The Economic and Financial Crimes Commission (EFCC) has said many Nigerians ignored its repeated warnings about digital trading platforms like CBEX.

Speaking on Channels Television, EFCC spokesperson Dele Oyewale explained that the Commission had made efforts to educate the public on the risks of such platforms long before the recent crash.

CBEX, an online trading company with links to China, reportedly collapsed on Monday, locking investors out of their funds and resulting in an estimated N1.3 trillion loss. Videos have since circulated showing victims expressing frustration and heartbreak over their lost savings.

Oyewale stressed that the EFCC had previously published a list of 58 suspicious investment companies, warning citizens to steer clear. He said this was part of their effort to prevent scams and protect the public.

He emphasized that CBEX never had any real, registered presence in Nigeria, despite claims of physical offices in places like Ibadan. He also noted that the company operated entirely online and lacked any legal ties to Nigeria.

According to Oyewale, the Commission had done its part by creating awareness and alerting Nigerians to the risks. “The rest is for people to be cautious and protect their money,” he said.

He also pointed to the newly introduced Investment and Securities Act 2025, which now makes it a criminal offense to engage in digital trading without proper licenses and compliance with Nigerian law.

A legal advocacy group filed a lawsuit on Monday challenging US President Donald Trump’s broad tariffs on foreign trade partners. The group, Liberty Justice Center, argues that Trump exceeded his authority by imposing these tariffs and has asked the US Court of International Trade to block them.

The lawsuit, filed on behalf of five small businesses, targets the tariffs Trump introduced on April 2, as well as the additional duties placed on China. These businesses include a wine and spirits importer from New York and a Virginia-based company making educational kits and musical instruments.

Liberty Justice Center senior counsel Jeffrey Schwab argued that only Congress, not the president, has the constitutional authority to set tax rates, including tariffs. He stated, “No one person should have the power to impose taxes with such far-reaching global consequences.”

In response, White House spokesman Harrison Fields defended Trump’s tariffs, saying they were necessary to address unfair trade practices, particularly with China. He claimed the president is standing up for American businesses and workers by correcting trade imbalances.

This lawsuit follows another similar legal challenge in Florida, where a small business owner is also seeking to block tariffs on Chinese goods.

Trump’s tariffs include a 10% duty on goods from all countries, with higher rates for those with significant barriers to US imports. While some of the tariffs were paused for 90 days, the Liberty Justice Center argues that Trump’s use of special executive powers under the International Emergency Economic Powers Act doesn’t authorize such actions.

Controversial singer Portable, whose real name is Okikiola Badmus, has been sent to the Oke Kura Correctional Centre in Ilorin, Kwara State.

This followed his failure to meet the strict bail conditions set by an Upper Area Court, where he appeared on Monday over a defamation case filed by Fuji music legend Saheed Osupa.

The court granted him bail at N1 million with tough conditions. He is required to provide two sureties—one must be either the Chairman or Secretary of the Performing Musicians Association of Nigeria (PMAN), while the other must own a property within a Government Reserved Area in Ilorin and present a valid Certificate of Occupancy.

Until those conditions are met, Portable will remain in custody.