EFCC traces CBEX funds to four countries

Commission (EFCC) says it has traced proceeds from the failed CBEX crypto bridge exchange scheme to at least four countries, noting that full restitution to victims may be impossible.

EFCC Chairman, Ola Olukoyede, disclosed this during an appearance on Channels Television’s Politics Today on Wednesday. He revealed that the agency had frozen a number of accounts linked to the fraudulent scheme and had made significant progress in ongoing investigations.

“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” Olukoyede said.

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Foreigner declared wanted over CBEX investment fraud

The Economic and Financial Crimes Commission has declared one foreign national, Elie Bitar wanted for his alleged involvement in a cryptocurrency fraud linked to the online trading platform, Crypto Bridge Exchange.

According to an official bulletin issued by the Commission, Bitar, 41, is wanted for a suspected fraudulent scheme carried out via CBEX, which has reportedly defrauded multiple unsuspecting investors across Nigeria.

“The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX),” the EFCC stated.

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Isheu Ibrahim Jadda, a vocal critic of Nigeria’s former Senate President, Ahmad Lawan, was arrested in Gashua, Yobe State, on Friday and detained overnight before being transferred to the Criminal Investigation Department (CID) in Damaturu on Saturday morning. His arrest is allegedly linked to his comments regarding a controversial ₦5,730,000,000 (five billion, seven hundred thirty million Naira) water project in Gashua.

The Federal Executive Council had approved ₦3,510,000,000 (three billion, five hundred ten million Naira) for two water projects in Gashua, aimed at extending water supply services and upgrading existing water works. These projects were deemed urgently needed due to a surge in kidney-related diseases among the local population.

However, investigations have revealed that despite full payments to contractors, many of these water projects remain incomplete or non-functional, leaving residents without access to potable water. For instance, a ₦492,000,000 (four hundred ninety-two million Naira) water supply project in Gashua was found abandoned, with the site overtaken by weeds and no evidence of ongoing work.

Further investigations uncovered that over ₦350,000,000 (three hundred fifty million Naira) allocated for constructing solar-powered and hand pump boreholes in Yobe North Senatorial District were mismanaged. Contracts were awarded to companies that failed to execute the projects, denying communities access to clean water.

The arrest of Jadda has raised concerns about the suppression of dissent and the lack of accountability in public project execution. Residents and activists are calling for transparency and proper utilization of funds to address the pressing water needs in the region.

📺: via @saharareporters

Breaking News: “Nigeria under Tinubu has highest number of “extremely poor people globally” - World Bank reveals !!! 🚴🏿‍♀️🚴🏿‍♀️🚴🏿‍♀️💨

Nigeria under President Bola Tinubu has the highest number of extremely poor people globally, says the World Bank’s Africa’s Pulse report of April 2025.

“Sub-Saharan Africa has the highest extreme poverty rate globally, and a large share of the poor is concentrated in a few countries,” the report stated.

According to a chart in the report, Nigeria accounts for 19 per cent of extremely poor people in Sub-Saharan Africa, while the Democratic Republic of Congo has 14 per cent, Ethiopia 9 per cent, and Sudan 6 per cent.

It added, “About 80 per cent of the world’s estimated 695 million extreme poor resided in Sub-Saharan Africa in 2024, compared to 8 per cent in South Asia, 2 per cent in East Asia and the Pacific, 5 per cent in the Middle East and North Africa, and 3 per cent in Latin America and the Caribbean.”

A further breakdown by Peoples Gazette shows that Nigeria’s 19 per cent of the 560 million extremely poor in Sub-Saharan Africa represents 106 million people. This also amounts to 15.25 per cent of the world’s estimated 695 million extremely poor.

The report lists Nigeria, the Democratic Republic of Congo, Ethiopia, and war-torn Sudan as the four countries “within Sub-Saharan Africa, with half of the 560 million extreme poor in 2024.”

The World Bank also predicted a grim future for Nigeria, stating that more Nigerians will be plunged into poverty under Mr Tinubu’s watch by 2027.

This comes a month before Mr Tinubu’s second year in office. He assumed office on May 29, 2023, announcing fuel subsidy removal and later, exchange rate unification.

Barely a week ago, the International Monetary Fund (IMF) said that Mr Tinubu’s economic policies are yet to yield tangible benefits for Nigerians, as poverty and food insecurity remain widespread.

The IMF said though reforms introduced by the Tinubu-led government “have put the Nigerian economy in a better position to navigate this external environment,” the country still faces economic uncertainty.