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Business Insider
12 hours ago
- Business
- Business Insider
Ghanaians protest at Nigerian High Commission over alleged harassment
Hundreds of Ghanaian investors and community members staged a protest outside the Nigerian High Commission in Abuja yesterday, demanding action over alleged "systematic harassment, intimidation, and violation of our fundamental rights" by the Nigeria Police and the Economic and Financial Crimes Commission (EFCC). Ghanaian investors protested outside the Nigerian High Commission in Abuja, citing systematic harassment by Nigerian authorities. The protest highlighted arbitrary arrests and intimidation from the police and EFCC against Ghanaian businesses. A lawsuit was filed at the Federal High Court in Abuja by Ghanaian investors seeking an injunction against further interference. Our businesses are being hounded at every turn, stated Kojo Mensah, a lead developer for the River Park Estate project in Abuja. The investors claim their basic rights are being breached, citing arbitrary arrests, repeated police invitations, and intimidation from both the police and the EFCC. We've been arrested arbitrarily, summoned without cause, and subjected to endless interrogations, yet the very complaints we cooperated to resolve back in 2012 remain buried in some dusty file, he added. Call for intervention Waving banners proclaiming "Hands Off Ghanaian Investors!" and "Tinubu, Mahama: Intervene Now!", the demonstrators called for the immediate dismissal of Inspector General of Police, Mr Kayode Egbetokun. They accuse him of orchestrating targeted attacks on Ghanaian businesses operating in Nigeria. The investors pleaded, We demand that President Bola Tinubu and President John Mahama use every diplomatic channel to stop this injustice. Legal action initiated The protest follows the filing of a lawsuit at the Federal High Court in Abuja by Jonah Capital and its co-plaintiffs, naming IGP Egbetokun, the Nigeria Police, and the EFCC as defendants. The plaintiffs are seeking a perpetual injunction to prevent both agencies from any further interference in the River Park Estate matter, the immediate disclosure of a long-overdue Special Investigation Panel (SIP) report, and the sum of N200m in damages for alleged breaches of their constitutional rights. According to the plaintiffs, the lawsuit aims not only to secure redress but also to protect the integrity of foreign investments in Nigeria and deter what they describe as state-sponsored intimidation of legitimate investors.
BBC News
10-06-2025
- Business
- BBC News
CBEX resume back wit investors money for dia account but no withdrawal
Months afta CBEX bin crash, many investors don begin see dia balance for dia CBEX account but as di money don appear dem no fit withdraw am. Di platform claim say investors go need deposit $200 to withdraw funds above $1,000 while funds below $1,000 investors go need deposit $100. Checks from BBC Pidgin show say di platform ask investors make dem login into dia account do dem go fit reclaim dia money. One of di victim inform BBC Pidgin say im dey see im money but e no fit withdraw am back as cash. E tok say investors account don dey active but e dey impossible for dem to withdraw dia money. Di Economic and Financial Crimes Commission bin don announce say dem arrest some suspects in connection wit di scheme, while dem assure di victims say dem still dey conduct investigation. Inside one interview, Ola Olukoyede, Chairman of di Economic and Financial Crimes Commission, tok say dem don investigate 58 pyramid scheme. "We don go far on CBEX but we need make pipo know say e dey appeal to di greed of di pipo make Nigerians dey careful becos any business wey tok say e go give pipo double your money in three months run comot from am," e tok. For April, many Nigerians bin lose dia money to CBEX afta di platform bin promise dem say dem go get 100 percent return on dia investment. Tori be say na ova 1.3 trillion naira ($809,000) CBEX sweep comot from investors accounts, afta dem suddenly stop dia operations and investors no get access into dia accounts again. So far, EFCC don declare some of di operators of CBEX wanted for Nigeria and di commission tok say dem don recover some money back. How to avoid falling for CBEX trick again As di platform don restore dia app, dem want new investors and dem want make old investors put money back into di ponzi scheme. According to Federal Bureau of Investigation report e advise pipo make dem no rush into any investment scheme, make dem do dia findings bifor dem put dia money becos Ponzi Scheme dey always want di money of new investors to pay new investors. FBI tell pipo say na just make believe say di investment dey safe na why dem dey show pipo dia account balance but na trick to lure money pipo into investment. Di agency advise say make pipo ensure say dem get unbiased third party financial adviser bifor dem go invest dia money. FBI tell dem make dem inform di state security regulators so dem go fit conduct dia investigation to check if di investment platform dey genuine or e just wan trick pipo out of dia money.
Zawya
10-06-2025
- Business
- Zawya
Nigeria: CBEX, investors jubilate as trade volumes return from initial zero balance
Investors on the Crypto Bridge Exchange (CBEX) platform are celebrating as trade volumes have been returned from a previous zero balance, sparking renewed confidence in the digital exchange's operations. Traders are now able to access their accounts and resume trading with renewed assurance, following weeks of tension and uncertainty. CBEX first gained attention in 2024 with promises of a 100% return on investment within 30 days, reportedly driven by AI algorithmic trading. Sporting Shanghai-inspired branding and high-profile 'offices' in Lagos and Ibadan, CBEX attracted numerous Nigerians through multi-level referral incentives. However, Tribune Online reported on April 14, 2025, that CBEX emptied the accounts of hundreds of investors without prior notice. This led to withdrawals stalling and users being locked out of their accounts, which subsequently prompted distressed investors to protest at physical branches. Subsequently, the Economic and Financial Crimes Commission (EFCC) began probe into the collapse of the platform and declared some suspects wanted before eventually making some arrests. Tribune Online also reports that the EFCC Chairman, recently announced that the anti-graft agency has been able to recover some funds from the platform.
Zawya
03-06-2025
- Business
- Zawya
Buyer beware! Crypto fraud keeps Nigerian agencies on toes
Nigerian authorities have continued to raise the red flag on digital fraud through Ponzi-style schemes, even as they track down, arrest and recover funds from the digital investment platform Crypto Bridge Exchange (CBEX), which collapsed in April after carting away more than $980 million from local investors. The anti-graft agency, Economic and Financial Crimes Commission (EFCC), confirmed that it had arrested some persons connected to the massive fraud and recovered some of the money. Ola Olukoyede, EFCC chairman, said the commission had made 'significant progress' in its investigation into the Ponzi scheme, which scammed thousands of Nigerians.'We have gone far with CBEX. We have been able to recover a reasonable amount of money,' Mr Olukoyede said. The stolen funds are in cryptocurrency. In the meantime, the Securities and Exchange Commission has issued a warning about unregistered investment schemes, including Silverkuun Investment Cooperative Society/Silverkuun Ltd.'The Commission hereby informs the public that Silverkuun Investment Cooperative Society/Silverkuun Ltd is not registered to operate in any capacity in the Nigerian Capital Market,' it said in a circular issued on May 28, 2025.'The investing public is therefore reminded to verify the status of companies and entities offering investment opportunities on the Commission's dedicated portal before transacting with them.'On the CBEX case, authorities admit the investigation has been challenging due to the use of non-custodial wallets by the fraudsters -- crypto wallets not tied to any verifiable identity.'So, from the noncustodial wallet, they moved it to some wallets in Europe, eastern Europe, Cambodia…and from there, they disbursed the money. We have been able to block some of these wallets where money has not been disbursed,' Mr Olukoyede said. Two suspects have been arrested, while others, including four Kenyans, remain at large.'We are after quite a number of people declared wanted,' he said. Foreign collaboratorsMeanwhile, last week the Federal High Court in Abuja ordered the arrest and remand of six CBEX promoters over the scam. Justice Emeka Nwite, granted the EFCC's ex-parte motion seeking warrants for the suspects' arrest and detention. The suspects are Adefowora Abiodun Olanipekun, Emmanuel Oku, and four others who have not been named. According to the complaint by EFCC, the suspects used a front company, ST Technologies International Ltd, to lure Nigerians into investing in CBEX with promises of 100 percent returns in 30 days. The court heard that the scheme had foreign collaborators and required urgent action to prevent suspects from fleeing. The judge ordered that the accused be held in EFCC custody pending further investigation and potential prosecution. According to the EFCC, ST Technologies was registered with the Corporate Affairs Commission but lacked a licence from the Securities and Exchange Commission (SEC). The commission clarified that ST's SCUML certificate does not permit it to operate as an investment firm. CBEX collapseCBEX collapsed in April, leaving investors unable to access their funds after the platform began restricting withdrawals. Users were asked to pay additional verification fees—$100 or $200 depending on account size—just before the platform shut down. Despite its collapse, the platform reportedly resumed limited operations, allowing new registrations and withdrawals in what experts described as a tactic to restore investor confidence and continue the fraud. The SEC had warned Nigerians against investing in unregistered platforms. SEC director-general Emomotimi Agama said the commission was unaware of CBEX's operations prior to its collapse.'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 agency said. © Copyright 2022 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (
Filipino Times
31-05-2025
- Filipino Times
15 foreign nationals, including 11 Filipinos, jailed in Nigeria for cybercrime
A Nigerian court has sentenced 15 foreign nationals—all of Asian origin—to one year in prison and fined them one million naira (approximately $630) each for cyber-terrorism and internet fraud, according to the country's anti-corruption agency. The convicted group includes 11 Filipinos, two Chinese, one Malaysian, and one Indonesian. They pleaded guilty before the court in Lagos and were accused of recruiting young Nigerians to commit identity theft and pose as foreigners online, said Dele Oyewale, spokesperson for the Economic and Financial Crimes Commission (EFCC). The court also ordered the forfeiture of devices seized from the offenders to the Nigerian federal government. Nigeria has long battled a reputation for online scams perpetrated by so-called 'Yahoo Boys.' But recent developments point to a growing presence of international cybercrime syndicates taking advantage of the country's weak digital security infrastructure. According to the EFCC, these foreign-led networks enlist Nigerian accomplices to run phishing scams targeting victims—mostly in the U.S., Canada, Mexico, and Europe—seeking to steal money or sensitive personal data. In a major operation last December, the EFCC arrested 792 suspects in Lagos's Victoria Island, including 192 foreign nationals—148 of whom were Chinese. Several of these individuals are currently on trial for related offenses.
