Crime
CBEX, MMM: 10 Signs You Are Investing In Ponzi Scheme
CBEX, MMM: 10 Signs You Are Investing In Ponzi Scheme
CBEX, MMM: 10 signs you are investing in Ponzi scheme. To lure the unsuspecting public, CBEX avoided being regarded or seen as a “Ponzi scheme, projecting itself as a digital trading investment platform.
Almost a decade after Sergei Mavrodi’s MMM’s ponzi scheme swindled thousands of Nigerians and other Africans of their money, CBEX, another pyramid scheme disguised as a digital investment platform using AI in trading crypto for investors, duped Nigerians, with many losing their savings.
MMM indicated it was a Ponzi scheme that rewards investors with 30 per cent of their capital in 30 days. It ran on investors “Giving Help” until it collapsed.
To lure the unsuspecting public, CBEX avoided being regarded or seen as a Ponzi scheme, projecting itself as a digital trading investment platform, doubling the deposit balance of investors within 40 days.
With physical offices in some cities, CBEX operators claimed the scheme was deploying AI technology to trade only one per cent of its investor’s balance twice daily to mitigate the risk of losing all funds.
However, after operating for a while, the Ponzi scheme crashed and eloped with investors’ funds.
To mitigate the reoccurrence of Ponzi schemes luring and defrauding the public, Peoples Gazette listed some red flags for people to look out for to avoid falling prey to fraudulent Ponzi scheme operators.
1. Ponzi schemes, like MMM and CBEX, lure their victims with huge returns on investment without showing any tangible or material product or services they are trading. The very high returns on investment offered by the Ponzi scheme usually trigger participants’ greed.
2. The first set of participants are often well-rewarded to increase their greed and encourage them to invest more funds, while their testimonials bait more people to join the scheme.
3. Investors’ funds are usually trapped in the hands of Ponzi operators for several days. In the case of MMM, it was a 30-day window, while CBEX’s was a 40-day window. Within this period, investors do not have control over their funds and cannot withdraw them. This is why many cannot do anything once the scheme is about to crash.
4. All about profit and no loss. Ponzi schemes do not inform their investors of possible losses. Investors are only made to believe and focus on making a profit, a mirage that never existed in business, trading anywhere in the world.
5. More Ponzi schemes are now masquerading as crypto trading platforms, seeing many lack deep knowledge of how crypto trading works.
6. Ponzi schemes deploy fake testimonials crafted to promote their brand. Such articles and promotional videos are usually published on social media and their websites to convince people to invest.
7. Ponzi operators coordinate day-to-day interaction with investors via faceless Telegram and WhatsApp groups dominated by their agents, who always share screenshots and details of their successful transactions on the platform to sway people to invest more funds.
Signs You Are Investing In Ponzi Scheme
8. Salacious bonuses: Ponzi schemes offer their investors unreasonable financial bonuses and rewards. Referral bonuses motivated participants to get more people to join the scheme through their referral code. Daily bonuses are also made available to engage with the platform or perform some tasks.
9. Ponzi schemes operate as unregistered entities: In Nigeria, they are never registered with the Corporate Affairs Commission or any financial regulatory agencies. This makes it impossible for them to be sued.
10. Aside from Mavrodi, who pushed MMM with his real identity, other owners of Ponzi schemes usually operate anonymously. A trick that makes it difficult for swindled investors to seek legal redress.
EFCC Arrests Kannywood Star, Samha Inuwa for Alleged Naira Mutilation In Viral Video
EFCC arrests Kannywood Star, Samha Inuwa for alleged naira mutilation in viral video. The Kano Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, on Tuesday, February 3, 2026 arrested a Kannywood Star, Samha Inuwa over alleged Naira mutilation.
Inuwa was arrested following a viral video circulated on social media platforms where she was seen conspicuously cleaning mucus from her nose using Naira notes.
EFCC
Following the release of the viral video, the Commission swung into action by tracing and subsequently arrested her to answer questions.
She is currently being held at the Commission’s detention facility while investigation is ongoing.
The suspect will be charged to court upon conclusion of investigations.
Dele Oyewale
Head, Media & Publicity
February 3, 2026
EFCC Arrests 10 Suspects, Trucks for Suspected Illegal Mining Activities in Kwara
Operatives of the Ilorin Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, have arrested ten individuals suspected of involvement in illegal mining activities along the Ilorin – Ogbomosho axis.
They were arrested on Sunday, February 1, 2026, following credible intelligence on unlawful mineral excavation and transportation in parts of Kwara and Oyo States.
The suspects, comprising nine truck drivers and one escort were intercepted and taken into custody in a well -coordinated sting operation. Solid minerals arrested with the suspects include lithium, tin, and lepidolite.
EFCC Arrests 10 Suspects
The suspects have no requisite licences, permits, or regulatory approvals for their mining activities.
Other items recovered from the suspects are trucks loaded with the unlawfully mined materials.
The suspects will be charged to court upon the conclusion of investigations.
List Of 40 Suspects Detained Over Alleged Plot To Overthrow Tinubu Government
List of 40 suspects detained over alleged plot to overthrow Tinubu Government. Nigerian security agencies have concluded investigations into an alleged coup plot to overthrow President Bola Tinubu’s administration, with at least 40 suspects detained in connection with the conspiracy.
The suspects include senior military officers, a police officer, and several civilians accused of roles ranging from reconnaissance and funding to propaganda.
According to a Premium Times report, the arrests followed a covert intelligence operation coordinated by the Army Headquarters and the State Security Service (SSS).
“Thirteen people were apprehended by the SSS, including two military personnel (one retired), one policeman, and ten civilians,” one source said.
In total, 16 serving military officers were detained for direct involvement, while others were linked to funding and incitement. Two civilians were reportedly recruited to incite civil unrest intended to justify the coup.
According to the online newspaper, one of the detained soldiers was said to have escaped custody but was later rearrested by SSS operatives in Bauchi State, according to insider accounts.
Recall that on Monday, the Defence Headquarters (DHQ) confirmed that the investigation had been completed and forwarded to “appropriate superior authority in line with extant regulations.”
“Findings identified several officers with allegations of plotting to overthrow the government,” the military said, describing the act as “inconsistent with the ethics, values and professional standards required of members of the Armed Forces of Nigeria.”
Sources said authorities are now awaiting presidential approval to constitute a court-martial panel to try the indicted soldiers.
Investigations revealed that the coupists initially planned to disrupt the May 29, 2023 handover ceremony from former President Muhammadu Buhari to President Tinubu, but the plan was shelved due to lack of funds and logistics.
The conspiracy was allegedly reactivated in 2025, after former Bayelsa State Governor Timipre Sylva purportedly transferred nearly ₦1 billion through multiple Bureau De Change accounts to fund the operation.
Sylva and a retired senior officer identified as Major General Adamu, both accused of bankrolling the plot, are reportedly at large.
Security sources said one of the fugitive suspects has been tracked to a South American country, though his precise location remained undisclosed for security reasons.
Investigators also uncovered a chilling plan to assassinate top government officials, including President Tinubu, Vice President Kashim Shettima, Senate President Godswill Akpabio, and House Speaker Tajudeen Abbas.
“They were waiting for a day when all of them would be in the country. Wherever they were, they would be assassinated,” one source revealed.
The plot allegedly relied on informants inside the Presidential Villa, who monitored the movements of top officials. The conspirators were to seize control of strategic locations such as the Presidential Villa, Niger Barracks, Armed Forces Complex, and Nnamdi Azikiwe International Airport.
Military
Hereunder is the full list of the alleged coupists arrested
MA Sadiq (Brigadier General) Army lHeadquarters Garrison
MA Ma’aji (Colonel) Defence Space Administration
S Bappah (Lt. Colonel) 525 Signal Regiment
AA Hayatu (Lt Colonel) 130 Battalion Main, Ogoja, Cross River State
P Dangnap (Lt Colonel) 134 Special Force Battalion
M Almakura (Lt Colonel) 197 Special Force Battalion
AA Jarma (Lt Colonel) CO, 35 Battalion Katsina
SM Gana (Lt Colonel) 115 Task Force Battalion
AD Dauda (Maj) Armed Forces Command and Staff College Jaji
JM GANAKS (Maj) Armed Forces Command and Staff College Jaji
AJ Ibrahim (Maj) Army Headquarters’ Department of Policy and Plans
MM Jiddah (Maj) 26 Battalion
MA Usman (Maj) 35 Battalion
D Yusuf (Maj) Forward Operating Base Molai (AHQ SG)
J Iliyasu (Maj) 3 Division Garrison
A Mohammed (Maj) 63 Brigade Garrison
DB Abdullahi (Lt Cdr) Naval Base Abuja
SB Adamu (Sqn Ldr) National Counter Terrorism Centre (NCTC)
NG Zuzu (Sqn Ldr) Headquarters, Nigeria Air Force Camp
G Binuga (Captain) 1 NMF Brigade
AA Yusuf (Captain) Nigerian Army of the School of Finance and Administration (NASFA)
1 Bello (Captain) 82 Division Garrison
SS Felix (Lt) 81 Division Provost Group
J Aminu (Lt) Headquarters Directorate of Army Public Relations (DAPR)
Nasiru Ibrahim (WO) 82 Division Garrison
Sanda Usman (Sgt) 167 Special Force Battalion
Mohammed Zubairu (Sgt) 177 Guards Battalion
Momoh Audu (Cpl) 343 Artillery Regiment
Ahmed Ibrahim (Inspector) 24 Police Mobile Force, Presidential Villa
EO Victor (Navy Capt/Rtd) 3 Abraham Avenue off Odili Road, Port Harcourt
Umoru Zekeri Julius Berger, Villa Electrician
Y Nasiru (LCpl) 82 Division Garrison
Sambo Danladi (LCpl) 82 Division Garrison
Abdul Abdullahi (SSgt) 82 Division Garrison
Ali Isah Villa Ambulance Driver
ML Mohammed (Capt) 18 Battalion
UI Yusuf (Wg Cdr) International/Helicopter Flying School, Enugu
IM Gana (Maj Gen Rtd) No 34 A Army Estate, Kubwa, Abuja
Stanley Kingley Amandi Propagandist
Goni Bukar
Security sources confirmed that joint operations involving multiple agencies are underway to dismantle remaining cells and track fleeing suspects. The EFCC and SSS are also interrogating several civilians over alleged roles in funding, logistics, and coordination.
At least 25 military personnel are expected to face trial in connection with the plot, according to sources close to the investigation.
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