Author

Folarin Kehinde

Business

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

by Folarin Kehinde
written by Folarin Kehinde

Nigerians took 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.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

2027: PDP govs reject Atiku-led opposition coalition

by Folarin Kehinde
written by Folarin Kehinde

The Peoples Democratic Party, PDP, Governors Forum, have distanced itself from a coalition of opposition politicians.

The Forum under the leadership of the Bauchi State governor, Bala Mohammed, said it won’t join any alliance ahead of the 2027 presidential election.

It disclosed this during a meeting in Ibadan, the Oyo State capital on Monday.

The Forum also heightened the crisis over the authentic national secretary of the party by backing the Deputy National Secretary, Setonji Koshoedo, as Acting National Secretary.

Recall that PDP’s former presidential candidate, Atiku Abubakar had announced the birth of an opposition alliance.

The coalition is believed to include former Labour Party presidential candidate, Peter Obi and ex-Kaduna State governor, Nasir El-Rufai, among other politicians.

Atiku had said the coalition is aimed at removing President Bola Tinubu in 2027.

The announcement of the coalition came after El-Rufai defected from the All Progressives Congress to the Social Democratic Party, SDP.

El-Rufai had accused the APC of lack of internal democracy since Tinubu assumed power.

However, former presidential candidate of the Social Democratic Party, Adewale Adebayo, had said Atiku and Obi were in talks to join the SDP.

He said if Atiku, Obi and other prominent politicians willing to join SDP can stick to the party’s culture, they would defeat and retire Tinubu and the APC.

Meanwhile, a chieftain of the New Nigeria Peoples Party, NNPP, Buba Galadima said El-Rufai was Atiku’s placeholder in the SDP should the PDP deny him its presidential ticket.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

Bandits returns after NSA’s visit to Plateau, Killed 40 in fresh attack

by Folarin Kehinde
written by Folarin Kehinde

Days after the visit of the National Security Adviser, Nuhu Ribadu to Plateau State, Forty persons have been killed in another attack by assailants on Zike community, Kimakpa in the Kwall district of Bassa Local Government Area of Plateau State.

According to a Kwall community leader, Wakili Tongwe, the attackers invaded the village in the early hours of Monday and shot sporadically at residents who were scampering for safety after hearing gunshots.

The community leader told Channels Television on the phone that a team of vigilantes, including himself and some security personnel, were on patrol in another community when the attackers invaded the village and started shooting.

Though the security personnel engaged the invaders and succeeded in repelling the attackers, the damage had been done, with about thirty-six persons shot dead and four others dying later.

Some other residents sustained gunshot wounds and are receiving medical attention at the hospital.

Security agencies in the state are yet to comment on the attack, which is coming less than two weeks after fifty-two persons were killed in some communities of the Bokkos Local Government Area of the North-Central state.

Plateau State has, for several decades, been a hotbed of killings, with gunmen sacking entire communities. Experts blame the fight for resources between farmers and herders as a major cause of the attacks.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

2027: Edo Governor, Okpebholo begins Tinubu re-election campaign

by Folarin Kehinde
written by Folarin Kehinde

Edo State Governor Monday Okpebholo said this yesterday while kick-starting President Tinubu’s 2027 re-election campaign in the state.

Another member of the main opposition Peoples Democratic Party (PDP) in the 24-member House of Assembly, Kaycee Osamwonyi, the representative of Uhunmwonde Constituency, who is a member of House Committee on Budget and Appropriation, yesterday defected to the All Progressives Congress (APC).

With Osamwonyi’s defection, APC now has 14 members, while PDP is left with 10 members in the House of Assembly.

Okpebholo spoke at the Government House, Benin, when he received the defecting lawmaker (Osamwonyi), who was earlier received into the APC by the state Chairman of the party, Jarrett Tenebe, who later presented him to the governor.

Okpebholo hailed Osamwonyi and his colleagues, who decided to join APC. He assured them that his administration would create a conducive atmosphere for all of them to operate and collaborate to develop Edo.

The governor said his administration had embarked on developmental strides to transform all sectors of Edo economy, thereby making life better for residents.

He said: “We congratulate you (Osamwonyi) on your returning home. Your coming is a plus for the party (APC), as we have five of you who have joined. You have made our party stronger.

“A lot of people from other parties are ready to join our party, and soon there will be a carnival. I seek your help to drive development, and together, we will develop Edo State, and make life better for our people.

“Uhunmwonde Local Government is very special to me, and together we can develop the area and open it for growth and development.

Edo chairman of APC, presenting Osamwonyi to Okpebholo, said: ‘’APC is now in full control of the House of Assembly, in view of having the majority of the lawmakers.’’

Tenebe said: “Osamwonyi joined the party (APC), following the developmental strides your (Okpebholo’s) administration has achieved in the few months you have led Edo State.”

Osamwonyi said his decision to join APC was as a result of the disunity in the PDP from the national to unit level, as well as the achievements of Okpebholo in a very short time in office.

He said: “The division in my party, the PDP, made me to join the APC. For me, it is a homecoming, as I was once in the APC. Your (Okpebholo’s) developmental strides attracted me back home, as I want the best for my people.

“The many projects captured in the budget for Uhunmwonde people are impressive. I have no choice but to join the party (APC), for the development of my people.”

Edo Chairman of PDP, Dr. Tony Aziegbemi, however, declared that Okpebholo was overwhelmed by insecurity across the state’s 18 local governments.

He hoped the party’s governorship candidate during the September 21, 2024 election, Dr. Asue Ighodalo, would emerge victorious at the Court of Appeal, having lost at the Election Petitions Tribunal in Abuja, to ensure good governance.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

2027: Road Transport Union Workers, others plan initiative for Tinubu’s re-election

by Folarin Kehinde
written by Folarin Kehinde

The National Union of Road Transport Workers, Musiliu Akinsanya, popularly known as MC Oluomo, and other influential youth leaders are set to launch a new socio-political group called Team Nigeria Project to support President Bola Tinubu’s re-election bid in the 2027 general election.

The group aims to increase citizens’ involvement in governance across the country.

The Director General of the group, Olamilekan Pedro, disclosed this to newsmen in Lagos on Wednesday.

Pedro, the organisation will focus on mobilizing support for Tinubu’s continued leadership.

Pedro said, “Under President Bola Tinubu’s leadership, since 2023, Nigeria has seen an economic turnaround.

“Tough but necessary decisions, like removing the fuel subsidy, have brought about positive changes. Today, our IGR is growing, and states are receiving more funds from the federal government for development.

“The Naira is stabilizing, local refineries are operating, and small businesses are thriving thanks to better infrastructure like roads and power. Investments in agriculture have boosted food security, and we no longer rely on food imports. Nigeria’s highways are in great shape, and insecurity has significantly reduced, allowing citizens to live in peace.”

Pedro emphasised that the Team Nigeria Project believes a government that has achieved so much deserves to be rewarded with another term.

He also mentioned that several directorates have been set up to mobilize Nigerians, especially women and youth, to support President Tinubu’s 2027 re-election.

The formal launch of TNP will take place next month in Abuja, with top officials from the ruling All Progressives Congress expected to attend.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

FG bans Eedris Abdulkareem’s protest song for singing against Tinubu’s Government

by Folarin Kehinde
written by Folarin Kehinde

The National Broadcasting Commission has barred Nigerian radio and television stations from airing the trending song “Tell Your Papa” by veteran rapper, Eedris Abdulkareem, citing its “objectionable nature.”

In a memo dated April 9, 2025 and issued by the Coordinating Director of Broadcast Monitoring, Susan Obi, the commission declared the track Not To Be Broadcast (NTBB) under Section 3.1.8 of the Nigeria Broadcasting Code.

This section prohibits content deemed inappropriate, offensive, or in breach of public decency from being aired on Nigerian broadcast platforms.

According to the NBC, while the song has gained momentum across social media platforms, its lyrical content fails to meet the standards of responsible broadcasting.

The statement titled, “Restriction on boradcasting ‘Tell Your Papa’ by Eedris Abdulkareem,’ read, “The National Broadcasting Commission has identified the song ‘Tell Your Papa’ by Eedris Abdulkareem, currently trending on social media, as content deemed inappropriate for broadcast due to its objectionable nature.

NBC Bans Eedris Abdulkareem’s “Tell Your Papa” From Airwaves
” It is therefore classified as Not To Be Broadcast (NTBB), as it violates Section 3.1.8 of the Nigeria Broadcasting Code.

“The commission requests that your station exercises discretion and refrains from airing this song to maintain responsible broadcasting standards.

“Your cooperation and commitment to upholding greatly appreciated. Thank you, Susan Obi -Coordinating Director, Broadcast Monitoring.”

The controversial song, released earlier this week, targets Seyi Tinubu, son of President Bola Tinubu, calling on him to confront his father over the worsening socio-economic conditions in Nigeria.

In the track titled “Tell Your Papa,” which was shared on X (formerly Twitter) on Sunday, Abdulkareem delivered a blunt message, painting a grim picture of the hardships facing everyday Nigerians.

In the track titled “Tell Your Papa,” which was shared on X (formerly Twitter) on Sunday, Abdulkareem delivered a blunt message, painting a grim picture of the hardships facing everyday Nigerians.

The song comes in response to Seyi Tinubu’s recent comments in Adamawa State, where he described his father as “the greatest president in Nigeria’s history.”

In the hard-hitting lyrics, Abdulkareem raps, “Seyi, tell your papa country hard. Tell your papa people dey die. Tell your papa this one don pass jagajaga.”

“Seyi, how far? I swear your papa no try. Too much empty promises. On behalf of Nigerians, take our message to him; kidnappers dey kill Nigerians.

“Seyi, try travel by road without your security make you feel the pains of fellow Nigerians. You dey fly private jets, insecurity no be your problem,” he sings.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Headlines

BREAKING: Nigerian Railway Corporation suspends warri-Itakpe train service

by Folarin Kehinde
written by Folarin Kehinde

The Nigerian Railway Corporation has temporarily suspended Warri-itakpe train service.

This was disclosed in a statement shared by Managing Director of the company, Kayode Opeifa, on his X account Thursday.

The suspension will last for 72 hours.

The statement blamed the suspension on technical engine failure encountered on Tuesday, 9 April 2025.

“In view of the situation, the NRC has suspended operations on the Warri-Itakpe route for 72 hours. This pause will allow our technical team to conduct a full audit, resolve all identified issues, and restore safe and reliable service,” the statement signed by Henrietta Eregare, NRC’s public relations, reads in part.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Business

NERC fines 8 DisCos over N628 million for overbilling customers

by Folarin Kehinde
written by Folarin Kehinde

THE Nigerian Electricity Regulatory Commission (NERC) said it has placed over N628 million fine on eight electricity distribution companies (DisCos) for failing to comply with monthly energy caps for unmetered customers between July and September 2024.

The apex regulator disclosed this in a statement on Thursday, April 10.

It said the affected DisCos include Abuja, Eko, Enugu, Ikeja, Jos, Kaduna, Kano, and Yola and were required to issue credit adjustments to affected customers by May 15, 2025.

The NERC said it acted under section 34(1)(d) of the Electricity Act 2023 which underscores its unwavering commitment to regulatory compliance and consumer protection within the Nigerian Electricity Supply Industry.

“The public may recall that in 2020, the Commission issued the Order on capping of Estimated Bills and subsequently issued monthly energy caps which aimed to align the estimated bills for unmetered customers with the measured consumption of metered customers on the same supply feeder. A review of Discos’ billing of unmetered customers for July-September 2024 revealed non-compliance with the monthly energy caps issued by the Commission.

“The non-compliant DisCos have been sanctioned to pay fines amounting to N628,031,583.94, which is equivalent to 5% of the naira value of the gross overbilling for the period under review. The Commission has also mandated the DisCos to issue commensurate credit adjustments to all customers affected by the overbilling by 15th May 2025 – the end of the April 2025 billing cycle,” NERC explained.

The ICIR reported in January this year that NERC revealed approximately 53.85 per cent of registered electricity customers across Nigeria remain unmetered.

It said 6,156,726, representing 46.15 per cent of 13,339,635 registered electricity customers, had been metered as of September 30, 2024, meaning that 7,182,909, representing 53.85 per cent, were unmetered electricity customers across the country.

In February 2024, The ICIR also reported that following the non-compliance of the 11 DisCos to cap estimated billing for unmetered customers in the country, NERC slammed N10.51 billion fines on them.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Tinubu
Headlines

‘We are sorry’ – Presidency apologises over errors in federal appointments list

by Folarin Kehinde
written by Folarin Kehinde

The Presidency has tendered an apology for the errors in the list of appointments released to counter the narrative about President Bola Tinubu’s alleged lopsided appointments.

LEADING REPORTERS reports that the president’s appointments have been a topic of conversation lately, as opposition politicians accuse him of favoring his tribesmen and women over Nigerians from other ethnic groups.

Senator Ali Ndume, an APC lawmaker representing Borno South, in a recent interview with Arise Television, accused the President of violating the federal character principle in his appointments.

Ndume said he decided to call the president’s attention to his ‘lopsided appointments’ because, as a lawmaker, he has the right to criticize the President, even though they belong to the same party.

Countering the allegation, the presidency released a list of President Tinubu’s appointees and their geopolitical zones.

The list showed that the President had appointed 29 people from the South West, his home region, 35 from the North West, 22 from the South-South, 16 from the South East, 25 from North Central, and 24 from the North East.

However, the President’s critics have pointed out that the list was not comprehensive, as the name of a major appointee from the President’s home region was missing.

The omission of the President’s Chief of Staff, Femi Gbajabiamila, from the list further strengthened the regional imbalance narrative against President Tinubu’s administration, as the list clearly showed that the South East is highly underrepresented in his government.

As the document triggered debate on social media, the Special Adviser, Media & Public Communication/Spokesperson to the President, Sunday Dare, has apologized for the errors in the list.

We have noticed a number of errors in the list of appointments tweeted. We are sorry. We will provide an updated list later. Thank you,” Dare appealed to Nigerians on X.

However, Dare did not explain why Gbajabiamila’s name was omitted from the list.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Police
Headlines

DETAILS: How Police inspector slumps, dies after Arsenal defeat Real Madrid

by Folarin Kehinde
written by Folarin Kehinde

An Inspector of Police, Stephen Enang, slumped and died shortly after watching Arsenal’s emphatic 3–0 win over Spanish giants Real Madrid on Tuesday night in Calabar.

The late Enang, a native of Ekori in Yakurr Local Government Area of Cross River State, was attached to the Akim Police Division along IBB Way.

Known among friends for his soft-spoken nature and deep passion for Arsenal, Enang was said to be in high spirits throughout the game.

According to a close friend, who spoke on condition of anonymity, Enang had been elated during the match, celebrating each Arsenal goal with great excitement at a viewing centre on Abang-Asang Street.

“He was in great spirits—healthy, happy, cheering every goal. Arsenal scored the first, second, and third goals, and he was overjoyed,” the witness recalled.

“But after the final whistle, when everyone started leaving, we noticed Stephen wasn’t getting up like the rest of us. That’s when we realised something was wrong.”

He had slumped on the seat and was unresponsive. Despite being rushed to the Police Hospital in Akim, efforts to revive him were unsuccessful and he was later pronounced dead.

“He was soft-spoken, football-loving, and an ardent Arsenal supporter. This came as a huge shock to all of us,” his friend added.

As of the time of filing this report, attempts to reach the Cross River State Police Public Relations Officer, SP Irene Ugbo, for an official comment were unsuccessful, as calls and messages went unanswered.

0 comments
0 FacebookTwitterPinterestThreadsBlueskyEmail
Newer Posts
Older Posts