THOUSANDS OF NIGERIANS LOSE OVER ₦1.3 TRILLION TO INVESTMENT SCAM
The collapse of CBEX, a digital investment platform accused of operating a Ponzi scheme, has left thousands of Nigerians devastated, with over ₦1.3 trillion ($850 million) reportedly vanished. What began as an enticing opportunity promising 100% returns in weeks has turned into a national tragedy. Many victims were lured by social proof and a supposed certificate from the EFCC, displayed at the CBEX office in Egbeda, Lagos, giving the illusion of legitimacy.
Investors have taken to social media to share painful stories of life savings lost. In one account, a woman detailed how she was persuaded to invest $100 after a friend’s encouragement and a visit to the CBEX office. “I waited for my maturity date, only to see everything disappear,” she said. Reports indicate that at least three people have died by suicide, while others have attempted to take their own lives out of despair.
Amid the heartbreak, questions are mounting over how regulators allowed such a massive scheme to flourish. Critics are blaming the Central Bank of Nigeria and law enforcement for failing to act on earlier warning signs. Analysts warn that unless financial literacy improves and enforcement tightens, more Nigerians will fall prey to schemes like CBEX.
RIVERS GOVERNMENT THREATENS LEGAL ACTION AGAINST NBA
The Rivers State Government has issued a stern warning to the Nigerian Bar Association, demanding the refund of ₦300 million following the NBA’s decision to relocate its 2025 Annual General Conference from Port Harcourt to Enugu. The state insists the funds were not a donation, but part of a formal agreement to host the event and enjoy its economic benefits.
In a statement by the office of Sole Administrator Vice Admiral Ibok-Ete Ibas (Retd.), the government accused the NBA of breaching public trust and warned that legal action would be taken if the money is not refunded. “This money belongs to the people of Rivers State and cannot be wasted on broken promises,” the government declared.
However, the NBA has maintained that the money was a voluntary gesture with no binding agreement. The NBA cited security concerns and the breakdown of democratic order in Rivers—following the suspension of Governor Sim Fubara and the appointment of a sole administrator—as key reasons for the relocation. NBA President Afam Osigwe criticized the governance model in Rivers as “military in disguise,” a claim the state has denounced as political and defamatory.
GANDUJE DECLARES NNPP “DEAD,” HINTS AT KWANKWASO’S RETURN TO APC
APC National Chairman Dr. Abdullahi Ganduje has declared the New Nigeria Peoples Party (NNPP) “effectively dead,” and hinted that its founder, Senator Rabiu Musa Kwankwaso, is on the verge of returning to the ruling party. Speaking in Abuja during a meeting with the Tinubu Support Group, Ganduje mocked the NNPP’s dwindling relevance, saying its grave “has already been dug.”
According to Ganduje, Kwankwaso has lost most of his political base and allies, making his return to the APC inevitable. “He’s coming back home,” Ganduje said, framing the potential defection as a strategic win for the ruling party.
The declaration comes amid broader efforts by the APC to consolidate power ahead of the 2027 elections. Ganduje also dismissed opposition attempts to form coalitions against President Tinubu, predicting they will fracture and fade over time.
TINUBU DECLARES NATIONAL EMERGENCY ON FOOD SECURITY
President Bola Tinubu has declared a national emergency on food security, urging aggressive expansion of Nigeria’s irrigation infrastructure and stronger participatory water resource management as key steps toward ending the country’s deepening food crisis.
Speaking through Secretary to the Government of the Federation, George Akume, at the opening of the 6th African Regional Conference on Irrigation and Drainage in Abuja, Tinubu stressed that Africa cannot afford to treat food security as an afterthought. He described the conference theme—“Tackling Irrigation Development and Water Management Crisis in Africa”—as a call to arms for governments to adopt innovative, climate-smart strategies to feed their people.
With Nigeria facing inflation-driven food shortages, the President revealed that over 3.1 million hectares of irrigable land remain largely untapped around river basins like the Niger and Benue. He emphasized that unlocking this potential is critical for national resilience.
Water Resources and Sanitation Minister Prof. Joseph Utsev detailed ongoing reforms under the Transforming Irrigation Management in Nigeria (TRIMING) project, noting its near-completion and successful overhaul of irrigation infrastructure in states such as Gombe, Sokoto, and Kebbi. He also announced the launch of a successor initiative—the Sustainable Power and Irrigation for Nigeria (SPIN) project—developed in partnership with the World Bank to close remaining infrastructure gaps and boost economic value from water use.
Utsev disclosed that TRIMING had delivered 90% of the Middle Rima Valley scheme, upgraded the Dadin-Kowa and Bakolori projects, and established farmer cooperatives to support market linkages for crops like rice and tomato. In parallel, River Basin Authorities had developed over 153,000 hectares for irrigation and were being repositioned for partial commercialisation to attract private investment.
Other top officials at the event highlighted systemic challenges. Head of Civil Service, Dr. Didi Wilson-Jack, called for joint action across federal, state, and local governments, while former Water Resources Permanent Secretary Godknows Igali warned of future food crises unless river basin governance improves.
Borno State Governor Babagana Zulum painted a bleak picture from Nigeria’s Northeast, lamenting that climate change had drastically shortened farming seasons.He urged inclusion of women and youth in innovation efforts and called on donors to scale up support for rural water access.
International Commission on Irrigation and Drainage (ICID) President Dr. Marco Arcieri described the conference as a potential turning point for Africa. At a preceding youth forum, he emphasized the role of young professionals in shaping future solutions. Ibrahim Musa of ICID’s African Regional Working Group echoed that optimism, expressing hope that the conference will yield practical steps to confront Africa’s irrigation crisis.
The conference runs until April 17, featuring technical workshops, policy roundtables, and site visits to Nigerian irrigation projects, with expectations of a continental roadmap on water governance and food security.
HOUSE COMMITTEE SUMMONS RIVERS ADMINISTRATOR OVER STATE OF EMERGENCY
The House of Representatives has summoned Vice Admiral Ibok-Ete Ibas (rtd.), the sole administrator of Rivers State, to appear before its ad-hoc committee on Thursday. The committee, led by House Leader Hon. Julius Ihonvbere, was inaugurated to probe the suspension of Governor Sim Fubara, his deputy, and the State House of Assembly.
The lawmakers say the session will offer clarity on the circumstances surrounding the federal declaration of emergency rule and Ibas’s appointment. “The House must be fully informed to ensure transparency and constitutional compliance,” said spokesperson Hon. Akin Rotimi.
This move by the National Assembly signals growing legislative interest in what critics describe as an undemocratic intervention in Rivers State governance. The outcome of the session could influence whether the federal government sustains or revises its emergency measures.
SIMON EKPA’S FINNISH TRIAL LOOMS AS NEW LAWYER TAKES OVER DEFENSE
Controversial pro-Biafra figure Simon Ekpa is set to stand trial in Finland this June on charges related to terrorism financing and incitement. His new lawyer, Kaarle Gummerus, confirmed receipt of pre-trial documents and affirmed that Ekpa would appear in court.
Ekpa, a dual citizen of Nigeria and Finland, was arrested in November 2024 for allegedly spreading terrorist propaganda and inciting violence in Nigeria’s South-East through social media. He has remained in Finnish custody since, with no bail granted due to the severity of the charges.
Nigeria’s efforts to extradite Ekpa have so far failed, but the case is being closely watched. In March, the Nigeria Sanctions Committee froze bank accounts linked to Ekpa, who remains a polarizing figure among Igbo nationalists and security agencies alike.
RIVERS WOMEN STAGE PRAYER MARCH DEMANDING END TO STATE OF EMERGENCY
Hundreds of women under the group Rivers Women Unite for Sim took to the streets of Port Harcourt in a red-clad prayer march, demanding the restoration of democratic governance and the end of emergency rule in the state. Chanting and holding placards like “We want to see our governor” and “Sole Administrator is Bias,” the women voiced their anger and sorrow.
This demonstration comes just two days after opposing women’s groups held simultaneous marches in support and against the emergency rule. Protesters say local governments have been silenced, and the appointment of administrators has robbed citizens of their voice.
The prayer walk underscores growing public frustration, particularly among women and grassroots groups, with what many describe as federal overreach in Rivers State. It is the latest in a string of protests demanding accountability and constitutional order.
