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“We warned Nigerians” – EFCC Says After CBEX Crash

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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.

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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.


 

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Nigerians to Start Paying Full Electricity Price as Government Plans to Remove Subsidies

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Nigeria’s Minister of Power, Adebayo Adelabu, has said that Nigerians should get ready for a new electricity pricing system that reflects the actual cost of power.

Speaking during a meeting with heads of the country’s power-generating companies in Abuja, Adelabu explained that the government can no longer afford to keep spending huge sums on electricity subsidies. He noted that the federal government currently owes power generation companies over N4 trillion in unpaid subsidy debts.

According to a recent report by the Nigerian Electricity Regulatory Commission (NERC), while the actual cost of electricity is around N116.18 per kilowatt-hour, consumers only pay N88.2—leaving a gap of nearly N28 per unit that the government has to cover.

Only about 15 percent of power users, those in Band A, are not receiving subsidies, meaning the rest still benefit from the price support. Adelabu made it clear that Nigerians must begin to pay the full value for the electricity they use, although he assured that low-income citizens will still receive targeted support to help with costs.


 

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Skype Finally Shuts Down After 22 Years of Connecting People Online

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Skype, once a go-to platform for video and voice calls, is officially shutting down today, May 5, marking the end of its 22-year journey connecting people around the globe. The app was one of the first to revolutionize online communication, offering free calls over the internet long before it became common.

During its prime in the mid-2010s, Skype boasted over 300 million active users each month. Microsoft bought Skype in 2011 for a massive $8.5 billion, planning to make it a key part of its communication tools. However, as newer apps like WhatsApp, Zoom, and even Microsoft’s own Teams grew in popularity, Skype slowly lost its place.

In February, Microsoft announced it would officially shut down Skype on May 5 to focus more on Teams, which now handles most of its communication services. This move affects both free and paid users, although Skype for Business will stick around for a little longer.


 

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Trump Says He Won’t Run Third Term but Hand Over to a Strong Republican Leader

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Donald Trump has said he’s not planning to run for a third term as U.S. President. In a recent interview on NBC’s ‘Meet the Press’, Trump said although many people want him to go for it, he’s not considering it.

The former president, now in his second term, said the law doesn’t allow a third term, even though he’s floated the idea before. “To the best of my knowledge, you’re not allowed,” he said, adding that he’s not sure if that’s strictly constitutional.

Trump is now focused on making the most of his current term, saying he hopes to hand over to a “great Republican” when he’s done. The U.S. Constitution’s 22nd Amendment limits presidents to two terms in office.


 

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