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CBEX: Nigerians lose N1.3tn as digital trading platform crashes

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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.

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FG Moves to Sheild Pig Industry from Deadly Swine Fever

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The Federal Government has intensified efforts to protect Nigeria’s pig industry from the growing threat of African Swine Fever, a highly contagious livestock disease.

The Minister of Livestock Development, Idi Mukhtar Maiha, says the government is strengthening biosecurity measures, disease surveillance, and stakeholder collaboration to prevent the spread of the disease and safeguard livestock production nationwide.

Speaking during a technical presentation on the status of African Swine Fever in Nigeria, the Minister commended the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, for sharing lessons from a recent study visit to Denmark.

He said that the experiences gained from the visit would help Nigeria develop practical solutions to livestock health challenges and improve preparedness against disease outbreaks.

Maiha highlighted Denmark’s pig traceability and compensation system, where every pig is tracked from birth and farmers contribute to a dedicated fund that provides compensation during disease outbreaks.

According to him, such a model encourages early disease reporting, strengthens transparency, and could be adapted to support Nigeria’s livestock sector.

The Minister also pointed to Denmark’s strict biosecurity measures, including mandatory disinfection of vehicles transporting pigs and controls to prevent contact with wild animals.

He stressed that biosecurity should be viewed as an investment rather than a burden, noting that strict movement controls and farm access restrictions have proven effective in containing disease outbreaks.

To strengthen disease prevention, the Minister directed relevant departments to map livestock movement routes, identify major pig markets and commercial farms, improve animal traceability systems, and deepen collaboration with pig farmers, state governments, and development partners.

He also called for stronger surveillance systems, improved laboratory capacity, and greater investment in veterinary research.

In his remarks, the Chief Veterinary Officer of the Federation, Dr. Yakubu Yanet Ago, described African Swine Fever as a devastating viral disease with mortality rates of up to one hundred percent and revealed that outbreaks have been recorded in about twelve states.

He revealed that the Federal Government’s response focuses on improved surveillance, farmer education, and stronger biosecurity, while urging greater cooperation among all tiers of government, increased funding, and alignment with international disease control strategies to achieve long-term eradication of the disease.

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DisCos earn N801bn in four months despite persistent blackouts

In the NERC data, the DisCos billed customers N1.01tn between January and April but recovered N801.16bn, leaving about N207.77bn in uncollected revenue during the period.

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Data obtained from the Nigerian Electricity Regulatory Commission (NERC) showed that electricity distribution companies (DisCos) earned a total of N801.16 billion from consumers between January and April 2026.

This was despite persistent power outages and supply constraints across the country.

The commercial performance factsheets released by the regulator showed that the 11 DisCos collected N204.74bn in January, N196.68bn in February, N196.13bn in March and N203.61bn in April, bringing total revenue for the four-month period to N801.16bn.

The collections came even as households and businesses endured months of unstable electricity supply caused largely by gas shortages that crippled power generation and forced widespread load shedding, especially in February and March.

In the NERC data, the DisCos billed customers N1.01tn between January and April but recovered N801.16bn, leaving about N207.77bn in uncollected revenue during the period.

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BOI names Kuramo Capital Fund Manager for $170.6m iDICE

The iDICE Programme is jointly financed by the African Development Bank, Agence Française de Développement and Islamic Development Bank.

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The Bank of Industry (BOI) has appointed Kuramo Capital Management as the fund manager for the DICE Fund of Funds under the Federal Government’s Investment in Digital and Creative Enterprises (iDICE) Programme, in a move aimed at unlocking more capital for Nigeria’s technology and creative sectors.

The appointment, formalised at a contract signing ceremony in Abuja, marks a major milestone in the implementation of the iDICE Programme, which is designed to stimulate entrepreneurship, innovation, job creation and economic growth through targeted investments in high-growth enterprises.

The DICE Fund of Funds is expected to achieve a minimum capitalisation of $170.6 million, with the Federal Government providing an anchor investment of $85.3 million through the iDICE Programme.

Kuramo Capital has been tasked with raising an equivalent amount from private investors on a dollar-for-dollar basis, creating one of the largest government-backed venture capital initiatives in Africa.

The iDICE Programme is jointly financed by the African Development Bank, Agence Française de Développement and Islamic Development Bank.

It focuses on strengthening Nigeria’s digital economy and creative industries through skills development, access to finance and ecosystem support.

( DAILY TRUST)

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