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Crime & Court

‘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

EFCC arraigns Blessing CEO over alleged N36m duplex scam

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The Economic and Financial Crimes Commission has arraigned popular social media influencer and relationship therapist, Okoro Blessing Nkiruka, widely known as Blessing CEO, before the Federal High Court in Ikoyi, Lagos, over an alleged N36m fraud linked to a property transaction.

Blessing CEO was docked before Justice Deinde Dipeolu on a two-count charge bordering on obtaining money by false pretence and stealing.

At the resumed proceedings on Thursday, defence counsel, P. I. Nwafor, told the court that the defendant had refunded part of the money allegedly obtained from the complainant.

According to him, the influencer had refunded N24m out of the N36m involved in the matter and was making moves to settle the outstanding balance.

“We have an application to make. The defendant approached the nominal complainant and refunded N24m out of the N36m,” Nwafor said.

“We are asking for a short adjournment to resolve the outstanding balance. The nominal complainant agreed that if the balance is paid, they can prevail on the EFCC to drop the case.”

But prosecuting counsel, Suleiman I. Suleiman, opposed the request, insisting that the anti-graft agency was not part of any settlement discussion between the parties.

“The complainant here is the Federal Government of Nigeria, and we are here for the arraignment. We urge that the defendant take her plea, as that is the business of the day,” he said.

Ruling on the submission, Justice Dipeolu held that any discussion between the defendant and the nominal complainant would not stop the criminal proceedings.

“The defence and the nominal complainant can have discussions even during the pendency of the charge. It does not affect the proceedings before the court. The defendant will take her plea,” the judge ruled.

According to one of the charges, Blessing CEO allegedly obtained N36m from one Mrs Ifeyinwa Nonye Okoye between July 14 and 17, 2024, under the guise of securing for her a six-bedroom detached duplex located at No. 1B, Tunbosun Osobu Street, off Kuboye Road, Lekki, Lagos.

The EFCC alleged that the representation was false and violated Section 1(3) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

The second charge accused the defendant of fraudulently converting the said N36m, property of the complainant, to personal use, contrary to Sections 383 and 390 of the Criminal Code Act.

The defendant, however, pleaded not guilty to the charges.

Following her plea, the prosecution urged the court to remand her in a correctional facility and fix a date for trial.

However, the defence counsel informed the court that the defendant had only been served with the charges on May 14, 2026, adding that efforts were ongoing to file her bail application.

He thereafter appealed to the court to allow the defendant remain in EFCC custody pending the perfection of her bail conditions.

Justice Dipeolu granted the request and ordered that Blessing CEO be remanded in EFCC custody.

The case was subsequently adjourned till June 5, 2026, for commencement of trial.

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Nursing Mother Bags 20 Years For Terrorism Support, Illegal Possession of 302 Rounds Of AK-47 Ammunition

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A Federal High Court in Abuja on Thursday sentenced a woman, Halima Haliru Umar, to 20 years’ imprisonment for unlawful possession of 302 rounds of AK-47 live ammunition and attempting to support acts of terrorism.

Justice Hauwa Yilwa handed down the sentence after the defendant pleaded guilty to two counts in a four-count charge filed against her by the Department of State Services.

The DSS had arrested the convict in Plateau State and subsequently arraigned her before the court on March 11.

The prosecution reviewed the facts relating to counts three and four, to which the defendant pleaded guilty, prompting the court to adjourn for judgment.

Delivering judgment, Justice Yilwa held that the defendant, by pleading guilty, admitted to the facts presented by the prosecution and failed to provide any defence against the allegations.

The defence counsel, Hamza Dantani, had urged the court to temper justice with mercy, describing the convict as a first-time offender who was remorseful.

He further told the court that the defendant is a nursing mother of a one-year-old child who was arrested alongside her.

According to him, the defendant did not waste the time of the court as she admitted to the offences during arraignment.

Counsel for the prosecution, Caliistus Eze, also informed the court that there was no record of previous conviction against the defendant.

Justice Yilwa thereafter sentenced Umar to 20 years’ imprisonment on count three and one year on count four.

The judge adjourned the matter till July 9 for the commencement of trial on counts one and two, to which the defendant pleaded not guilty.

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UNIBEN killing: Edo security squad arrests 12 suspected cultists, seals initiation centres

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Security operatives in Edo State have arrested 12 suspected cultists and sealed two apartments allegedly used as initiation centres during coordinated raids across parts of Benin City following the killing of a young man near the gate of the University of Benin.

The operation, code-named “Operation Flush Out Cultists and Kidnappers,” was carried out by the state’s Special Security Squad after the killing recorded on Sunday, May 10, 2026.

The development was disclosed in a statement issued on Tuesday by the Chief Press Secretary to Governor Monday Okpebholo, Patrick Ebojele.

According to the statement, the Chief Security Officer and Principal Security Officer to the governor led the raids conducted in Ekosodin, Isihor, Old Road off S&T Barracks, Airport Road, 19th Street Ugbowo, Ogba-Evbuodia and Evbuomore Quarters, all in Benin City.

Spokesman for the security squad, Noah Idemudia, alleged that some youth leaders within communities in the state were aiding violent crimes and harbouring criminal elements.

He said intelligence reports indicated that sophisticated weapons used in deadly attacks were often traced to communities across the state.

“Reports reaching us indicate that some persons are allegedly harbouring criminals. Intelligence reports also suggest that sophisticated weapons used in deadly attacks on citizens are allegedly sourced from communities.

“The governor is warning community leaders to maintain peace in their various communities and ensure that no unlicensed weapons are found in their possession, as they will be held liable and treated as criminals,” Idemudia said.

He, however, clarified that the 12 suspects arrested were not directly linked to the killing near the university gate.

According to him, the suspects were allegedly identified as members of different cult groups after security operatives reportedly discovered symbols, signs and other incriminating materials on them during the raids.

Idemudia added that the suspects had been handed over to the Anti-Cultism Unit of the Nigeria Police Force for profiling and further investigation.

Speaking on the properties sealed during the operation, he said one of the apartments was allegedly being used as a cult initiation centre.

He explained that operatives came under attack while attempting to arrest suspects at the location, forcing authorities to seal the premises and invite the property owner for questioning.

He added that another apartment raided allegedly contained shrines and fetish items scattered across several rooms, which investigators suspect were being used for initiation into different confraternities.

According to him, the owner of the property had also been invited for questioning by security agencies.

“The governor has warned those sponsoring cultism and violent killings in the state to desist immediately.

“Anyone found aiding criminality in Edo State will face the full weight of the law, as the state will no longer be conducive for criminal elements,” Idemudia added.

He also warned against unlawful gatherings, alleging that some cult groups were planning anniversary celebrations across the state.

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