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‘We Warned Nigerians’ — EFCC Reacts to N1.3tn CBEX Collapse, Pledges Recovery

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Amidst widespread public outrage over the collapse of a digital investment platform, CryptoBank Exchange (CBEX), which reportedly led to the loss of over N1.3 trillion in funds belonging to Nigerian investors, the Economic and Financial Crimes Commission (EFCC) has reiterated its earlier warnings against patronising Ponzi schemes.

Speaking on Channels Television’s The Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale confirmed that the anti-graft agency had long taken steps to sensitise Nigerians on the dangers of fraudulent investment schemes.

The CBEX platform, which reportedly crashed on Monday, left countless Nigerians unable to access their investments, sparking a flurry of emotional video testimonials and appeals for justice across social media platforms.

“You’ll recall that on March 11 this year, the Executive Chairman of the EFCC, Mr Ola Olukoyede, directed us to issue a public alert concerning 58 Ponzi scheme companies. We made that list public – that shows we were proactive,” Oyewale said.

“Regarding CBEX, we are fully aware of the situation and have been taking action. Before the outcry, we were already investigating; during the public response, we continued working, and even now, the work is ongoing.”

He stressed that the EFCC should not be blamed for the CBEX incident, noting that the platform is run by a Chinese digital trading firm with no legal ties to Nigeria.

“All the so-called offices people mentioned in Ibadan and elsewhere are not functional; the entire operation exists online,” he clarified.

Oyewale further explained that the EFCC has consistently warned Nigerians against online criminal schemes and that extensive public awareness efforts had already been made. He argued that the onus now rests on the public to be more discerning when investing their funds.

He highlighted the importance of the recently enacted Investment and Securities Act 2025, describing it as a robust legal instrument aimed at curbing unlawful investment practices.

“Any entity engaging in digital trading without a proper licence and compliance with extant laws is committing a criminal offence,” Oyewale stated.

He also cautioned Nigerians to scrutinise unrealistic investment promises.

“If someone says, ‘Bring your money and get a 100% return in 30 days,’ that’s not only impractical, it’s deceptive,” he noted. “Even with Nigeria’s prevailing interest rate at 27.5%, no legitimate investment yields such returns.”

He urged investors to verify the compliance of investment platforms with key financial regulations, including the Money Laundering Prevention and Prohibition Act 2022, the Proceeds of Crime Act, and the Terrorism Financing Act.

Despite the grim situation, Oyewale gave hope to victims, assuring that the EFCC is collaborating with global partners to recover the lost funds.

“We are already working with Interpol and other international development agencies to bring the perpetrators to justice,” he confirmed.

“While the recovery process may not yield immediate results, we assure Nigerians that the EFCC will not abandon them. Escapism is not a solution – we are responsible and professional, and we will ensure justice is served.”

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Crime & Court

Joshua crash: Driver faces fresh charges as court adjourns trial

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File photo of Adeniyi and Anthony Joshua

The Ogun State Magistrate’s Court sitting in Sagamu has adjourned the trial of the driver involved in the road crash that affected former heavyweight boxing champion, Anthony Joshua, to June 2, 2026.

The court, presided over by Magistrate Olufunilayo Somefun, fixed the new date to allow the prosecution to file fresh charges in the case.

The defendant, Adeniyi Mobolaji, is facing a four-count charge bordering on dangerous and negligent driving resulting in death.

It was gathered that the matter had been adjourned about four times to enable the prosecuting counsel, G. O. Ogunyomi, amend the charges before the court.

Mobolaji was accused of reckless and negligent driving, contrary to Section 6(1) of the relevant law, as well as driving without due care and attention, causing bodily harm, and damage to property under Section 7(1).

He was also alleged to have driven without a valid national driver’s licence, contrary to Section 10(1) of the Federal Highway Act.

Ruling on the prosecution’s application for adjournment, the magistrate granted the request and fixed June 2 for proper hearing. The defence counsel did not oppose the application.

Speaking after the proceedings, counsel to the defendant, Abiodun Olalekan, said the adjournment was necessary to ensure justice for all parties involved.

The 46-year-old defendant was involved in the fatal crash that claimed the lives of Joshua’s personal trainer, Latif Ayodele, and strength and conditioning coach, Sina Ghami, along the Lagos-Ibadan

Expressway on December 29, 2025.
The Lexus SUV conveying the boxer collided with a stationary truck, leaving Joshua and the driver with minor injuries.

Joshua was later discharged from the hospital after being certified clinically stable.

The deaths of Ayodele and Ghami drew widespread reactions within the international boxing community, where both men were regarded as key figures in Joshua’s camp.

Their remains were subsequently repatriated to the United Kingdom, where a funeral prayer was held on January 4, 2026, at the London Central Mosque.

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Crime & Court

NDLEA Ends 15-Year Hunt for Alleged Drug Lord in Lagos

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The National Drug Law Enforcement Agency (NDLEA) has arrested a 58-year-old alleged drug lord, Uzoma Valentine Ilomuanya, who had reportedly been on the agency’s wanted list and that of British authorities for over 15 years.

Ilomuanya was apprehended in Lagos on Monday, February 23, 2026, following what the agency described as a high-level, coordinated operation by officers of its Special Operations Unit.

The development was disclosed in a statement issued on Wednesday by the Director of Media and Advocacy of the agency, Femi Babafemi.

Babafemi said the suspect’s arrest ended a prolonged manhunt linked to his alleged involvement in drug trafficking activities across Nigeria and the United Kingdom.

According to the statement, Ilomuanya was first arrested in February 2003 in the United Kingdom and convicted for drug trafficking.

He was sentenced to nine years imprisonment but was released after serving two years following a successful appeal.

Babafemi added that the suspect was again arrested in the UK in July 2011 over drug-related offences.

He said, “He was granted administrative bail but jumped jurisdiction and fled to Nigeria.

“Typical of a recidivist, Ilomuanya was in November 2018 arrested in Nigeria by NDLEA operatives following the discovery of two clandestine methamphetamine laboratories in his Obinugwu, Orlu Local Government Area country home in Imo State and at his No. 3 Barrister Declan Uzoma Close, Lagos residence where officers recovered 77.960 kilograms of methamphetamine and extensive production equipment.

“He was subsequently charged before a Federal High Court in Lagos, after which he jumped court bail and has been on the run since then.”

Reacting to the development, the Chairman and Chief Executive Officer of the NDLEA, Brig. Gen. Mohamed Buba Marwa (retd.), described the arrest as a major breakthrough in the agency’s ongoing war against drug trafficking networks.

Marwa said the operation demonstrated the agency’s resolve to track down criminal elements regardless of how long they evade the law.

He said, “This arrest serves as a stern warning to those who think they can hide behind borders to escape justice.

“Whether you jump bail in London or set up clandestine labs in your village, the long arm of the NDLEA will eventually catch up with those who choose to undermine the health, security, and future of our nation.

“We remain committed to our international collaborations to ensure that Nigeria is not used as a sanctuary for global drug lords.”

Marwa also commended officers of the Special Operations Unit for their professionalism and persistence in tracking down the suspect.

He added that the agency would continue to strengthen intelligence-driven operations and international cooperation to dismantle drug trafficking networks operating within and beyond Nigeria.

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Crime & Court

Court Acquits Suspended DCP  Kyari, Faults NDLEA Over Weak Evidence

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File photo of suspended Deputy Commissioner of Police, Abba Kyari

The Federal High Court in Abuja on Thursday discharged and acquitted a suspended Deputy Commissioner of Police, Abba Kyari, of a 23-count charge bordering on alleged non-declaration of assets filed by the National Drug Law Enforcement Agency.

Delivering judgment, Justice James Omotosho held that the prosecution failed to present sufficient evidence to substantiate the allegations against the defendants.

Kyari was arraigned alongside his two brothers, who were accused of swearing to false affidavits in an alleged attempt to conceal the origin of certain properties.

However, the court ruled that the anti-drug agency failed to establish that the properties allegedly not declared by Kyari were actually owned by him.

Justice Omotosho explained that ownership of landed property could be established through traditional history, title documents, acts of possession, or possession by connection.

According to the judge, the prosecution did not present any of these forms of evidence to prove that the properties located at Fountain Estate in Karsana, said to belong to Ramatu Kyari, were owned by the suspended police officer.

The court also held that the prosecution failed to produce material evidence linking Kyari to properties located on Linda Choko Road in Asokoro, Abuja, as well as properties in Maiduguri, Borno State.

In his defence, Kyari maintained that the properties in Borno State belonged to his late father, who bequeathed them to him and his siblings.

The judge held that the prosecution failed to prove otherwise.

Justice Omotosho also faulted the prosecution for charging Kyari’s brothers with conspiracy, describing the allegation as unsubstantiated.

He described the NDLEA’s case as weak and lacking credible evidence, adding that the defendant had served the country well and should not be subjected to persecution.

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