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.
Crime
Ex-VP Atiku Demands Independent Probe Of N17.5tn For Pipeline Security
Ex-VP Atiku Demands Independent Probe Of N17.5tn For Pipeline Security
Ex-VP Atiku demands independent probe of N17.5tn for pipeline security. Former vice president Atiku Abubakar has called for an independent forensic audit of N17.5 trillion for the securing fuel pipelines and other related issues.
The former vice president, who described the figure as one of the most brazen financial scandals in the nation’s history, also called on the federal government to publish the full list of companies awarded these contracts.
Atiku, in a statement, also said the scope, deliverables, and duration of each contract should be disclosed just as further disbursement must be halted until accountability is established. He also charged the governor to explain to Nigerians how this expenditure aligns with national priorities at a time of unprecedented economic strangulation.
The former vice president was reacting to a report that the Nigerian National Petroleum Company Limited (NNPCL) spent N17.5 trillion in just 12 months on “securing fuel pipelines and others.”
Reacting, the former vice president, while questioning the figure, said Nigeria spent roughly N18 trillion on fuel subsidy over a period of 12 years in a national programme that directly cushioned millions of Nigerians, stabilised the transport sector, and helped keep food prices manageable.
He however said under President Bola Tinubu, the country has now expended nearly the same amount in a single year on the same subsidy and opaque pipeline security contracts awarded to private firms tied to associates and cronies of the President.
Likening the president’s action to robbing Peter (Nigerians) to pay Paul (cronies), Atiku noted that it is not governance but a grand larceny dressed as public expenditure. “The Tinubu administration justified the removal of fuel subsidy by claiming the country could no longer afford it. Nigerians were told to tighten their belts, endure hardship, and “make sacrifices.”
“However, the same administration has now channelled ₦17.5 trillion — an amount that could transform Nigeria’s power sector, rebuild our refineries, or fund universal healthcare — into opaque security contracts whose beneficiaries are conveniently linked to those in power.
“In some places in the country, a litre of PMS goes for over N1,000 and the justification for this by the Tinubu administration is the wholesome removal of subsidy, yet according to the records provided by the NNPCL, this same administration has spentN7.13tn on what it calls, “energy-security cost to keep petrol prices stable”; another N8.67tn on what it calls “under-recovery.”
These two balablu nomenclatures: energy-cost and under-recovery are a new coinage of the Tinubu administration to deceive Nigerians on the government’s fraudulent claim that it was no longer paying subsidies on petroleum products.”
He further raised some posers for the Tinubu administration: “Who are the companies paid under these contracts? “What specifically justifies a 38.7 percent rise in the amount of energy-cost from N6.25tn in 2024 to N8.67tn in 2025?
“Why is pipeline security now more expensive than a decade-long subsidy that served over 200 million Nigerians? “Where are the audit reports, parliamentary oversight findings, and cost-validation documents?”
The former vice president said no administration that presides over this level of fiscal recklessness has the moral authority to demand sacrifice from its people.
He added that the Nigerian public cannot continue to suffer crushing inflation, punitive fuel prices, an unending collapse of the naira, and widespread hunger — only for a select circle of political allies to pocket trillions under the guise of “pipeline security.”
“This scandal confirms what Nigerians already know: the Tinubu administration did not end subsidy — it merely redirected public wealth from the entire nation to a privileged cartel anchored around the Presidency. “The government must, without delay: Publish the full list of companies awarded these contracts;
“Disclose the scope, deliverables, and duration of each contract.

Atiku
“Subject the entire ₦17.5 trillion expenditure to an independent forensic audit; Halt further disbursement until accountability is established. “Explain to Nigerians how this expenditure aligns with national priorities at a time of unprecedented economic strangulation.”
He said Nigerians deserve transparency, not deceit, adding that leadership isn’t about cronyism. He stressed that Nigerians deserve a government that places national interest above private enrichment.
“This ₦17.5 trillion pipeline-security expenditure is not merely a financial anomaly — it is a moral indictment on the Tinubu administration and a clarion call for full accountability,” he said.
Crime
EFCC Releases Ex-AGF Malami After Hours Of Interrogation
EFCC Releases Ex-AGF Malami After Hours Of Interrogation
EFCC releases ex-AGF Malami after hours of interrogation. He said he would return for further questioning.
The Economic and Financial Crimes Commission (EFCC) has released the former attorney general of the federation and minister of justice, Abubakar Malami, after hours of interrogation by the anti-graft team.
Mr Malami confirmed his release in his X account on Saturday. The former minister said that he had been released and scheduled for another meeting with investigators.
He said that the reality behind the “fabricated allegations” levelled against him would become clearer with time.
“In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for his divine intervention. “The engagement was successful and I am eventually released while on an appointment for further engagement as the truth relating to the fabricated allegations against me continues to unfold.”

EFCC Releases Ex-AGF Malami After Hours Of Interrogation
The EFCC had summoned Mr Malami through a letter dated November 24, and signed by Sunday Ofen-Imu on behalf of its chairman, Ola Olukoyede.
The EFCC did not disclose the specific allegations for which Mr Malami was invited.
Crime
Kano NSCDC Nabs 11 Suspected Hoodlums With Dangerous Weapons
Kano NSCDC Nabs 11 Suspected Hoodlums With Dangerous Weapons
Kano NSCDC nabs 11 suspected hoodlums with dangerous weapons. According to Mr Idris-Abdullahi, the suspects were arrested on Wednesday at about 1:00 a.m.
The Nigeria Security and Civil Defence Corps (NSCDC), Kano State command, says it has arrested a gang of 11 suspected hoodlums found in possession of dangerous weapons in Mariri, Kumbotso Local Government Area.
This is contained in a statement issued on Friday in Kano by the command’s public relations officer, SC Ibrahim Idris-Abdullahi.
He listed the suspects as Idris Muhammad,20, Abubakar Shuaibu,24, Sagiru Hassan Yusuf, 25, Idris Muhammad Morata, 25, and Anas Rabiu, 23.
Others were Yahaya Muhammad, 29, Khalid Idris, 28, Muhammad Adamu, 19, Muktar Auwal Muktar ,22, Salim Muktar, 18, and Saifullahi Nuhu,18.
According to Mr Idris-Abdullahi, operatives of the command apprehended the suspects on Wednesday at about 1:00 a.m, armed with dangerous local weapons.

NSCDC
“The gang was on a rampage after attending a local traditional festival in Mariri area and were attacking residents and dispossessing them of their belongings.
“The gang also stormed a nearby NSCDC outpost in Mariri, attacked and left a staff fractured in the office” he said
Idris-Abdullahi listed the items recovered to include six cutlasses, swords and a pair of scissors.
He added that the command’s intelligence and investigation department had concluded investigations and the suspects would be charged to court.
Idris-Abdullahi quoted the state commandant, Mohammed Hassan-Agalama, as reaffirming the command’s commitment to tackling criminal activities, protecting critical national assets and safeguarding public peace in Kano State.
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