The Economic and Financial Crimes Commission (EFCC) has urged Nigerians who lost money to the CryptoBridge Exchange (CBEX) scam to visit its offices in Ibadan and Lagos as part of its investigation. In a statement from EFCC’s Head of Media and Publicity, Dele Oyewale, the commission revealed that it is prosecuting three suspects, Adefowora Olanipekun, Otorudo Avwerosuo, and Ehirim Chukwuebuka, over their suspected involvement in the CBEX Ponzi scheme. Recall, Daily Tech Nigeria reported on the 15th of April, 2025, that CBEX reportedly lured hundreds of thousands of Nigerians with promises of unrealistic investment returns. Victims deposited funds through CBEX offices located in Ibadan, Oyo State, and Idimu, Lagos, but have since been unable to recover their money. The scheme led to serious financial losses for Nigerians who invested their funds with the promise of unrealistic returns on investment – EFCC To help the commission track and build cases against scammers, EFCC is calling on victims linked to these offices to report to the Ibadan Zonal Directorate and Lagos Zonal Directorate 2. This move aims to ensure justice for those affected and to stop further fraud. Nigerians who lost money to CBEX should adhere to the directives of the EFCC and come forward with any information or evidence to help curtail such cybercrime.
INTERPOL cracks down on cybercrime across Africa, recovery totals $97.4 million
Between June and August 2025, INTERPOL led a sweeping operation across Africa, resulting in the arrest of over 1,200 suspected cybercriminals and the disruption of more than 11,000 malicious online infrastructures. The extensive crackdown thwarted cyber fraud schemes that had targeted nearly 88,000 victims, recovering close to $100 million in illicit funds. Dubbed Serengeti 2.0, this large-scale campaign united law enforcement agencies from 18 African countries alongside partners from the United Kingdom. The effort tackled a range of digital threats, including ransomware attacks, business email compromise (BEC), and fraudulent online activities, areas previously noted as escalating challenges in INTERPOL’s Africa Cyberthreat Assessment Report. Key intelligence driving the raids came from a combination of suspicious IP addresses, domain monitoring, and command-and-control server identification. Specialized expertise from private sector collaborators was crucial in tracing cryptocurrency-related crimes, analyzing ransomware tactics, and conducting digital forensic investigations. The crackdown uncovered several notable cases throughout the continent. In Angola, authorities shut down 25 illicit cryptocurrency mining sites operated by Chinese nationals, seizing equipment valued at over $37 million, which local officials plan to repurpose to improve regional power supply. Zambia saw a bust involving an elaborate crypto investment scam that fooled some 65,000 people, causing losses estimated at $300 million. Fifteen suspects were apprehended, and investigators confiscated domain registrations, bank accounts, and mobile phones connected to the fraud network. Additionally, Zambian police dismantled a suspected human trafficking ring, recovering 372 forged passports from seven different nations. Côte d’Ivoire also played a critical role, breaking a cross-border inheritance fraud scheme originating from Germany. Following the arrest of the main suspect, authorities seized cash, vehicles, electronics, and jewelry linked to the scam that defrauded victims of approximately $1.6 million. Despite being a longstanding form of cyber deception, inheritance cons remain lucrative for organized crime, INTERPOL officials noted. This pan-African crackdown shows the rising threat that digital crimes pose as more people and businesses engage online. Funded partly by the UK Foreign, Commonwealth, and Development Office and supported by industry leaders like Fortinet and Kaspersky, the campaign demonstrates the power of multinational partnerships in securing the continent’s cyberspace. INTERPOL and its partners are expected to maintain vigilance, refining tactics to stay ahead of evolving cybercriminal strategies.
OpenAI warns investors about unauthorized equity sales amidst legal risks
OpenAI issued a warning on Sunday cautioning the public and investors regarding illegal transactions involving its shares. The tech giant emphasized that any transfer of its equity without prior written approval is invalid and may carry serious legal repercussions. In an official blog post published on August 24, OpenAI reiterated that all shares in the company are subject to strict transfer limitations. The firm clarified that no direct or indirect sale, pledge, or encumbrance of its stock can occur without explicit consent from OpenAI’s legal department. The company has raised concerns over third-party entities promoting misleading investment opportunities. These fraudulent schemes disguise themselves as legitimate means to obtain stakes in OpenAI through various avenues, including special purpose vehicles (SPVs), tokenized assets, “forward” contracts, and other purported financial instruments. Our firm does not endorse nor participate in any of these arrangements which circumvent our share transfer rules. Any such deals are void and could expose buyers and sellers to civil and criminal liabilities – OpenAI stated. The alert also stressed that unauthorized transactions might violate U.S. securities regulations, exposing parties involved to potential penalties and rescission of the transfer. Investors are urged to exercise vigilance when approached with offers related to the company’s stock, as many are designed to dodge regulatory controls. Purchasing these illicit stakes, whether directly or through complex mechanisms, results in no genuine ownership or financial advantage. Investors who encounter suspicious propositions are encouraged to report them promptly by contacting OpenAI’s legal team at the designated corporate email.
Meta and X violate Nigeria’s Internet Code, face potential NITDA penalties
Social media giants Meta and X have breached Nigeria’s Interactive Computer Service Platforms Code by failing to submit mandatory content moderation reports for 2024, putting them at risk of sanctions from the National Information Technology Development Agency (NITDA). According to the latest compliance assessment from NITDA, Meta, the parent company of Facebook and Instagram, and X, formerly known as Twitter, have neglected critical obligations under the Nigerian Internet Code of Practice. While Meta has fulfilled some requirements like local incorporation, physical presence, and tax filings, it has not delivered its content moderation report in the format specified by NITDA, complicating effective oversight. On the other hand, X failed entirely to meet any criteria, including registering a Nigerian office, submitting reports, or appointing a local compliance officer. The 2024 review, which also evaluated platforms such as LinkedIn, Google, and TikTok, noted moderate adherence from these companies, showing the varying degrees of cooperation within the industry. The report also revealed that these compliant platforms collectively disabled more than 13.5 million user accounts last year and enforced 58.9 million content removals. Additionally, over 420,000 appeals resulted in content being restored after initial takedowns. NITDA voiced sharp concern over the accountability deficit displayed by Meta and X, emphasizing the necessity of uniform reporting to maintain digital responsibility. “Meta’s inability to conform to the prescribed reporting template impedes comparative assessments across the sector,” the agency remarked. It was particularly alarmed by X’s wholesale disregard for the Code’s provisions, describing the situation as a serious breach of Nigerian regulations. While the report stops short of naming specific punishments, NITDA officials confirmed non-compliance contravenes the NITDA Act and warrants sanctions. The agency remains in deliberation over the appropriate penalties, given that the current Code does not elaborate on enforcement measures. Prof. Isa Pantami, the immediate past Minister of Communications and Digital Economy and a key architect of the Internet Code, stated, This regulatory framework was designed to prevent tech behemoths from overshadowing sovereign governance, ensuring they remain accountable within Nigeria’s jurisdiction. A NITDA spokesperson added, We are committed to enforcing the Code to uphold online safety and protect Nigerians from harmful content. Companies must demonstrate proactive cooperation, or face consequences Meta and X’s refusal to comply marks a crucial turning point for digital governance in Nigeria. As regulators consider possible penalties, the fact that some other platforms are only partially cooperating exposes the challenges in meeting the industry’s regulatory standards. We can from now, expect stricter enforcement and clearer rules to make sure all tech companies follow Nigeria’s digital laws, ultimately creating safer online spaces for everyone across the country.
NITDA issues urgent warning on critical eSIM security flaw affecting over 2 billion devices globally
The National Information Technology Development Agency (NITDA) has alerted Nigerians and the global tech community about a critical security vulnerability in embedded SIM (eSIM) technology that threatens over two billion devices, including smartphones, tablets, wearables, and Internet of Things (IoT) gadgets. The warning was issued on August 23, 2025, emphasizing the urgent need for device makers and service providers to take immediate action. The flaw, traced to the GSMA TS 48 Generic Test Profile (version 6.0 and earlier), exposes eUICC (Embedded Universal Integrated Circuit Card) chips to cyberattacks by allowing malicious actors to gain either physical or remote access to devices. If exploited, attackers could install harmful applets, extract sensitive cryptographic keys, or even clone eSIM profiles, leading to widespread communication interceptions and unauthorized device control. NITDA stressed that the vulnerability affects billions of devices globally, making it one of the most severe cybersecurity threats in recent times. This is a wake-up call for all stakeholders to act swiftly. Leaving this vulnerability unchecked could compromise national communication infrastructures and personal data privacy – said Dr. Amina Bello, NITDA’s Director of Cybersecurity A Lagos-based mobile user, Chinedu Okoro, shared his concerns I’ve been using an eSIM for over two years now. Knowing there’s such a vulnerability is unsettling, but I trust that updates will keep us safe. It’s vital for operators to communicate clearly with users like me Cybersecurity experts explained that as eSIM technology expands, so too must the rigor of security measures. eSIMs represent the future of connectivity, but their embedded nature means vulnerabilities at the chip level can have far-reaching consequences. Immediate remediation and ongoing vigilance are non-negotiable – Professor Ifeanyi Umeh, a leading cybersecurity analyst at the University of Lagos. NITDA plans to intensify collaboration with local telecom operators and international bodies to monitor developments and support implementation of necessary security patches. The agency also urges consumers to stay alert for official updates and to apply device updates promptly. Dr. Bello called on all Nigerians and global partners to prioritize these updates and work together to safeguard Nigeria’s communication networks.
MTN Nigeria to interrupt services in parts of Adamawa, Borno, and Kano for fiber network upgrade on August 24
Subscribers of MTN Nigeria in select areas of Adamawa, Borno, and Kano states will face short-term connectivity interruptions on Saturday, August 24, as the telecom company carries out essential maintenance on a key fiber optic route to enhance network performance. The telecom giant issued a statement on Friday revealing that the operation will impact 101 network sites spread across 15 Local Government Areas (LGAs). Scheduled to occur from 6:00 AM to 8:00 AM, the maintenance work involves transferring traffic to newly installed fiber optic infrastructure along the AFCOT–Bawo Village pathway in Adamawa State. This replacement is intended to permanently fix damaged fiber spans and bolster overall network stability. During the two-hour window, customers using 2G, 3G, and 4G services, as well as a number of corporate clients, may experience temporary disruptions. MTN explained that because the route is linear and unprotected, connectivity interruptions are unavoidable while upgrades are conducted in daylight hours due to security protocols. The affected regions include LGAs such as Girei, Song, Mubi North, Hong, Gombi, Fufore, Mubi South, Madagali, Michika, Maiha, Chibok, and Yola North in Adamawa; Askira/Uba and Shani in Borno; and Nasarawa in Kano State. While apologizing for any inconvenience caused, MTN emphasized that the enhancement aims to improve service reliability and quality for users within these communities. This scheduled outage also draws attention to the persistent challenge of fiber cuts nationwide. Telecom operators regularly grapple with damages caused by construction activities, vandalism, and fragmented coordination among stakeholders, posing operational and financial strains. Airtel Nigeria’s Director of Corporate Communications and CSR, Femi Adeniran, recently shared that his network experiences around 43 fiber cuts daily on average. Such damage disrupts customer experience, hampers businesses, delays government operations, and jeopardizes public safety, particularly during emergencies…We urge urgent, coordinated actions to protect this vital infrastructure for the benefit of all Nigerians Over the past six months alone, Airtel has recorded more than 7,700 incidents. Simultaneous fiber disruptions in May affected MTN and 9mobile users in Kebbi, Sokoto, and Zamfara states, demonstrating the widespread nature of the problem. In response, the Nigerian Communications Commission (NCC) announced a comprehensive approach combining regulatory enforcement, public awareness campaigns, and partnerships with security agencies to tackle the crisis. Recognizing telecommunications as Critical National Information Infrastructure (CNII) under the Cybersecurity Act, the government has emphasized the collective responsibility of operators, regulators, security bodies, and citizens to safeguard essential network assets. Since the route is linear and unprotected, service interruptions are necessary during the transition to new fiber infrastructure…all work will be done during daylight hours to ensure safety – MTN Telecom operators confront approximately 1,100 fiber cuts every week. Our multi-faceted strategy encompasses technical enforcement and collaborative efforts to secure the networks – Dr. Aminu Maida, Executive Vice Chairman of NCC, shared The critical network upgrade is underway, even as telecom providers and regulators tackle the ongoing challenge of fiber cable damage. With sustained efforts to safeguard infrastructure and strengthen collaboration, millions of Nigerians can look forward to more reliable and uninterrupted service in the near future.