expansion of the Category of Issuers to the Public- The Act expands the categories of issuers, as a key step towards the introduction of a wide range of innovative products and offerings as well as the facilitation of “commercial and investment business activities”, subject to the approval of the Commission and other controls stipulated in the Act. Strengthening the Investments and Securities Tribunal – The Act amends some key provisions in the repealed ISA 2007 on the Composition of the Tribunal, constitution of the Tribunal, qualification and appointment of the Chief Registrar, as well as the jurisdiction of the Tribunal to enhance the ability of the Tribunal to discharge its mandate optimally.

The capital market expert said the enactment of ISA 2024 is a welcome development that promises to modernize Nigeria’s investment and securities laws, improve regulatory oversight, protect investors, and support emerging financial technologies.

According to Prof Uche Uwaleke, Director of the Institute of Capital Market Studies at the Nasarawa State University Keffi and President of the Capital Market Academics of Nigeria, “For achieving this feat, the National Assembly Committees on the Capital Market, the Securities and Exchange Commission, and indeed the entire Capital Market community in Nigeria deserve a pat on the back.

“It bears repeating that the ISA 2025 ensures a more transparent, efficient, and competitive capital market consistent with global standards set by the IOSCO. This should strengthen investor confidence, enhance market integrity, encourage foreign investment, and ensure that Nigeria retains its “Signatory A” status under IOSCO’s Enhanced Multilateral Memorandum of Understanding (EMMoU).

Former Ekiti State Governor, Ayodele Fayose, has declared that he will not support the Peoples Democratic Party (PDP) 2023 presidential candidate, Atiku Abubakar, should he choose to run again in 2027.

Naija News reports that Fayose, who has been outspoken about his disagreements with Atiku, reaffirmed his position during an interview on Politics Today on Channels Television on Friday.

“I publicly worked against Atiku, and I am saying for the second time, if Atiku comes again, I will work against him. It is time to learn our lesson,” Fayose stated, making it clear that his stance remains unchanged.

Fayose attributed much of the party’s current crisis to the decision to zone power to the North for the 2023 election, following an eight-year term by a Northern president.

“After eight years of a Northerner, it is the turn of a Southerner, which could involve someone from the East, South West, or South South,” he explained.

He pointed out that the decision to return power to the North, made by some leaders within the party, was the root cause of the internal problems within the PDP.

“Those who gave or zoned power back to the North caused all these problems,” he said, emphasising the need for respect for zoning agreements.

Fayose also stressed that while personal preferences for politicians like Nyesom Wike or Peter Obi could vary, there should be an unwritten, respectful understanding regarding the power shift.

“You don’t have to like a Nyesom Wike or a Peter Obi, but there should be an unwritten, respected gentleman’s understanding of powershift,” he noted.

Reflecting on his actions during the 2023 election, Fayose reiterated that he had worked against Atiku’s candidacy, a decision he said was made for the good of the country.

“Don’t get it wrong. I worked against him (Atiku) 100 per cent. Nigeria is bigger than the PDP, APC,” he said, asserting that his actions were driven by national interest rather than personal animosity.

Fayose also addressed the issue of party discipline within the PDP, stressing the need for accountability and adherence to zoning agreements.

“The party must be equitable, the party must be accountable. The party or parent that is irresponsible will produce irresponsible children, they will produce rebellion, they will produce anger,” he remarked, emphasising that internal democracy and fairness were essential for the party’s success.

Looking ahead, Fayose said, “After Asiwaju’s(Bola Tinubu) tenure, if God gives him a chance at a second term. Let a Southerner come out, we as leaders at that time, I will be over 70 or about 70, I will come out straight that a Southerner can not be the President of Nigeria.”

More details have emerged on how promoters of the fraudulent Ponzi scheme, Crypto Bridge Exchange, aka CBEX, convinced hundreds of thousands of investors to put money into the trading platform.

CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3tn after it collapsed on Monday.

Findings by Saturday PUNCH revealed that the promoters of the platform operated under a company registered as ST Technologies International Limited.

ST Technologies was registered with the Corporate Affairs Commission on September 25, 2024, and the Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering on January 16, 2025.

Copies of the certificates were obtained by our correspondents. One of the documents was titled, ‘Certificate of Increase in Issued Share Capital of ST Technologies International Limited Company Registration No. 7955973.’

It read, “The Registrar-General of the Corporate Affairs Commission hereby certifies that pursuant to the resolution and notice of increase in share capital dated 4th December 2024, and presented for filing on 5th December 2024, in respect of the above-named company, the increase in share capital from N1,000,000 to N201,000,000—by the creation of 200,000,000 ordinary shares of N1 each and preference shares of N0 each—has been registered with the commission. Given under my hand at Abuja this 17th day of December 2024.”

Similarly, the EFCC’s certificate of January 16, 2025, stated, “ST Technologies International Limited has been duly registered in accordance with the provisions of Section 17(2)(a) of the Money Laundering (Prevention and Prohibition) Act 2022, and any other applicable law or regulation.”

Some of the victims, who spoke to Saturday PUNCH, said the registration certificates gave them confidence that the scheme was authentic.

“They were also doing charity, hospital outreach, paying hospital bills… it was a coordinated approach,” an investor who asked not to be identified said.

A check on the CAC’s website confirmed that the company remained active, though Saturday PUNCH could not access the names of its board of directors.

Open-source intelligence platforms such as NgCheck, B2BHint, and Finelib did not display the company’s address, board members, and other critical information.

A video clip from a Nigerian television station, ITV, identified one Adefowora Abiodun as the leader of ST Technologies International Limited, while another official, Oluwanisola Adefowora, was introduced as the company’s representative in Nigeria.

In the footage, the duo encouraged Nigerians to invest in the scheme and invite others to join, claiming it would help improve their standard of living.

“With the help of ST, you will not lose money. All you need to do is just to follow the order. They give advice; go in that direction. They are a group of analysts based in the United Kingdom,” Adefowora said.

The video was recorded on February 10, 2025 during the inauguration of the firm’s Abuja office attended by a crowd.

The Telegram groups

Findings by Saturday PUNCH showed that promoters of the scheme maintained different Telegram groups for users.

Our correspondents had access to three.

The first group, ‘ST Customer Support,’ had 144,460 members.

The other group, ‘Newcomer Advance Group,’ had 58,186, while the third platform, ‘ST Signal Group IV,’ had 87,864 members as of the first day of the crash.

However, all the Telegram accounts were locked following the crash of the platform on Monday.

Saturday PUNCH observed that the administrators of the groups used mostly UK mobile numbers with animated pictures for their profiles. They did not use their real photos.

Two of the administrators’ usernames were @Mentor_LaurafxWilsonn, @Maiy_Aditiii).

As of the time of filing this report, members of the ST Signal Group IV had reduced to 83,792, while those of ST Customer Support and Newcomer Advance Group had reduced to 137,085 and 54,809, respectively.

Also, the accounts had been flagged ‘Scam’ by Telegram following reports of fraud from the victims.

EFCC begins de-registration

The EFCC’s Head of Media and Publicity, Dele Oyewale, confirmed that the Ponzi scheme was registered under the name of ST Technologies.

He noted that the company listed consultancy services as its line of business, noting that the commission had begun the process to revoke its registration after discovering that it deviated from its stated operations.

“It wasn’t registered as CBEX. It was registered as ST Technologies. What they offered as a service was consultancy. When the Special Control Unit Against Money Laundering discovered that the entity had veered off its registered line of business, modalities were initiated to withdraw that registration,” Oyewale said.

Asked whether the commission was closing in on the main perpetrators, he responded, “Work is ongoing. Our international partners have also begun investigations. I can assure you we will get to the root of the matter.”

The Securities and Exchange Commission also confirmed that “CBEX operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology.”

In a statement, the SEC said, “Preliminary investigations carried out by the commission have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe. CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints.”

CBEX marketing strategies

Sources who spoke to Saturday PUNCH said promoters of the trading platform recruited some influencers and radio presenters as brand ambassadors.

The team also established offices in some major parts of the country, including Abuja, Lagos, and Ibadan, and embarked on marketing via radio and social media platforms.

Some of the radio stations that aired the Ponzi scheme programme included Orisun FM, Ile-Ife, Osun State, and three other radio stations in Ibadan, Oyo State.

The Nigerian investors also embarked on marketing in schools and churches and held giveaways.

These marketing strategies enabled the trading platform representatives to convince even the poor and illiterate individuals to invest in the scheme.

In a five-minute programme promoting CBEX on Orisun FM, one of the officials claimed that the platform could lift many Nigerians out of poverty.

“This scheme is for everyone. Even those selling herbal mixtures, those selling on the roadside, and the petty traders can invest with us. Those selling pepper and those selling vegetables in the market can also join us,” he said.

“We want everyone to join us because our intention is to make life easier for Nigerian people. We want to take them from suffering and hardships,” another stated on the programme.

Acting on the backlash from netizens, the OSBC management issued a statement, saying the presenter of the programme had been sanctioned.

Top Nigerians lose money

On Friday, a video clip of popular Fuji musician, Alhaji Taye Adebisi, aka Taye Currency, lamenting his hard luck with CBEX went viral.

In the clip, Adebisi said he lost N10m to the platform and heaped curses on his associates who introduced him to it.

The Fuji star said, “On April 1, Sodiq came to my house and said Lateef, the brand manager, had collected some money and also introduced Alaba and Small London had also collected their money, and Brother Muca

“Alaba used N1.2m he stole from the stage to invest in CBEX. Brother Muca also put in his work fee of N500,000. Sodiq used the money he was saving in the band, N850,000. Lateef invested N1.4 million.”

The singer revealed that it was the success of his associates in the scheme that made him invest in it as well.

“Lateef said he used N200,000 to collect N600,000, and I got motivated. I withdrew the money I had saved with insurance, see my life in the open. I invested N10m in CBEX on April 1, but everything vanished,” he stated.

But aside from Taye Currency, Saturday PUNCH gathered that several other celebrities invested in the scheme but could not come open with their losses.

A source claimed he introduced a Divisional Police Officer to the scheme, adding that the senior police officer had been inconsolable since the collapse of the platform.

We sold property, took loans for CBEX – Victims

CBEX accepted only dollar-denominated transactions and provided referral bonuses to encourage user growth.

Saturday PUNCH gathered from some investors that the minimum trading amount was $100, which matured for cash-out with profit after 30 days.

A victim said after he opened an account with CBEX, he was asked to copy and paste the account ID and that of the person who introduced him to the Ponzi scheme into the ST Customer Support and ST Signal support groups on Telegram.

According to him, he was asked to link his CBEX account with Bybit under the pretext of preventing hackers from clearing his asset.

“I invested $312 on April 3, and as of April 15, I already had $623 in my wallet. They were giving us bonuses and the money kept increasing. I still don’t believe my money is gone,” he stated.

A serving policeman in Osun State said he sold his car and invested the proceeds, amounting to N3.2m, into CBEX.

The police inspector had earlier in March invested $300 and cashed out N783,000 after six weeks.

Gripped by the turnover, he gathered more money, sold his car, and invested the proceeds in the scheme two weeks before the crash.

“It was a stupid mistake I would never make again,” the distressed cop said.

He noted that he received bonuses in dollars for every new joiner he introduced to the platform, which made him market the scheme to many others.

“The more people I registered on CBEX, the more bonuses I got, and I wanted to continue making more money. So, I encouraged a lot of people to join. Before it crashed, nine people had joined CBEX through me. It is a shame I can’t bear now.”

Another police officer serving with the Lagos State Command disclosed that he lost N4.8m to the Ponzi scheme.

“Is it a good thing to talk about? The person who referred you to me already told you I lost N4.8m, so what else do you want to know?” said the angry policeman.

It was gathered that the police sergeant collected rent from his tenants in his house at Ikorodu and invested it in CBEX.

Also, a skit maker in Ilorin attempted suicide after it dawned on him that the platform had crashed.

According to him, he invested N23m with the hope of making N50m in six weeks.

Speaking with Saturday PUNCH through TikTok on Thursday, the skit maker said, “I was convinced by my friend who joined CBEX last year and had been cashing out big time. He had made a lot of money there. I joined the platform three weeks ago and invested N23m with the hope of getting N50m in six weeks.

“CBEX used to give us bonuses every Sunday, depending on the amount you had. There was also a bonus for bringing new members.

“But the platform crashed and I don’t know how I considered taking poison. I thank God I survived because when there is life, there is hope.

“The most painful thing is that I wanted to use about N15m out of the money to buy a car, but everything is gone now.”

Another victim, who identified himself as Shola, said he took a N500,000 loan to invest in CBEX.

“CBEX was introduced to me by my friend, and I felt I stood a chance to become a millionaire within a short period. I obtained a loan from one of the money lenders, believing that I would make enough profit to pay the debt and also continue my investment after a month. I am now in debt,” Shola stated.

“I thought it wasn’t a bad idea if I sold my car, which had already developed a mechanical fault, and invested the proceeds in CBEX. I was expecting a return of about N7m, which I planned to use to buy a new car,” another investor said.

Built to fail

A United States-based Nigerian crypto investor, Ojukwu Emmanuel, said the collapse of the digital asset platform was a stark reminder of the persistent economic and regulatory vulnerabilities in Nigeria’s fintech ecosystem.

In an interview with Saturday PUNCH, Emmanuel said he had warned his family about CBEX’s unsustainable model before its eventual collapse.

He described the platform’s promises as “too good to be true,” and said its trading operations were built on deception.

“From the moment I studied CBEX’s system, I knew it was a ticking time bomb. My parents reached out to me about it, and after reviewing the platform’s processes, it was clear the system was being manipulated behind the scenes,” he said.

According to him, while some users initially made profits, the underlying structure remained a Ponzi scheme.

“They claimed an AI was trading on behalf of users, but the results were too perfect and consistent. No real market works that way. Returns were fixed—10 per cent daily—regardless of market volatility. That’s a major red flag. Someone was manipulating the system,” he added.

Emmanuel said CBEX’s polished digital interface and false claims of registration misled many Nigerians into trusting the platform.

It also shared a name with a legitimate Chinese government-backed equity exchange, further compounding the deception.

“The entire setup was designed to mimic legitimacy. From its branding to how the trades were presented, everything looked sophisticated, but it was a façade engineered to mislead.”

Emmanuel argued that Nigeria’s recurring susceptibility to such scams lay in deeper systemic problems.

EFCC knocked

Meanwhile, some Nigerians have knocked the EFCC for not alerting the public to the fraud being perpetrated by the platform.

They argued that the anti-graft agency should have listed it as one of the Ponzi companies before the platform vanished with Nigerians’ money.

On March 11, the commission released a list of 58 companies operating Ponzi schemes in Nigeria, warning the public to avoid investing with them.

But CBEX was not part of the list.

Commenting on the omission, a human rights lawyer, Inibehe Effiong, described it as a serious failure on the part of regulatory and security agencies tasked with protecting citizens from fraudulent entities.

“I believe Nigeria has enough institutions that should checkmate that kind of fraud,” he said.

Effiong questioned the capacity of agencies to identify and halt such schemes before they spiral out of control.

He urged the EFCC and other relevant agencies to act without delay, calling for international cooperation in tracking down the perpetrators.

The lawyer also emphasised the need for preventive frameworks, stating that the incident should prompt a comprehensive overhaul of how investment firms and schemes were monitored in Nigeria.