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Trading platform users deny crash claim

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CBEX

Some users of CBEX, a digital asset trading platform, have dismissed trending reports that it has crashed.

This comes amid concerns over the operations of the platform, with some users warning that it showed signs of being a Ponzi scheme.

Our correspondent gathered that there are growing concerns about the platform’s stability, with many users fearing that their money is now stuck.

While some warned that CBEX could be a potential Ponzi scheme on the brink of collapse, others continued to defend the platform, insisting it remained a legitimate operation.

An X user, Viktor Benson (@viktorbensonyt), claimed that some users had been logged out of their accounts and might not be able to retrieve their money.

The post read, “You need to go to the platform to download the app and you tell yourself that platform is legit. Now you have put money and the website has crashed, and you can’t withdraw. Although people are saying that it is a temporary issue and I like being optimistic that by Monday one will be able to withdraw. Let us wait till Monday; hopefully, you can withdraw your money.”

Meanwhile, another X user, @BlessedAjoke, countered the crash claims, saying, “CBEX is still working perfectly, just that you can’t withdraw until the 15th of April. You people should stop spreading fake news. Stop giving people heart attacks nah.”

Another user, @0kparam, criticised those celebrating the platform’s possible collapse.

“Y’all are acting like CBEX crashing makes you financial sages. Nah, it just makes you bitter haters… Ponzi, yen yen yen. Just stfu, coward,” he wrote.

Speaking to Sunday Ekwutos, three other users confirmed that the platform was still functioning, although withdrawals were currently not possible due to the platform’s rules and regulations.

One of the users, Sodiq Dayo, said he was still actively trading on the platform and noted that the issue with withdrawals would be resolved by Tuesday.

“The platform is still working. The reason why the withdrawal is not functioning at the moment is because of some rules and regulations of the platform, and this will be resolved by Tuesday,” he said.

 

Another CBEX user, Alli Lanre, stated that as long as users could access the platform, there was no issue.

He advised users not to worry or develop hypertension over rumours of the platform’s crash.

Gbenga Adeboye, another user, expressed both optimism and pessimism, saying, “Basically, no one can withdraw unless the trading volume is completed. However, they promised the whole issue would be over by the 15th.”

Reacting to the issue, a financial expert, Aliyu Ilias, noted a regulatory gap in monitoring online financial businesses in Nigeria.

He stressed the need for continuous oversight from the National Information Technology Development Agency and the Central Bank of Nigeria to discourage unclear financial investments, whether Ponzi schemes or otherwise.

Ilias said, “Nigerians should be cautious of quick-income platforms that could crash at any point in time. The government has a responsibility to fish out the sponsors of these Ponzi platforms, even if they are operating in the cloud.”

A cryptocurrency expert, Kayode Olagunju, also emphasised that Ponzi schemes like CBEX should not be encouraged in the country.

He added that it was shameful that Nigerians continue to fall victim to scams despite the education and warnings provided by crypto experts.

“It is a slap in the face of intellectuals who have written so many articles and guides to help people with zero knowledge about cryptocurrencies. Crypto is vast; it is in the same class as the stock market,” he said.

Checks by our correspondent on the official website of the trading platform revealed that it remained accessible.

However, messages sent by Sunday Ekwutos to the email address listed on the CBEX website were undeliverable at the time of filing this report.

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“I Lost $1.2 Million To Hackers On One Of My Apps. I Caught One Of The Hackers, And Instead Of Handing Him Over To The Police, I Employed Him To Work For Me.”- BLord

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Anambra Born tech entrepreneur and businessman Linus Williams, popularly known as BLord, has shared an unusual story about how he handled a major cyberattack on one of his applications.

According to BLord, he lost $1.2 million to hackers who infiltrated one of his digital platforms. In the course of tracking the incident, he successfully identified one of the individuals involved in the breach.

Rather than handing the suspect over to security agencies, BLord said he made a strategic decision: he employed the hacker.

He explained that the hacker’s skills, though misapplied, were exceptional and could be redirected towards strengthening his company’s cybersecurity systems.

BLord noted that the decision was driven by a desire to turn a negative experience into an opportunity for growth and to better secure his business infrastructure.

 

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MAN Honours Zobis Cable CEO, Ezeobi, at 37th AGM

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The MD/CEO of John Zobis Group, Mr. John Ezeobi, has again been honoured with another major industry prize in recognition of his contributions to local sourcing, innovation and the growth of Nigeria’s manufacturing capacity.

 

The prestigious award, “Pillar of Industrial Enterprise and National Impact,” which was conferred on him by the Manufacturers Association of Nigeria (MAN) — Anambra, Ebonyi and Enugu Zone, was presented during the association’s 37th Annual General Meeting, Awards & Gala Night at the International Conference Centre, Enugu.

coming barely three weeks after Ezeobi was nominated as the winner of The Sun’s Industrialist of the Year Award 2025 by the Management of The Sun Newspaper, a run of recognition that has further highlighted his rising profile in the South-East manufacturing ecosystem.

The latest award, it was gathered, celebrates Ezeobi’s deliberate investment in backward integration, his push for local sourcing of raw materials and efforts to strengthen domestic value chains, which MAN described as essential to reducing import dependence and creating jobs across the region.

 

Chaired by Chief Obinna Iyiegbu (Obi Cubana), the well-attended occasion, themed “Exploring Opportunities for Backward Integration and Local Sourcing of Raw Materials for the Manufacturing Sector,” brought together regulators, policymakers, manufacturers and industry stakeholders and also featured presentations, panel sessions and cultural performances, among other highlights.

 

Speaking at the event, the Keynote Speaker and Director-General of the Raw Materials Research and Development Council (RMRDC), Prof. Nnanyelugo Ike-Muonso, said the economic benefits of exploring Opportunities for backward integration and local sourcing of raw materials for the Manufacturing sector cannot be overemphasized.

 

Prof. Ike-Muonso told delegates that Nigeria spent over ₦3.53 trillion importing raw materials in the first half of 2025 alone, warning that such dependence continues to weaken the nation’s economy. He further argued that the proposed 30% Value Addition Bill, which would require a minimum local value addition before export, would be transformational if signed into law.

 

He also outlined the bill’s potential to expand GDP, generate hundreds of thousands of jobs and save foreign exchange by keeping more of the country’s raw-material wealth in domestic supply chains, boost local manufacturing, and generally reposition Nigeria as a regional industrial hub.

 

On his own part, the Governor of Enugu State, Dr. Peter Mbah, endorsed the call for stronger industry-academia partnerships and urged financial institutions to make affordable credit available to manufacturers who adopt backward integration. The governor, who was represented by his Deputy, Barrister Ifeanyi Ossai, described the policy pathway as key to moving Nigeria from resource export dependence toward higher-value industrial output.

 

Reacting via his social handle shortly after receiving the award, the Zobis Cable Boss expressed gratitude for the honour, describing it as a strong motivation to do more in driving local production, reducing import dependence, and strengthening Nigeria’s industrial base.

 

Ezeobi, who received the plaque from pioneer Nollywood star and legal practitioner, Barr. Kenneth Okonkwo, attested that the AGM provided a critical platform for renewed commitment to backward integration as a pathway to sustainable industrial development.

 

“The event highlighted the critical importance of backward integration and local sourcing of raw materials as strategic levers for strengthening domestic production, reducing import dependency, and building resilient, self-sustaining industries. A meaningful platform for driving progress and collaboration across Nigeria’s manufacturing sector,” he partly wrote.

 

Also speaking, the Chairman of MAN for the Anambra-Ebonyi-Enugu zone, Dr. Adaora Chukwudozie, described local sourcing as the pragmatic route to lowering production costs and stabilizing supply chains for SMEs and larger manufacturers alike. She welcomed RMRDC’s roadmap and invited state governments to partner in establishing raw-material corridors and shared processing facilities that would bring inputs closer to factories.

 

The event, which had His Eminence, Eze Eberechukwu Orji, Eze Aro, as the Royal Father of the Day, was also graced by other notable dignitaries and stakeholders, which include Senator Osita Izunaso, Dr. Gideon Chidiebere Osi, Ichie Sunday Ezeobiora , Chairman, Sunchi Farms; Mr Linus Williams Ifejika, Chairman Blord Group; Otumba Francis Meshioye, National President, Manufacturers Association of Nigeria; Dr. Ifeanyi Okoye, Chairman, Juhel Pharmacy; Chief Dr. Dan Chukwudozie, Chairman,Dozzy Group; Dr. Chike Obidigbo,Chairman, Hardis and Dromedas; Anambra Commissioner for Trade and Industry,Mr. Christian Udechukwu.

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GLOBACOM SEALS STRATEGIC CONNECTIVITY PARTNERSHIP TO DRIVE IMO STATE’S DIGITAL TRANSFORMATION AGENDA

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By Prince Uwalaka Chimaroke
15-NOV-2025

Globacom, one of Nigeria’s leading digital solutions providers, has entered into a groundbreaking Internet connectivity agreement with the Imo State Government through the Ministry of Digital Economy and e-Governance—an ambitious step that signals the state’s commitment to becoming a fully digitized economy and a model Smart City in the South-East.

The agreement, hailed as the largest single fixed Internet connectivity initiative ever undertaken by Globacom’s Enterprise Business Group, underscores the company’s growing influence in deploying world-class telecommunications infrastructure across Nigeria. This milestone partnership positions the operator at the heart of Imo State’s fast-evolving digital future.

Through the deal, Globacom will deliver high-capacity, state-of-the-art Internet infrastructure to strategic government and institutional locations. These include the 15-building Smart City complex in Owerri, the Ministry of Digital Economy and e-Governance, and the Imo State University for Innovation, Science and Technology (formerly Imo State Polytechnic). The infrastructure rollout is expected to strengthen digital literacy, modernize public administration, and enhance access to digital services for residents.

A central component of the project is the integration of the Glo-1 submarine cable—Globacom’s privately owned, trans-Atlantic fibre optic system that links Nigeria directly to Europe. Known for its high bandwidth, ultra-low latency, and secure connectivity, the Glo-1 network will serve as the backbone for Imo State’s digital expansion.

With this partnership, Imo State aims to accelerate e-governance, improve the efficiency of public service delivery, attract technology-driven investments, and promote innovation across sectors including education, commerce, and security.

The collaboration demonstrates a shared vision between the State Government and Globacom: to empower citizens, institutions, and businesses through robust digital infrastructure that can sustain long-term economic growth.

 

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