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.

• The Minister of Aviation and Aerospace Development, Festus Keyamo

The Federal Government of Nigeria and Trinidad and Tobago have signed a Bilateral Air Service Agreement (BASA) to boost trade, tourism, and air connectivity.

The Minister of Aviation and Aerospace Development, Festus Keyamo, and his counterpart, the Minister of Works and Transport, Rohan Sinanan, signed the agreement on behalf of both countries at the Piarco International Airport, Trinidad and Tobago.

The agreement, according to a statement by the Media Aide to the minister of Aviation and Aerospace Development, Tunde Moshood marks the official commencement of direct air links between both nations.

The agreement is the culmination of diplomatic and technical conversations that began during the administration of former President Olusegun Obasanjo.

Keyamo commented: “Today’s signing not only fulfills a long-standing bilateral vision initiated during President Obasanjo’s time but also represents our commitment to expanding Nigeria’s global aviation footprint.

This agreement will enhance trade, tourism, cultural exchange, and connectivity between Nigeria and the Caribbean region.

”The agreement grants designated airlines from both countries the rights to operate passenger and cargo flights, establish commercial agreements, and access the other’s territory under agreed terms.

It is expected to strengthen economic and people-to-people ties.Sinanan expressed optimism about the potential of the agreement to boost cooperation and expand aviation opportunities for Caribbean and African carriers.

The agreement adds to Nigeria’s growing list of strategic international aviation agreements and reinforces President Bola Tinubu’s administration’s commitment to improving air connectivity, promoting regional integration, and strengthening diplomatic relations through aviation diplomacy.

The Federal Government has launched Prism Foods Limited N10 billion state-of-the-art onion storage facility in Kano State.

The Minister of State for Industry and Investment, Sen. John Owan Enoh, commissioned the 10,000-tonne storage capacity, on Monday at Gadar Tamburawa in Dawakin Kudu Local Government Area of the state.

He said that the federal government would provide all the needed support for initiating modern innovation to address post-harvest losses among farmers across the country, especially in the northern part.

“By providing a reliable storage solution for onions and other perishable commodities, the facility will play a vital role in effective service delivery, supporting the nation’s agricultural development.

“This initiative aligns with President Tinubu’s agenda to curb post-harvest losses, potentially increasing farmers’ income and creating more job opportunities for youths,” the minister said.

He commended Prism Foods Limited for investing heavily in a solution to post-harvest losses, saying it would enhance food security and encourage entrepreneurship, ultimately boosting the nation’s economy.

The Kano State Governor, Abba Yusuf, represented by the State Commissioner for Commerce, Alhaji Shehu Wada Sagagi, commended Prism Foods Limited for establishing such a huge investment in Kano.

Yusuf noted that the state government is committed to providing all the needed support to ensure that agricultural produce is enhanced.

The Chief Executive Officer (CEO) of Prism Foods Ltd., Mr. Aman Gupta, said the massive post-harvest losses faced by onion farmers prompted the establishment of the facility.Alhaji Aliyu Maitasamu, Chairman of the National Onion Producers, Processors, and Marketers Association of Nigeria, said the facility would significantly reduce post-harvest losses of onions and other perishable commodities.