BREAKING: CBEX Ponzi investment platform collapses, leaving investors $12 million poorer
CBEX froze user accounts without warning, leading to protests in Ibadan and Lagos. Initial reports indicated investors lost up to ₦1.3 trillion, but independent analyses estimated losses between $6.1 million and $12 million.
Nigerian lender Sycamore expands into asset management with SEC licence
Sycamore has secured a fund manager license from the SEC to operate as a fund and portfolio manager. The company aims to offer diversified portfolios across stocks, bonds, and money-market instruments.
Nigeria to tax cryptocurrency transactions as government tightens digital asset rules
Nigeria is revising its digital asset regulations to include taxation of cryptocurrency transactions. The Central Bank of Nigeria lifted the ban on cryptocurrency transactions in December 2023.
Nigeria’s SEC to fast-track crypto licencing in 2025
The SEC plans to accelerate the issuance of crypto licenses in 2025 as part of its regulatory efforts. Provisional licenses have been granted to Nigerian crypto startups Quidax and Busha under the ARIP.
