Business
CBEX: Nigerians lose N1.3tn as digital trading platform crashes
Nigerians have taken to their various social media platforms to lament their losses after a digital asset trading platform, known as CBEX, allegedly swept over N1.3 trillion from investors’ accounts on Monday.
This comes as CBEX, operating without legal approval from the Nigeria Securities Commission, crashed on Monday after the money in their investors’ wallets vanished.
The digital platform also locked its Telegram channels and postponed withdrawals while offering investors the option of $2,000 for $200 verification and $1,000 for $100 verification.
The development has sparked condemnations from Nigerians on X.
Explaining the CBEX crash, cryptocurrency expert and security analyst Taiwo Owolabi said the total volume of stolen investors’ funds so far in USDT is $847 million and likely to increase.
Owolabi questioned why Nigerians would invest their money in a digital platform that is unregistered by the SEC with the promise of a 100 percent return on investment.
They designed the weak website to convince people in the future that it was a security breach that affected them.
Apparently, when you make payments, you pay them into a TRX account, and then, immediately, they move it from that TRX wallet, gather it, convert it to USDT, and then to ETH. So, when you are logging into your account, there is literally no money on your profile.
“What you see are just numbers. All the daily activities you do to ‘trade’ increase your money. All the AI trading is fake. When it’s time for withdrawal, they will send you another person’s money,” Owolabi explained on an X space.
Similarly, Steve Fred, a user on X, wrote on Tuesday:
“Are we not just fantastically stupid in Nigeria?
“Nigerians are as gullible as their leaders. How many times will they be scammed before they have sense?
“How can a company like ‘CBEX’ just appear from thin air and promise you 100 percent ROI in 1 month, and you begin to invest?”
Another user, known on X as Oku, reacting to the CBEX crash, said: “The smaller the profit, the more I TRUST YOU.
“You have no business doing a business that promises you 50 percent to 100 percent ROI.
”The development comes after the SEC recently warned Nigerians to stay clear of unregistered trading platforms.
The SEC particularly pointed out that, in accordance with the ISA 2025 recently signed by President Bola Tinubu, it is now an offense for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.
“By virtue of this act, it is an offense 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.
“Any business entity planning to set up a business in any of these areas is advised to visit the HOD DRM Department of the commission for further direction on how to register with the commission to avoid sanctions,” it added.
Business
NAFDAC Seals 18 Warehouses Over Expired Products in Niger State
According to NAFDAC, about 80,000 packets of expired non-alcoholic drinks, 5,000 packets of dairy milk, 16,000 packets of bottled water, 28 cartons of pasta and other assorted expired products were uncovered during the operation.
Photo: Expired beverages ; Credit: NAFDAC
The National Agency for Food and Drug Administration and Control (NAFDAC) has sealed no fewer than 18 warehouses in Bida, Niger State, following the discovery of large quantities of expired food and beverage products valued at over ₦100 million.
The warehouses, located around Ndazabo White House along Minna Road and behind Bida Modern Market, were shut after NAFDAC’s Investigation and Enforcement team acted on credible intelligence.
Items recovered during the raid included expired non-alcoholic beverages, dairy milk, candies, bottled water and pasta, some of which were already packaged for distribution.
According to NAFDAC, about 80,000 packets of expired non-alcoholic drinks, 5,000 packets of dairy milk, 16,000 packets of bottled water, 28 cartons of pasta and other assorted expired products were uncovered during the operation.
Managers of the affected warehouses were arrested for interrogation, during which preliminary findings linked the facilities to a company identified as BY Ventures.
This prompted NAFDAC officials to extend their operation to supermarkets owned by the company in Minna, where additional expired products and counterfeit Goya oil were allegedly found.
Both supermarkets were subsequently sealed, while the Managing Director of the company, Alhaji Yusuf Nadabo, was invited for further questioning.
The agency said that he admitted ownership of the expired products during interrogation.
NAFDAC stated that investigations are ongoing and that appropriate regulatory sanctions would be imposed at the conclusion of the process to serve as a deterrent to others.
Business
Wema Bank Announces Grand Event for International Women’s Day 2026 on March 4
Wema Bank, Nigeria’s oldest indigenous financial institution and pioneer of Africa’s first fully digital bank, ALAT, has announced it will host its highly anticipated 2026 International Women’s Day (IWD) Grand Event on Tuesday, March 4, 2026.
The event, described by the bank as the industry’s biggest celebration of its kind, aligns with the global IWD 2026 theme “Give To Gain.” Wema Bank has adopted the sub-theme “When Women Gain, We Grow,” emphasizing the transformative impact of supporting and investing in women across personal, professional, and societal levels.
According to Managing Director/CEO Moruf Oseni, the initiative underscores the bank’s long-standing commitment to women’s empowerment and gender inclusion, in line with United Nations Sustainable Development Goal 5.
Through its women-focused proposition, SARA by Wema (launched in 2019), the institution has consistently championed programs like SARA Gives and the Big Sister Graduation Challenge to uplift women at every stage.
The March 4 event is expected to feature keynote addresses, fireside chats, panel discussions, networking sessions, and opportunities to convene top women leaders from diverse industries alongside everyday women navigating their paths to success.
It aims to foster actionable conversations on empowerment, leadership, and collective growth.
Registration is now open via the official portal at wemabank.com/iwd, with the bank encouraging early participation to secure spots.
This announcement builds on Wema Bank’s history of impactful IWD celebrations and reinforces its dedication to promoting gender equality and women’s advancement in Nigeria and beyond.
Further details on the venue, speakers, and full agenda are expected to be released in the coming weeks.
Business
Dangote expands daughters’ roles as succession plan accelerates
Mariya Dangote, who joined the board of Dangote Cement last July following her father’s retirement as chairman, will now oversee commercial strategy for the cement business.
• Aliko Dangote and his daughters
Aliko Dangote, Africa’s richest man, has assigned expanded leadership roles to his three daughters as part of preparations for the future of his industrial conglomerate, which he aims to grow into a $100 billion business within the next four years.
According to Business Day, an internal memo confirmed by a company spokesperson, Halima, Fatima and Mariya Dangote will take on broader responsibilities across key divisions of the Dangote Group, signalling a deliberate shift towards the next generation.
Fatima Dangote, the youngest, will assume a senior commercial role within the group’s energy division, which includes its Lagos-based oil refinery.
She will continue to oversee corporate communications and administration for the wider group.
Halima Dangote, who currently manages the family office in Dubai, will extend her oversight to its London operations while supporting the company’s international expansion efforts.
Mariya Dangote, who joined the board of Dangote Cement last July following her father’s retirement as chairman, will now oversee commercial strategy for the cement business.
She will also take on responsibility for shaping strategy across the group’s food operations in all markets.
In the memo, the company said that the appointments were intended to “empower a new generation to take on expanded responsibilities in shaping our future.
”The changes mark a clear step in Dangote’s succession planning, transferring more operational authority to his daughters while he retains overall strategic control.
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