How CBEX Promoters Used EFCC, CAC Certificates To Deceive 600,000 Investors -

Eniola Ajose 

More details have emerged on how promoters of the fraudulent Ponzi scheme, Crypto Bridge Exchange, aka CBEX, convinced hundreds of thousands of investors to put money into the trading platform

How CBEX Promoters Used EFCC, CAC Certificates To Deceive 600,000 Investors -

CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.3tn after it collapsed on Monday.

Findings by Saturday PUNCH revealed that the promoters of the platform operated under a company registered as ST Technologies International Limited.

ST Technologies was registered with the Corporate Affairs Commission on September 25, 2024, and the Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering on January 16, 2025.

Copies of the certificates were obtained by our correspondents.

One of the documents was titled, ‘Certificate of Increase in Issued Share Capital of ST Technologies International Limited Company Registration No. 7955973.’

It read, “The Registrar-General of the Corporate Affairs Commission hereby certifies that pursuant to the resolution and notice of increase in share capital dated 4th December 2024, and presented for filing on 5th December 2024, in respect of the above-named company, the increase in share capital from N1,000,000 to N201,000,000—by the creation of 200,000,000 ordinary shares of N1 each and preference shares of N0 each—has been registered with the commission. Given under my hand at Abuja this 17th day of December 2024.”

Similarly, the EFCC’s certificate of January 16, 2025, stated, “ST Technologies International Limited has been duly registered in accordance with the provisions of Section 17(2)(a) of the Money Laundering (Prevention and Prohibition) Act 2022, and any other applicable law or regulation.”

Some of the victims, who spoke to Saturday PUNCH, said the registration certificates gave them confidence that the scheme was authentic.

“They were also doing charity, hospital outreach, paying hospital bills… it was a coordinated approach,” an investor who asked not to be identified said.

A check on the CAC’s website confirmed that the company remained active, though Saturday PUNCH could not access the names of its board of directors.

Open-source intelligence platforms such as NgCheck, B2BHint, and Finelib did not display the company’s address, board members, and other critical information.

A video clip from a Nigerian television station, ITV, identified one Adefowora Abiodun as the leader of ST Technologies International Limited, while another official, Oluwanisola Adefowora, was introduced as the company’s representative in Nigeria.

In the footage, the duo encouraged Nigerians to invest in the scheme and invite others to join, claiming it would help improve their standard of living.

“With the help of ST, you will not lose money. All you need to do is just to follow the order. They give advice; go in that direction. They are a group of analysts based in the United Kingdom,” Adefowora said.

The video was recorded on February 10, 2025 during the inauguration of the firm’s Abuja office attended by a crowd.

The Telegram groups

Findings by Saturday PUNCH showed that promoters of the scheme maintained different Telegram groups for users.

Our correspondents had access to three.

The first group, ‘ST Customer Support,’ had 144,460 members.

The other group, ‘Newcomer Advance Group,’ had 58,186, while the third platform, ‘ST Signal Group IV,’ had 87,864 members as of the first day of the crash.

However, all the Telegram accounts were locked following the crash of the platform on Monday.

Saturday PUNCH observed that the administrators of the groups used mostly UK mobile numbers with animated pictures for their profiles. They did not use their real photos.

Zenith Bank Dismisses Report on GMD's Arrest, Says Onyeagwu on Duty

AgegePulse Magazine 

Zenith Bank Dismisses Report on GMD's Arrest, Says Onyeagwu on Duty

Zenith Bank PLC, one of Nigeria's leading financial institutions, has dismissed as entirely untrue reports on the purported arrest of its Group Managing Director, Dr. Ebenezer Onyeagwu, in a section of the media.

The reports had claimed Dr 

Onyeagwu was arrested by the EFCC in connection with alleged fraud at the Ministry of Humanitarian Affairs. 

The foremost lender however clarified that the GMD was neither arrested nor detained by the EFCC or any other anti-graft agency, adding that he is currently fulfilling his duties and responsibilities as the Group Managing Director of Zenith Bank Plc.

This was contained in a statement issued by the bank in Lagos on Wednesday and signed by Rich El O. Otu, its Company Secretary/General Counsel.

The statement added that the bank will continue to maintain the highest standards of integrity, accountability, and transparency and remains committed to providing exceptional banking and financial services to customers. 

"We have become aware of inaccurate reports circulating on social media and certain news outlets alleging that Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, was arrested and held by the EFCC on January 9, 2024, in connection with an alleged fraud at the Federal Ministry of Humanitarian Affairs and Poverty Alleviation.

"We wish to clarify that these reports are entirely false. The Group Managing Director was not arrested or detained by the EFCC or any other anti-graft agency and is currently fulfilling his duties at the bank.

"We are issuing this public statement to dispel the misinformation and ensure that the public and our stakeholdârs are accurately informed.

"Zenith Bank remains dedicated to upholding the highest standards of banking and financial services," the statement read.

Former RRS Commander, DCP Tunji Disu To Replace Abba Kyari As Police IRT Boss | AgegePulse Magazine

By Ayodele Ifasakin

DCP, Tunji Disu

The Inspector-General of Police, IGP Usman Alkali Baba, psc (+), NPM, fdc has today, 2nd August, 2021 approved the posting of DCP Tunji Disu as the new Head of the Police Intelligence Response Team (IRT). The posting of the officer is on the heels of Management’s decision to fill the leadership gap within the IRT and refocus the Unit for better service delivery. 

The IGP has charged the new Head of the IRT to demonstrate his professional competence in his leadership of the Unit. He also assured citizens that the IRT will remain focused in the discharge of its duties in line with national statutes and international best practices.  

3. Prior to his appointment as the new Head of the IRT, DCP Tunji Disu, a former Commander of the Rapid Response Squad (RRS) Lagos State, was the Deputy Commissioner of Police, Department of Operations, Force Headquarters, Abuja. He had also previously served at the State CID, Rivers State as the Deputy Head of the Unit. He was also a former Commander of the Nigeria Police Contingent to the African Union (AU) Peace Keeping Mission in Dafur, Sudan.

4. DCP Disu holds a Bachelor of Arts degree in English from the Lagos State University (LASU) and a Masters Degree in Public Administration from the Adekunle Ajasin University, Ondo State. He has also attended several professional courses both at home and abroad: Small Arms Smuggling Training in Botswana, Internet Fraud Training at the Cambridge University, UK, Strategic Leadership Command Course at the Police Staff College, Jos, Forensic Investigations and Criminal Intelligence Course at the University of Lagos, amongst others. He is a member of the International Association of Chiefs of Police, Nigeria Institute of Public Relations and Chattered Institute of Personnel management, amongst other professional bodies. 

His posting is with immediate effect. 

Fraud: EFCC Arrests 24 Suspected Internet Fraudsters in Ogun | AgegePulse Magazine

 

Operatives of the Lagos Zonal Office of the Economic and Financial Crimes Commission, EFCC, have arrested 24 suspected in internet fraudsters in Ogun State.

Suspected Internet fraudsters

The suspects are: Oladitan Olakunle Dauda, Olapade Olawale Segun, Babayemi Oluwaseun Adeyemi Yahyah, Adesoye Olayode Samuel, Sani Lekan Olaniyi, Sulaimon Adeyinka abdulahi, Sanni Olanrewaju Saheed, Oladele Adebola Felix, Idowu Afis Olamilekan, Adeniran Emmanuel Oluwaseun, Alarape Sakiru Olawale,Yusuf Waheed, Olajide Segun Yinka, Aderibigbe Ibikunle Adedeji, Okerin Olamilekan Emmanuel and  Adelakun Owolabi Samuel. 

Others are: Olajide Ayobami Paul, Okenla Hammed Adetola, Akorede Adebayo Aderemi,  Ajibola Azeez Olayinka, Salaudeen Taofeeq Olawale, Solomon Akintoye Omisakin, Ibraheem Saheed Ayinde and Odusanya Olawale Abiodun. 

They were arrested at their various residences in the Sango area of Ogun State, on March 21, 2021, following intelligence reports received by the Commission about their involvement in the alleged criminal activities. 

Items recovered from the suspects include exotic cars, mobile phones of various brands, laptop computers, Wi-Fi and modem devices. 

The suspects will soon be charged to court.

MP Tom Tugendhat was speaking "rubbish" Says Gowon | AgegePulse Magazine

“Former Nigerian head of state Lt Col Yakubu Gowon has denied an accusation made by a British MP of "stealing half of Nigeria’s Central Bank".

The Conservative MP Tom Tugendhat said in the UK parliament on Monday:

"Some people will remember when General Gowon left Nigeria with half the Central Bank of Nigeria, so it is said, and moved to London."

But, in an exclusive interview with the BBC, Lt Col Gowon took issue with accusation.

“I don't know where he got that rubbish from, I served Nigeria diligently and my records are there for all to see,” he said.

After leaving power in a bloodless coup in 1975, General Gowon went to the UK and enrolled at Warwick University as an undergraduate where he studied political science and international relations.” Copied

EFCC Arrests Hotelier, 79 Others in Lagos for Internet Fraud

AgegePulse Magazine

Operatives of the Economic and Financial Crimes Commission, EFCC, have arrested a 30-year-old Oladimeji Olusegun Ogunfolaju, owner of Lakers Hotel and Lake County Entertainment in Lagos, and 79 others for allegedly involving in internet fraud.

The hotel, alleged to be a haven for Internet fraudsters, is being guarded by armed security men from three security agencies, including the Nigerian Army, the Nigeria Police and the Nigerian Navy.

The suspects were arrested during a sting operation on the hotel located at 29, Ebute-Igbogbo Road, Ikorodu, Lagos on Saturday, March 7, 2020, following an intensive surveillance and intelligence gathering by the Commission about their alleged criminal activities.

Bobrisky Detained In Male Cell In Lagos Police Station Over Fraud

Popular social media influencer and socialite, Bobrisky has been detained at a Lagos police station over a business deal with an investor in Lagos.

Bobrisky had allegedly boycott his own eye lashes business following a misunderstanding with his business partner who is also the sole financial investor in the business.

The drama, according to an Instagram blog started when a lady contracted Bobrisky for a business deal; Bobs Wings which they kicked off without hitches.

However, when it was time for Bob as he is fondly called by close friends to remit the money made from the business, he allegedly started being shady, throwing all kinds of tantrums.


His already infuriated female business partner took the case to court and also ordered for his arrest and questioning over the missing fund.

Although Bobrisky has narrated a different story in the past, the case has however been re-ignited and he is currently being held in a detention cell that is meant for male suspects in Lagos.

We have a photo of Bobrisky at the police station below:

WeddingDigest.com

University Final Year Student Sentenced To 13 Years Imprisonment For Internet Fraud

 AgegePulse Magazine

A final year student of Business Administration in a private university located in Ondo State, Fisayo Adetoro, was on Thursday, January 23, 2020, found guilty of impersonation, forgery and money laundering, and sentenced to cumulative 13 years in prison and N1,000,000 (One Million Naira) fine.

Adetoro, who was said to be a first class candidate on 4.5 Cumulative Grade Point Aggregate (CGPA), was convicted by Justice Folashade Olubanjo of the Federal High Court 1, Akure, in a criminal case filed against him by the Economic and Financial Crimes Commission, EFCC, Ibadan zonal office.

He was originally arraigned on January 18, 2017 on a six-count charge, but pleaded not-guilty to all the charges.

The allegations, according to the charge sheet, include falsely representing himself to be Bawa Mohammed Sanni to defraud his victims to the tune of thousands of United States Dollars.
He was also accused of using the fake name to register for a Nigerian Driver’s Licence bearing his photograph, as well as laundering sums running to millions of naira.

The court sentenced him to five years imprisonment with a fine of N1,000,000 (One Million Naira) for money laundering (Count 6). The jail terms are to run concurrently.

Justice Olubanjo, however, considered the convict for suspended sentence of six months community service.

For more stories, visits Agegepulse.blogspot.com

For details of this and more stories, visit our website: www.efccnigeria.org

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Court Jails Former New Prudential Bank MD, Adetunji Abudu Two Years for N195m Fraud

AgegePulse Magazine

The Economic and Financial Crimes Commission, EFCC, has secured the conviction and sentencing of Adetunji Abudu, a former Managing Director, New Prudential Mortgage Bank Limited, to two years imprisonment for N195m fraud before Justice I.N. Buba of the Federal High Court sitting in Ikoyi, Lagos.

The convict was arraigned on Wednesday, February 17, 2016 on a four-count charge of acting in contravention of the Banks and Other Financial Institutions Act( BOFIA) 2004 to the tune of N195m( One Hundred and Ninety-five Million Naira).

Abudu, while being the Managing Director of the bank, obtained a N35m loan and another N110m loan without authorisation.

The former New Prudent Bank boss also approved the setting off of a N50m loan granted to Total Access Concept Limited by Addoser Micro-finance Bank, which was also not authorised in accordance with the bank’s policy and in contravention of BOFIA 2004.

In another count, the defendant failed to disclose his interest in Total Access and Integrated Concept Limited, an offence contrary to Section 18(8) and punishable under Section 18 (11) of the BOFIA LFN 2004.

The defendant pleaded not guilty to the charges preferred against him by the prosecution, thereby leading to his full trial.

In the course of the trial that began on April 12, 2016, the lead prosecution counsel, A.B.C. Oziokor, called seven prosecution witnesses and tendered several documents that were admitted in evidence by the court, while the defence presented five witnesses.

Both parties consequently adopted their written addresses, after the closure of the case.

Delivering his judgment on Justice Buba found the defendant guilty on counts one, two, three and four as charged.

The Judge further held that “The court has considered the fact that the convict is a first-time offender, a family man and a breadwinner.

“The court will be lenient, given that the convict is a first offender. But this will also send the right signal that it is this type of attitude that has led our financial institutions into trouble.

“This is a matter the convict should not have allowed to go through the rigours of a criminal trial, having been given the opportunity to refund the money. But he still remained obstinate.”

The Judge, therefore, sentenced the convict to two years on counts one, two, three and four, without an option of fine, with effect from the day of Judgment.

The sentences are to run concurrently.

                                                                                                                                                           The convict was ordered to make restitution to the complainant, in accordance with Section 321(a) of the Administration of Criminal Justice Act, ACJA, “if the properties released cannot meet up the amount of exposure to the complainant.”

Seun Egbegbe: Judge fines prosecutor N50,000

Oladimeji Ramon

The trial of a Nollywood film-maker, Olajide Kareem, alias Seun Egbegbe, was stalled on Monday as the trial judge insisted that the case could not go on except the prosecutor, Mr Innocent Anyigor, pays a  fine of N50,000 imposed on him during the  previous proceedings.

Justice Oluremi Oguntoyinbo, sitting at the Federal High Court in Lagos, rejected the plea by the police prosecutor that the N50,000 be waived.

The judge rebuked the prosecutor for the snail’s pace at which the case had proceeded since Egbegbe and his co-defendants were arraigned in February last year.

The judge  during the previous hearing awarded N50,000 cost against Anyigor after the defence counsel raised objection to the competence of a police officer, Godwin Omaka, to testify in the case.

Shortly after Omaka entered into the witness box at the last hearing, the defence counsel complained that they could not find his name on the list of the witnesses which the prosecutor served on them as part of the proof of evidence.

Responding, the prosecutor, Anyigor, apologised, saying it was an oversight.

But Justice Oguntoyinbo rejected the apology and awarded N50,000 cost against Anyigor, stressing that the fine must be paid before the next adjourned date.

When the matter was called on Monday   and Anyigor was asked by the judge why he had yet to pay the fine and urged the judge to waive it.

But the judge refused.

In view of the judge’s refusal to waive the fine, the prosecutor pleaded to be given two weeks to raise the money.

But Justice Oguntoyinbo said she could not grant any adjournment longer than seven days, noting that the case had already dragged.

“I am getting fed up with this case. There has to be an end to litigation; this matter must end.

“We are talking about human lives. Only one of them (defendants) has been able to secure bail, the others are in prison.

“Justice delayed is justice denied. These are young people, let them know their fate,” the judge told the prosecutor.

She subsequently adjourned the case till November 7, 2018, directing the prosecutor to ensure that the fine was paid.

The police charged Egbegbe and four others with alleged serial frauds involving N39,098,100, $90,000 and £12,550.

They were accused of fraudulently obtaining the money from no fewer than 40 Bureau De Change operators in Lagos over a period of two years – 2015 to 2017.

Egbegbe and his co-defendants, however, pleaded not guilty to the 40 counts pressed against them.

Cyber criminals planning to hack ATMs globally, FBI warns

Banks have been warned of an imminent threat that their cash machines could be mass-hacked by cyber criminals.

In a confidential alert on Friday, America’s Federal Bureau of Investigation told international banks that criminals are plotting a concerted global malware attack on cash machines in the next few days.

As reported by The Telegraph, the FBI issued a warning about a highly choreographed fraud scheme known as an ATM “jackpotting”, in which crooks hack a bank or payment card processor and use cloned cards at cash machines around the world to take out millions in just a few minutes.

UK based banks with large international operations, such as HSBC and Barclays, are among those thought to have been made aware of the threat.

“The FBI has obtained unspecified reporting indicating cyber criminals are planning to conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming days, likely associated with an unknown card issuer breach,” the FBI warning said, according to Krebs on Security, which originally reported the alert.


(The Telegraph)