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News_Naija

CBEX Scam: Folly Of Greed

ONCE again, another cycle of financial anguish has been repeated in Nigeria. The collapse of the so-called Crypto Bridge Exchange has left over 600,000 Nigerians devastated, with N1.3 trillion disappearing overnight. The masterminds of the latest Ponzi scheme-gone-bust have vanished into thin air, just like the promises they made, leaving tears, sorrow, and regret in their wake. Despite huge losses from previous scams, Nigerians continue to fall into the same trap, driven by desperation and unchecked greed. CBEX, operated in Nigeria by ST Technologies International Limited, appeared legitimate on paper. It was registered with the Corporate Affairs Commission and even listed with the EFCC’s Special Control Unit Against Money Laundering. That is where the credibility ended. CBEX operated without a licence from the Securities and Exchange Commission, despite aggressively soliciting public funds and promising outrageous returns of 100 per cent in 30 days. Even after Hong Kong’s financial authorities issued a public warning against CBEX in April 2024 for false licensing claims and unauthorised transactions, Nigerian regulators failed to act until it was too late. The CBEX fiasco is not an isolated event. It is just the latest in a long list of elaborate Ponzi schemes and scams set up to fleece the gullible and the greedy. In the 1980s, Umanah Umanah pioneered Nigeria’s Ponzi era. MMM, with Russian origins, scammed three million Nigerians and crashed in 2016, erasing over N18 billion in people’s funds. In 2022, MBA Forex made off with more than N213 billion, using the façade of forex investment. Since 2016, at least 50 Ponzi schemes have stolen untold sums from Nigerians. They used buzzwords—crypto, forex trading, and AI-—which most Nigerians barely understand, to lure victims. The Nigeria Deposit Insurance Corporation estimates that over N2 trillion has been stolen from Nigerians by such dubious entities over the past decade. While poverty, unemployment, and a struggling economy make Nigerians vulnerable, it is greed, not ignorance, that drives this epidemic. Most victims are fully aware that there is a risk of loss, but think they are smart enough to quickly cash out before doomsday. Funds reserved for property purchases, wedding arrangements, tuition expenses, loans…even money pilfered from employers and relatives have been drained by Ponzi scheme operators due to Nigerians’ penchant for quick profits. This same mentality has mainstreamed sports betting, now a booming industry with in-country revenues set to hit $590 billion this year, per Statista. Nigerians must realise that there is no such thing as quick, risk-free wealth. An offer of consistently high returns with no transparency or regulation is not an opportunity; it is a trap. Will Nigerians ever see the folly of greed? Besides the scam artists, there are other enablers. CBEX, like many scams before it, thrived with the help of influencers, celebrities, pastors, and social media figures who lent credibility and trust to a lie for a fee. Such promoters must be held accountable. Influencers who push Ponzi schemes must face legal, financial, and social consequences. There should be no excuses for fronting for schemes with the potential to ruin lives and livelihoods. Regulators need to be alive to their duties. The passage of the Investments and Securities Act, 2025, is a positive step. It gives the SEC authority to regulate digital asset platforms and imposes steep penalties on Ponzi scheme operators. However, laws only matter when enforced proactively, not after the money is gone. CBEX was missing from the blacklist issued by the EFCC days before it crashed. Regulators must monitor platforms in real-time, respond swiftly to red flags, and collaborate with global partners when warning signs emerge. More importantly, massive public enlightenment campaigns are needed to stem this growing societal problem. Nigerians must return to the traditional values of hard work as a foundation of enduring wealth.  Citizens should be wary of pipe dreams sold as instant prosperity.

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Worldnews

Federal Judge Temporarily Blocks Trumps Push To End DEI In K-12 Schools

Critics have said Trump’s order conflicts with promise to return education to schools and states. A federal judge in New Hampshire has restricted the ability of US President Donald Trump’s administration to cut off funding to public schools that engage in diversity, equity and inclusion efforts. District Judge Landya McCafferty in Concord issued a preliminary injunction on Thursday preventing the US Department of Education from enforcing its policy against members of three groups, including the National Education Association, the largest teachers’ union. The NEA, its local New Hampshire affiliate and the Center for Black Educator Development sued after the Education Department in February threatened funding cuts for education institutions that engaged in DEI efforts. In a letter, it said federal law prevented schools from considering race as a factor in areas such as admissions, hiring and promotion, pay, financial aid, scholarships and prizes, housing and graduation ceremonies. McCafferty, an appointee of Democratic President Barack Obama, declined to issue an injunction blocking enforcement of the policy nationwide, but she said an order was warranted preventing it from being implemented with the plaintiffs, their members or any entity that employs or contracts their members. In early April, the Trump administration ordered K-12 schools (kindergarten to 12th grade) nationwide to certify within 10 days that they are following federal civil rights laws and ending any discriminatory DEI practices, as a condition for receiving federal money. It followed a February 14 memo where the Trump administration said it was giving US schools and universities 14 days to eliminate diversity initiatives or risk losing federal money. In the memo, the Education Department also gave an ultimatum to stop using “racial preferences” as a factor in admissions, financial aid, hiring or other areas. Since then, schools across the US have been scrambling to determine what practices could run afoul of the anti-DEI orders. April’s certification letter, however, drew blowback from critics who said it conflicts with Trump’s promise to return education to schools and states. “Is this what the Trump administration calls local control? You can’t say you’re giving control back to states and then dictate how they run their schools,” Keri Rodrigues, president of the National Parents Union, told The Associated Press news agency earlier this month. The American Federation of Teachers, a national teachers’ union, also said it is suing to block the February 14 memo, saying it violates the First and Fifth amendments. The union’s president, Randi Weingarten, told The AP in early April that the certification requirement is illegal, and added that federal law prohibits the White House from telling schools and colleges what to teach, and that federal money cannot be withheld without due process. “He’s wielding a cudgel of billions in federal aid to tens of millions of children, of all races and ethnicities, to force educators to kowtow to his politics and ideology.” Follow Al Jazeera English:...

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Worldnews

Palestinian Officials Vote To Create A Vice Presidency Under Mahmoud Abbas

The expectation is that whoever holds the role would be the frontrunner to succeed President Mahmoud Abbas, 89. The Palestine Liberation Organisation (PLO) has announced the creation of a vice presidency under 89-year-old leader Mahmoud Abbas, who has not specified a successor. After a two-day meeting, the body’s central council voted on Thursday to create the role of vice chairman of the PLO Executive Committee. This position would also be referred to as the vice president of the State of Palestine, which the Palestinians hope will one day receive full international recognition. The expectation is that whoever holds that role would be the frontrunner to succeed Abbas, though it’s unclear when or exactly how it would be filled. Abbas is to choose his vice president from among the other 15 members of the PLO’s executive committee. The PLO is the internationally recognised representative of the Palestinian people and oversees the Western-backed Palestinian Authority (PA), which exercises limited autonomy in some areas of the Israeli-occupied West Bank. Abbas has led both entities for 20 years. Hamas, which won the last national elections in 2006, is not in the PLO. Hamas seized control of Gaza from PA security forces in 2007, and reconciliation attempts between the rivals have repeatedly failed. Polls in recent years have shown plummeting support for him and his Fatah party. Western and Arab donor countries have demanded reforms in the PA for it to play a role in post-war Gaza. The authority is deeply unpopular and faces longstanding allegations of corruption and poor governance. Appointing an heir apparent could be aimed at appeasing his critics. Hamas slammed Abbas on Thursday for comments he made a day earlier, where he described the group as “sons of dogs” and urged it to release Israeli captives and lay down arms. “Abbas repeatedly and suspiciously lays the blame for the crimes of the occupation and its ongoing aggression on our people,” Senior Hamas official Basem Naim said. Since Israel’s war on Gaza resumed on March 18, at least 1,928 people have been killed there, bringing the total death toll since the war erupted in October 2023 to at least 51,305, according to the Palestinian Ministry of Health. Abbas has been seeking greater relevance and a role in post-war planning for the Gaza Strip after having been largely sidelined. Talks on a new ceasefire appear to have made little progress, and a Hamas delegation is in Cairo for renewed negotiations with key Egyptian and Qatari mediators. Follow Al Jazeera English:...

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Worldnews

Trump Says Petrol And Grocery Prices Are Down. Facts Say Otherwise

The US president incorrectly said that prices of petrol and eggs had dropped while home sales were good. US President Donald Trump said that housing, petrol, and grocery prices are declining. However, current data do not fully support any of these claims. In the Oval Office on Thursday, the president, when asked about home sales and if it was an economic indicator that concerns him, said there were very good numbers on housing. However, according to a report from the National Association of Realtors (NAR), which the reporter who asked the question was alluding to, sales of existing homes are moving at their slowest pace since 2009, and were down 5.9 percent in March from a month earlier. “Residential housing mobility, currently at historical lows, signals the troublesome possibility of less economic mobility for society,”  NAR Chief Economist Lawrence Yun said in a public statement. Trump mentioned that energy prices have dropped to $1.98 in some states. While he did not specify the type of energy, his comments closely mirrored remarks he made last week. At that time, he cited petrol prices specifically. According to AAA, which monitors national petrol prices, the lowest recorded average was $2.70 per gallon ($0.71 per litre) last week in Mississippi. This week, Mississippi reported the lowest average petrol price again, but this time at $2.68 ($0.70 per litre). Data from GasBuddy, which tracks prices at individual petrol stations, found the lowest individual station prices to be $2.33 per gallon (0.62 per litre) — still above the figure mentioned by the president. The national average petrol price currently stands at $3.17 per gallon ($0.84 per litre). While that reflects a five-cent increase from last month, it is a decrease from $3.60 ($0.95 per litre) at this time last year. The president correctly noted that petrol prices are trending downward, though not to the extent he suggested. According to the latest report from the Department of Labor, overall energy prices declined by 2.4 percent over the past month, largely due to falling petrol prices. This decline helped offset increases in natural gas and electricity costs. Oil prices have also generally declined since Trump took office, predominantly on the back of economic uncertainties caused by Trump’s tariff threats. In his comments, Trump also stated that grocery prices are decreasing. Recent data does not support this claim. According to the Department of Labor, food prices rose 0.4 percent from last month and are up 2.4 percent compared with a year ago. Price increases were observed in four out of six major grocery categories. Eggs, which the president said had dropped in price, actually saw a 5.9 percent increase last month. Year-over-year, egg prices are up more than 60 percent. The beef index rose by 1.2 percent, and dairy prices increased by 4 percent. However, prices for fruits and vegetables did decline slightly, dropping by 0.5 percent. Follow Al Jazeera English:...