Category Nigeria News

The Economic and Financial Crimes Commission (EFCC) says it has launched an investigation, in collaboration with the International Criminal Police Organisation (Interpol) and other international partners, into the alleged fraud perpetrated by a digital investment platform, CryptoBank Exchange (CBEX).

CBEX, which crashed on Monday, reportedly led to the loss of ₦1.3 trillion belonging to Nigerian investors, even as several videos online showed some Nigerians raising the alarm over the loss of their funds to the scheme.

Making an appearance on Wednesday’s edition of Channels Television’s breakfast programme, The Morning Brief, the EFCC spokesperson, Dele Oyewale, said the agency had received calls from different quarters over the incident and was already tracking the digital trading platform.

“Concerning this CBEX thing, we’re on it, it’s not that we didn’t know, and you know we’ve been alerting Nigerians about ways and means to separate themselves from this type of shenanigans. So, before the calls came, we were working, while the calls were coming, we were working, and even after the calls, we’re still working.

” I can assure you that all of the profiling we need to do, contacts that we need to make, and some collaborative engagement that we need to make, we’re already doing that. We’re in contact with Interpol. We’re in contact with our development partners. “

READ ALSO: N1.3trn CBEX Probe: We Warned Nigerians Against Ponzi Schemes – EFCC

‘ Not Beaten ‘

Oyewale stated that the anti-graft agency was not caught off guard by the scheme.

” Expectedly, we’re receiving quite a number of calls from Nigerians from all walks of life, from the media, from some of the victims, and from those who are not yet victims and who would want to be properly educated about what can be done to avert this kind of thing.

“Of course, we have been working, we’re not beaten by what happened. Our dragnet is wide, our intelligence is very effective. We’re tracking that digital trading platform. We profiled quite a number of things concerning the platform”.

Investment and Security Act&nbsp,

He explained further that the Investment and Security Act (ISA) 2025 was a very important, well-conceived and responsive Act of the government aimed at checking illegal investment schemes.

READ ALSO: Court Jails Businessman For Rejecting Naira As Legal Tender

He claimed that any form of exchange or business activity that does not comply with the provisions of the Act constitute criminal activity if it is not licensed and authorized to do so.

Because we are aware that if you engage in some kind of engagement and you are not licensed or in compliance with existing laws, we are able to work as a commission because we know that with ISA 2025. We’ll take appropriate action and prosecute those responsible.

As may be expected, I believe Nigerians also need to be very vigilant because there are many facets to this Ponzi scheme issue, and that we are strengthening it through the ISA.

Before making any investment or business engagement, it is necessary to critically examine some fundamental indices. For instance, he argued that the returns on investment that all of these Ponzi schemes are parading are “unrealistic” and incompatible with our laws and the country’s current system.

‘ 100% ROI Not Possible ‘

Oyewale continued, “We know that every business concern requires you to report your profit either quarterly, annually, or bi-annually, but if someone says, “Bring your money, I’m going to give you a return in 30 days,” that is not realistic, because it’s just not pragmatic.

Or, “We’re going to give you a 100% return on investment,” as some people claim, “Or that’s not possible, even we know that Nigeria’s current interest rate is 27.5. “

Therefore, he cautioned Nigerians against investing in a company without considering the laws that apply to it.

The key is that Nigerians shouldn’t be falling victim to this kind of arrangement when we have a lot of enlightenment programs going on, but that is what matters.

The Lagos High Court sitting in Ikeja has declared the removal of the re-instated Speaker of the State House of Assembly, Mudashiru Obasa, as illegal, unconstitutional, null and void.

In a judgment delivered on Wednesday, the court also nullified the proceedings and resolutions of the House held on January 13, 2025, during which Obasa was ousted.

READ ALSO: Count Us Out Of Merger, Coalition — PDP Govs

Trial judge, Justice Yetunde Pinheiro also awarded N500,000 as damages for the unlawful and illegal removal of Hon. Obasa and for the psychological embarrassment he suffered as a result of the illegal removal.

Obasa had filed a suit against the House of Assembly and the newly appointed Speaker at the time, Mojisola Meranda, to challenge the legality of his removal.

In the suit, filed on February 12, 2025, by his counsel, Senior Advocate of Nigeria, Afolabi Fashanu, Obasa argued that his removal by 36 lawmakers occurred while the Assembly was on recess and while he was out of the country.

He urged the court to declare the process unlawful, arguing that the sitting was invalid as it was held without the Speaker’s authority or any formal delegation of power.

In a judgment which lasted about three hours, Justice Pinheiro first dismissed the preliminary objections challenging the competence of the suit. The court held that non-compliance with pre-action notices does not make the suit inactive.

On the objection that the court does not have the jurisdiction to review the proceedings of the State House of Assembly, the judge held that, “ a court of law can intervene where the provisions of the constitution have not been met during any proceedings of the house of assembly”.

Citing the cases of Usman v Kaduna State House of Assembly, Agbaso Vs Imo State, and Rivers State House of Assembly Vs Government of Rivers State, the judge further held that in cases where there is a lacuna in the provisions of the constitution, the court can intervene.

The court noted that in deserving instances it has  also intervened when the house rules have not been properly followed and where fair hearing has not been ensured.

In the present case, the court agreed with the claimant, Hon. Obasa, that the facts of the case are questions that the court can adjudicate upon.

The judge noted that the issues in question has to do with the constitutionality of the procedure of the Lagos House of Assembly on the day the claimant was removed, and especially if due process was  followed.

Relying on the rules of the House of Assembly, the court took view that no person other than the leaders of the House have the capacity to write to the Speaker to convene a Meeting of the assembly, and the chief whip is not a leader.

The court also stated that by the rules of the Lagos State House of Assembly, there exists a hierarchy under Order 7.

Rule 30 of the Rules which relates to the authority of the chief whip also does not confer on him such authority.

The court held that every step taken towards reconvening the meeting of the house after it had adjourned indefinitely cannot stand and it is inconsequential that majority of members voted for the meeting.

The Lagos High Court sitting in Ikeja has declared the removal of the re-instated Speaker of the State House of Assembly, Mudashiru Obasa, as illegal, unconstitutional, null and void.

In a judgment delivered on Wednesday, the court also nullified the proceedings and resolutions of the House held on January 13, 2025, during which Obasa was ousted.

READ ALSO: Count Us Out Of Merger, Coalition — PDP Govs

Trial judge, Justice Yetunde Pinheiro also awarded N500,000 as damages for the unlawful and illegal removal of Hon. Obasa and for the psychological embarrassment he suffered as a result of the illegal removal.

Obasa had filed a suit against the House of Assembly and the newly appointed Speaker at the time, Mojisola Meranda, to challenge the legality of his removal.

In the suit, filed on February 12, 2025, by his counsel, Senior Advocate of Nigeria, Afolabi Fashanu, Obasa argued that his removal by 36 lawmakers occurred while the Assembly was on recess and while he was out of the country.

He urged the court to declare the process unlawful, arguing that the sitting was invalid as it was held without the Speaker’s authority or any formal delegation of power.

In a judgment which lasted about three hours, Justice Pinheiro first dismissed the preliminary objections challenging the competence of the suit. The court held that non-compliance with pre-action notices does not make the suit inactive.

On the objection that the court does not have the jurisdiction to review the proceedings of the State House of Assembly, the judge held that, “ a court of law can intervene where the provisions of the constitution have not been met during any proceedings of the house of assembly”.

Citing the cases of Usman v Kaduna State House of Assembly, Agbaso Vs Imo State, and Rivers State House of Assembly Vs Government of Rivers State, the judge further held that in cases where there is a lacuna in the provisions of the constitution, the court can intervene.

The court noted that in deserving instances it has  also intervened when the house rules have not been properly followed and where fair hearing has not been ensured.

In the present case, the court agreed with the claimant, Hon. Obasa, that the facts of the case are questions that the court can adjudicate upon.

The judge noted that the issues in question has to do with the constitutionality of the procedure of the Lagos House of Assembly on the day the claimant was removed, and especially if due process was  followed.

Relying on the rules of the House of Assembly, the court took view that no person other than the leaders of the House have the capacity to write to the Speaker to convene a Meeting of the assembly, and the chief whip is not a leader.

The court also stated that by the rules of the Lagos State House of Assembly, there exists a hierarchy under Order 7.

Rule 30 of the Rules which relates to the authority of the chief whip also does not confer on him such authority.

The court held that every step taken towards reconvening the meeting of the house after it had adjourned indefinitely cannot stand and it is inconsequential that majority of members voted for the meeting.

The Lagos High Court sitting in Ikeja has declared the removal of the re-instated Speaker of the State House of Assembly, Mudashiru Obasa, as illegal, unconstitutional, null and void.

In a judgment delivered on Wednesday, the court also nullified the proceedings and resolutions of the House held on January 13, 2025, during which Obasa was ousted.

READ ALSO: Count Us Out Of Merger, Coalition — PDP Govs

Trial judge, Justice Yetunde Pinheiro also awarded N500,000 as damages for the unlawful and illegal removal of Hon. Obasa and for the psychological embarrassment he suffered as a result of the illegal removal.

Obasa had filed a suit against the House of Assembly and the newly appointed Speaker at the time, Mojisola Meranda, to challenge the legality of his removal.

In the suit, filed on February 12, 2025, by his counsel, Senior Advocate of Nigeria, Afolabi Fashanu, Obasa argued that his removal by 36 lawmakers occurred while the Assembly was on recess and while he was out of the country.

He urged the court to declare the process unlawful, arguing that the sitting was invalid as it was held without the Speaker’s authority or any formal delegation of power.

In a judgment which lasted about three hours, Justice Pinheiro first dismissed the preliminary objections challenging the competence of the suit. The court held that non-compliance with pre-action notices does not make the suit inactive.

On the objection that the court does not have the jurisdiction to review the proceedings of the State House of Assembly, the judge held that, “ a court of law can intervene where the provisions of the constitution have not been met during any proceedings of the house of assembly”.

Citing the cases of Usman v Kaduna State House of Assembly, Agbaso Vs Imo State, and Rivers State House of Assembly Vs Government of Rivers State, the judge further held that in cases where there is a lacuna in the provisions of the constitution, the court can intervene.

The court noted that in deserving instances it has  also intervened when the house rules have not been properly followed and where fair hearing has not been ensured.

In the present case, the court agreed with the claimant, Hon. Obasa, that the facts of the case are questions that the court can adjudicate upon.

The judge noted that the issues in question has to do with the constitutionality of the procedure of the Lagos House of Assembly on the day the claimant was removed, and especially if due process was  followed.

Relying on the rules of the House of Assembly, the court took view that no person other than the leaders of the House have the capacity to write to the Speaker to convene a Meeting of the assembly, and the chief whip is not a leader.

The court also stated that by the rules of the Lagos State House of Assembly, there exists a hierarchy under Order 7.

Rule 30 of the Rules which relates to the authority of the chief whip also does not confer on him such authority.

The court held that every step taken towards reconvening the meeting of the house after it had adjourned indefinitely cannot stand and it is inconsequential that majority of members voted for the meeting.

The National Information Technology Development Agency (NITDA) has signed a Memorandum of Understanding (MoU) with SecDojo, a France-based cybersecurity training and upskilling company, the agreement is to build cybersecurity resilience in Nigeria, and establish a Cybersecurity Academy.

This agreement was finalized on the sidelines of GITEX Africa 2025 in Marrakech, Morocco.

According to the agency, the focus of the MoU is to strengthen national resilience against cyber threats through targeted capacity building initiatives.

This strategic collaboration is designed to drive a multi-faceted approach to cybersecurity awareness, with emphasis on developing comprehensive skill-building frameworks, promoting cyber hygiene, and expanding access to digital tools and infrastructure nationwide which aligns with the redefined priority areas of President Bola Ahmed Tinubu’s Renewed Hope Agenda to strengthen national security for peace and prosperity.

The partnership will also facilitate training programmes, workshops, and certifications aimed at equipping both public and private sector stakeholders with the necessary skills to detect, prevent, and respond to cyber threats effectively.

The National Information Technology Development Agency (NITDA) has signed a Memorandum of Understanding (MoU) with SecDojo, a France-based cybersecurity training and upskilling company, the agreement is to build cybersecurity resilience in Nigeria, and establish a Cybersecurity Academy.

This agreement was finalized on the sidelines of GITEX Africa 2025 in Marrakech, Morocco.

According to the agency, the focus of the MoU is to strengthen national resilience against cyber threats through targeted capacity building initiatives.

This strategic collaboration is designed to drive a multi-faceted approach to cybersecurity awareness, with emphasis on developing comprehensive skill-building frameworks, promoting cyber hygiene, and expanding access to digital tools and infrastructure nationwide which aligns with the redefined priority areas of President Bola Ahmed Tinubu’s Renewed Hope Agenda to strengthen national security for peace and prosperity.

The partnership will also facilitate training programmes, workshops, and certifications aimed at equipping both public and private sector stakeholders with the necessary skills to detect, prevent, and respond to cyber threats effectively.