me Nigerians have taken to social media to express frustration over the recent crash of a high-yield investment platform, CBEX, which netizens have widely described as “MMM Pro Max.”

LEADERSHIP reports that a group of angry individuals stormed the CBEX office in the Oke-Ado area of Ibadan, Oyo State, on Monday evening, looting furniture and other items after the digital trading platform reportedly crashed.

A Nigerian woman identified as Bolarinwa has also trended online after revealing to reporters that she invested her entire life savings, along with funds borrowed from friends, into the scheme after hustling in Libya.

Speaking in pidgin English, she said, “I invested 200 dollars, which I collected from all my friends; all the money was 1,200.

“I go to Libya to work, no work, fighting… see my hands. I came back, and my neighbour told me that the programme on the ground now (CBEX) would help me; I should go and find the money. The small money I bring from Libya I join am.”

Bolariwa explained that despite initial hesitation, peer pressure and desperation pushed her into the investment.
“I did not want to do it. She (my neighbor) collect the money, I saw the money she collected. She said I should join it, that it will make the money times two. So I do it,” she added.

CBEX promised users a 100% return on their investments within one month, exclusively dealing in U.S. dollars. But like many Ponzi schemes before it, the platform crashed without warning.

Multiple users found the platform inaccessible, and withdrawal attempts failed. Within hours, investors logged in only to find their account balances wiped to zero.

The sudden collapse of CBEX has now reignited discussions about financial literacy, regulation, and online investment scams in Nigeria.

The Securities and Exchange Commission (SEC) has issued a public statement, invoking the newly signed Investments and Securities Act, 2025 (ISA 2025).

The commission declared that operating an online foreign exchange or digital asset investment platform in Nigeria without formal registration is illegal.

“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services,” the SEC said in its Sunday statement.
The Act empowers the SEC to regulate virtual and digital asset exchanges, commodity exchanges, and other investment platforms under Section 3(3)(b), expanding its scope to prevent such schemes from operating unchecked.

SEC’s Director General, Dr. Emomotimi Agama, described ISA 2025 as a “landmark step” toward a safer, more transparent investment environment.

“The ISA 2025 has given the commission the legal backing to provide clarity, ensure investor protection, and enhance market confidence.

“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market.”

The commission also reminded the public that operating a Ponzi scheme now carries a minimum penalty of N20 million, with 10 years or more jail terms under the new law.

“N20 million is not the entire penalty. It is just part of the sanctions to be meted out. Promoters of these schemes will face the full weight of the law,” Agama stressed.

Apparently not interested in his party regaining power at the centre in 2027, Akwa Ibom State governor, Pastor Umo Eno, has said that President Bola Tinubu of the All Progressives Congress (APC) will be in office for two terms of eight years.

Eno, a governor elected on the platform of the opposition Peoples Democratic Party (PDP) in 2023, disclosed this at the flag-off of the Akwa Ibom section of the Lagos-Calabar coastal highway project on Tuesday afternoon.

Details Later…

As communities in Bassa Local Government Area (LGA) bury their loved ones killed by marauding gunmen, Governor Caleb Mutfwang of Plateau State has apologised to victims’ families over the failure of government and security agencies to protect them and their properties.

In the Zikke community of the LGA, over 50 people were gunned down in the early hours of Monday, April 14, with houses razed.

Two weeks earlier, scores of people were gruesomely killed in the Bokkos Local Government Area of the state.

During his visit to the Zikke community to commiserate with the people, Mutfwang, speaking at the palace of the Paramount Ruler of the Miango community on Tuesday, admitted that the government has failed to protect them.

He begged the people of the state to forgive him, saying he’d been crying since the latest killings happened.

“I will tell you the truth: I have been crying since yesterday because I had trusted God that all the arrangements were put in place, that this will not happen again. We have made investments in security.

“But like all human arrangements, sometimes they fail. I want to admit that on Sunday night into Monday morning, we failed you. Please, forgive me,” Mutfwang begged.

The governor also urged the people not to relent in their efforts to secure their communities, provide vital information for intelligence gathering, and expose criminals’ antics.

The governor and the entourage also visited some of the families who lost their loved ones in the attack.

In his reaction, Ronku Aka, the Paramount Ruler of Irigwe land and the Brangwe of Irigwe, urged the government to help the communities by providing social amenities in the area.

Former Nigerian vice president, Atiku Abubakar has accused President Bola Tinubu of failing Nigerians in his responsibility as the Commander-in-Chief.

Reacting to the recent killing of over 50 people in Zike community in the Kimakpa area of Kwali district, Bassa Local Government Area of Plateau State, Atiku said such tragedy is a grim reminder of the worsening state of security in Nigeria.

He said that the incident is regrettable and unacceptable and several Nigerians are losing their lives due to the “incompetence of the Tinubu-led administration”

“The protection of lives and property is the primary responsibility of any government. Unfortunately, President Tinubu has failed these citizens and continues to fail the,” Atiku said. 

The former vice president while condemning the incessant attack by Boko Haram terrorists in Borno State, said the disturbing developments underscore the total collapse of the current administration’s security policy and architecture.

Calling on the Attorney General of the Federation and the Minister of Justice, to prioritize the prosecution of the criminals, Atiku also said that special courts should be established to fast-track their trials.

“Our justice system must not give the impression that terrorism pays. I am also alarmed by reports of armed criminal groups crossing our borders to carry out attacks. This is a national disgrace and further proof of a failed security framework. Condemnation after the fact is not enough,” he wrote on his X page.

According to Atiku, as long as the criminal continue to move about and go around without any form of punishment they will continue to return to inflict more pain on innocent Nigerians.

In addition, Atiku urged the National Assembly to as a matter of urgency pass legislation that allows state governments to properly arm and equip their security outfits with modern weapons.

He said this action will strengthen Nigeria’s overall security architecture and help relieve the overstretched federal security agencies working overtime to stem these challenges of insecurity.

For community leaders across the country, Atiku said it is important that any form of collaboration with armed groups are rejected. He called for total support Nigeria’s security forces and personnel who has continued to sacrifice their all for the safety and peace of the nation.

On Tuesday, April 15, the Nigeria Immigration Service (NIS) released 11 steps every Nigerian should adopt when renewing their passports.

Stating that the procedure is contactless, the NIS said the new biometric passport application system has been launched in the United States of America, Mexico, Jamaica and Brazil.

According to NIS, the application process which can be accessed on Google Play Store (NIS Mobile) is designed to help Nigerian passport holders carry out their renewal process without visiting any Passport Centre for Biometrics enrollment.

“It is yet to be rolled out in Australia and Nigeria, a future date will be announced for both countries in due course,” the NIS said in statement on its X account.

Below are the steps to follow when applying for contact passport:

1. Download and install the NIS Mobile App from relevant mobile app store(Google Playstore); create a profile and activate your account using a valid email

2. Click on ‘passport application services’ tab on the landing page

3. Proceed with the passport application process as indicated and ensure to choose the self enrollment option.

4. Make payment and note your application ID and Reference No.

5. Click the contactless biometric enrollment option on the passport application services

6. Input your application ID and reference number as required to check eligibility and proceed

7. If you are not eligible, proceed to book appointment via the NIS passport application portal (passport.int.immigration.gov.ng)

8. If eligible proceed with biometric fingerprints and passport photograph enrollment and submit appropriately.

9. Print your application form and payment receipt.

10. Send your old passport including your application form and payment receipt to the processing Embassy in a self-addressed return envelope l refusal to comply with this means that you will not receive your newly produced passport)

11. Wait for your passport to be delivered to the address indicated on your envelope within the stated timeline.

The NIS further listed those eligible for the process to include people aged between 18 and 60 years, those with not more than six months to the expiration on their current passports and those for re-issuance of existing passport.

In addition, the NIS said those for correction of data, replacement of lost or stolen passport and other exceptional cases are not eligible for the contact application process.

The leadership of the Indigenous People of Biafra has cautioned youth from the Southeast region against applying for enlistment in the Nigerian Army.

IPOB’s spokesperson, Emma Powerful in a statement on Tuesday, said Military’s call for youths of Igbo extraction to join the Army is aimed at exploiting the people.

Recall that over the weekend, delegates of the Nigerian Military had visited some states in the Southeast and South-South region calling on youth from the area to join the Army.

According to the Army delegates, the number of youths joining the force from the two regions have continued to diminish over time leaving the Igbos with slim chances of ever securing positions in the Military hierarchy in the future

However, reacting to the call, the IPOB accused the Military of planning to use Southeast youths as ‘sacrificial lambs’ in the decade-long insurgency battle, particularly in the northern regions of Nigeria.

“We caution Ndigbo against encouraging and campaigning for Igbo youths to enlist to combat state and foreign-sponsored terrorists who have more resources than the Nigerian Army,” Powerful stated.

“What actions has the Nigerian government taken to support the families of soldiers who died in active duty defending Nigeria?

“Why were the valiant Igbo soldiers who allied with their peers to prevent Nigeria’s downfall in 1966 characterized, betrayed, and labeled “the Igbo coup plotters,” resulting in the slaughter of thousands of Ndigbo in the North during that same year?” IPOB queried.

Former presidential candidate and media mogul, Dele Momodu, has sounded a warning to potential contenders in the 2027 presidential election: challenging President Bola Tinubu and FCT Minister Nyesom Wike will be no small feat.

Speaking during an interview on Arise Television, Momodu emphasized the formidable political strength of Tinubu, even before he became president—strength that is now magnified by Wike’s alliance with him.

“Tinubu, who is already president, even when he was not president, we faced a lot of fire,” Momodu said.
“Now, when you have Tinubu and Wike on one side, then it means you have to be battle-ready; you have to assemble all your weapons and be ready for the battle ahead because 2027 is going to be like the World Cup, and you need your best players.”

PDP Governors Under Fire Over Opposition Coalition Rejection

Momodu also criticized the Peoples Democratic Party (PDP) Governors’ Forum for rejecting the opposition coalition led by former presidential candidate Atiku Abubakar. He expressed concern that the governors’ decision might be inadvertently aiding President Tinubu’s administration.

The proposed coalition includes Atiku, former Kaduna State governor Nasir El-Rufai, and Peter Obi, the former Labour Party presidential candidate. Despite this significant alliance, the PDP governors—after meeting in Ibadan, Oyo State—declared their refusal to join.

“Opposition leaders are very determined to work together this time around. The truth of the matter is that Atiku cannot do it alone, Peter Obi cannot do it alone, and Kwankwaso cannot do it alone, and whosoever wants to run,” Momodu said.

“They have to find a way to pay the APC back in its own coin. I was one of those who supported APC in 2014 and 2015, they are going to pay them back in their own coin by at least trying to get a chunk of all the parties including APC to come together.”

He further questioned the motives behind the PDP governors’ stance:

“A Bully Only Respects a Bully”

Highlighting lessons from political history, Momodu stressed the importance of unity and resistance in the face of power:

“People must learn from history and I’m a good student of political history. The only way Lagos State under Tinubu survived blistering attack from Obasanjo’s government was because they were able to stand alone. A bully only respects a bully.”

He criticized the current climate of fear among opposition figures:

“But all of us are already behaving like chicken. People panic because of Tinubu—‘Oh they are going to use EFCC, they are going to arrest me.’”

A Call for Courage and Unity

Momodu concluded by calling on political actors to show courage and resist temptations to defect:

“The thing is that we all like to read about Mandela in South Africa, we all read about the Mau Mau struggle, even in Nigeria, we had the nationalists who struggled for our independence—but everybody suddenly feels power can be offered to you on a platter.

“But I can tell you that any governor, senator, or House member who may be tempted to jump ship, may jump into the bottom of the Atlantic Ocean.

“That is why some of us are appealing to people that this thing is doable if they agree to work together.”

The Kwara State Police command on Monday dragged a Nigerian controversial singer, Badmus Okikiola, popularly called Portable, before a Kwara state Upper Area Court presided over by Chief Magistrate Sunday Adeniyi.

Reports were, however, rife that Portable struggled to meet the bail condition on Monday.

According to Investigating Police Officer, ASP Adeniyi James, the charges were filed based on direct instructions from police authorities.

Portable was dragged to court following the petition of a famous Fuji music star, Okunola Saheed, who’s fondly called Osupa.

According to the Police First Information Report, the Fuji music star, in a direct complaint made to the Police, accused Portable of criminal defamation, criminal intimidation, inciting Public disturbance and cyberstalking.

The alleged offence was deemed contrary and punishable under Section 392 (Criminal Defamation), Section 114 (Inciting Disturbance), Section 397 (Criminal Intimidation) of the Penal Code and Sections 24(1)(b) and 24(2)(c) of the Cybercrimes Act, 2015, as well as Sections 10 and 13 of the Violence Against Persons (Prohibition) Law, 2020.

According to the Police First Information Report, Osupa alleged that Portable made a live stream video to abuse him, adding that the defendant (Portable) dented his personality by claiming that he removed his music from Apple Music and Spotify, which would have been fetching him income.

According to the First Information Report presented by the police, the complainant accused Portable of using a live stream video to malign his character.

He alleged that the defendant falsely claimed to have removed his music from streaming platforms like Apple Music and Spotify, thereby harming his reputation and potential income.

The petition alleged that Portable, during a live Instagram broadcast on March 19, 2025, made defamatory remarks against Osupa, accusing him of jealousy and attempts to sabotage his career.

In the viral video, Portable was quoted saying, “This man dey try to bring down my shine! He be like person wey dey chop snail with its shell—he doesn’t get sense. Osupa na tortoise. When Apple Music and Spotify wan drop money for me, na him remove my song from the platform make I no see money.”

Osupa described the statements as damaging, inciting, and an attack on his reputation, further claiming that the content had caused public tension and unrest.

The prosecution, led by Abubakar Issa, urged the court to remand the defendant to a correctional facility pending the conclusion of the police investigation.

However, Portable’s counsel, Barrister Adebayo Isaac, opposed the remand application, stating that the police had already granted his client administrative bail the previous day.

He argued that the defendant, being a public figure with a known and traceable address, would not evade trial, assuring the court of his client’s readiness to stand trial.

Adebayo urged the court to discountenance the submission of the prosecutor, saying the police would have held Portable back in custody till their investigation is completed.

He said, “I want to inform this honourable court that the defendant was granted administrative bail yesterday by the police”, adding that “Portable is a public figure with a traceable address and he will make himself available for trial if admitted to bail.”

Adebayo said that he premised his argument on Section 172 (1) and Sec 165 of the Administration of Criminal Justice system, adding that a critical appraisal of the sections of the law may guide the court to admit him to bail.

Magistrate Adeniyi, in his short ruling, “admitted Portable to bail in the sum of N1 million and 2 sureties out of which one of them must be chairman of the Performing Musician Association of Nigeria while the other must own landed property in the Government Reserve Area within the jurisdiction of the Court.”

He, however, adjourned further trial of the case till the 30th of April, 2025.

Chief Bode George, a member of the Peoples Democratic Party (PDP) Board of Trustees, has said that the opposition would collapse if former Vice President Atiku Abubakar emerged as its 2027 presidential candidate.

The PDP chieftain said this on Channels Television when he appeared on the station’s Politics Today programme on Monday. 

“If he (Atiku) picks it (PDP’s ticket), that is the end of this party. If he picks it by manipulation which was what was done the last time, we will not accept it,” he said.

Atiku, who has been contesting for Nigeria’s president for over three decades, came second in the 2023 presidential election, defeated by Bola Tinubu of the All Progressives Congress (APC).

Ahead of the 2027 election, Atiku has championed an inter-party alliance that birthed a coalition, which was announced on Thursday, March 20, 2025, as a springboard to wrestle power from the Tinubu-led government.

The coalition, which includes the Labour Party presidential candidate Peter Obi and ex-Kaduna governor Nasir El-Rufai as arrowheads, is banking on the numerical strength of the votes Atiku and Obi recorded in the 2023 poll. 

It would be recalled that Atiku of the PDP and Obi of the LP came second and third, respectively, with combined votes of over 12 million.

However, while Atiku succeeded in establishing himself as a founding member of the coalition, governors elected in his party rejected the move.

The PDP governors on Monday, April 14, 2025, rejected the coalition spearheaded by Atiku and ruled out any party plan for mergers or coalitions.

Speaking on Channels Television, praised the PDP governors for rejecting the coalition led by Atiku.

He said Atiku has not shown himself to be a leader of the party because he has not made efforts to resolve the crisis rocking the party.

“No, if he is the leader of the party, he would have waded into it (the crisis). The fact that he was the presidential candidate of the party at the last election doesn’t mean he is a bona fide, fixated leader of the party. If he’s running for his private interest, it’s different from the interest of the party,” George said.

Asked if Atiku could be the flag bearer of the PDP in 2027, the PDP chieftain said, “He cannot be. This is what I am saying. There was eight years in the north, there should be eight years in the south. That is the dictate, that is the doctrine of the PDP. I can’t say he cannot contest; he can go to any party because it is his constitutional right but as far as we are concerned, he cannot be the candidate.”

George also said he doesn’t want Tinubu to be re-elected in 2027, adding that he wants his party to win the next election with a southern candidate.

Nigeria’s external debt service is projected to rise to $5.2bn this year, highlighting growing pressure on public finances despite ongoing economic reforms, Fitch Ratings has said.

The credit rating agency disclosed this in its latest rating action commentary published on Friday, in which it upgraded Nigeria’s long-term foreign-currency issuer default rating to ‘B’ from ‘B-’, with a stable outlook.

According to the report, government external debt service will increase from $4.7bn in 2024 to $5.2bn in 2025.

This includes $4.5bn in amortisation payments and a $1.1bn Eurobond repayment due in November. 

Fitch noted, “Government external debt service is moderate but expected to rise to $5.2bn in 2025 (with $4.5bn of amortisations, including a $1.1bn Eurobond repayment due in November 2025), from $4.7bn in 2024, and fall to $3.5bn in 2026.”

The agency also cited a minor delay in the payment of a Eurobond coupon due on March 28, 2025, as a reflection of persistent challenges in public finance management.

Although Nigeria’s external debt service remains within manageable levels, Fitch warned that high-interest costs, weak revenue performance, and limited fiscal space remain significant concerns.

Fitch said general government debt was expected to remain at about 51 per cent of GDP in 2025 and 2026.

However, it expressed concern over the government’s revenue position, noting that interest payments will consume a substantial portion of income.

It stated, “We expect general government revenue-to-GDP to rise but to remain structurally low (averaging 13.3 per cent in 2025–2026), largely accounting for a high general government interest/revenue ratio, above 30 per cent, with federal government interest/revenue ratio of nearly 50 per cent.”

The agency observed that Nigeria’s gross reserves rose to $41bn at the end of 2024, before declining to $38bn due to debt service payments.

Despite this, Fitch expects the country’s reserves to average five months of current external payments over the medium term, above the median for similarly rated economies.

It added that recent policy reforms had contributed to increased foreign exchange inflows and better monetary stability, with inflation projected to average 22 per cent in 2025.

Fitch stated, “Net official FX inflows through the CBN and autonomous sources rose by about 89 per cent in Q4 2024. We expect continued formalisation of FX activity to support the exchange rate, although we anticipate modest depreciation in the short term.”

The agency commended the government’s commitment to economic reforms, including the removal of fuel subsidies, liberalisation of the exchange rate, and tightening of monetary policy.

It noted that these steps had improved policy credibility and strengthened Nigeria’s ability to absorb shocks.

However, the agency warned that risks to Nigeria’s external and fiscal position remained, particularly if oil prices fall or policy implementation slows down.

Fitch’s latest assessment comes amid earlier concerns raised by JP Morgan, which projected that Nigeria’s current account could swing into a deficit if oil prices stay low for a prolonged period, potentially pushing the naira beyond N1,700 per dollar.

Despite these challenges, Fitch maintained a stable outlook for the country, saying the reforms had begun to yield results.

The PUNCH earlier reported that Nigeria expended a total of $5.47bn on external debt servicing between January 2024 and February 2025, according to data from the Central Bank of Nigeria.

Also, Nigeria spent a total of N13.12 tn on debt servicing in 2024, representing a 68 per cent increase from the N7.8 tn recorded in the previous year, according to an analysis of data from the Debt Management Office.

The PUNCH observed that the debt servicing costs recorded in 2024 surpassed the budgeted allocation of N12.3tn for the year.

The higher-than-expected expenditure highlights the increasing pressure of debt obligations on the nation’s fiscal sustainability.

For the 2025 budget, the Federal Government has earmarked N16tn for debt servicing, reflecting the government’s anticipation of continued debt-related expenses.

This development comes amid rising borrowing costs and an increasing debt burden, putting pressure on the country’s fiscal position.