Xin chào,
Victoria from Techpoint here,
Here’s what I’ve got for you today:
- CBEX rebrands but still smells fishy
- MTN dodges ₦180bn blow… for now
- MultiChoice flirts with SuperSport unbundling
CBEX rebrands but still smells fishy
You’ve got to be kidding; CBEX is back? After everything that went down earlier this year, the infamous Crypto Bridge Exchange has somehow resurfaced, now hiding under the name ST Technologies International Ltd. Yeah, the same platform that duped hundreds of thousands of Nigerians with too-good-to-be-true promises of 100% returns in just 30 days.
Let’s rewind a bit. Launched in November 2024, CBEX quickly gained traction, pulling in over 600,000 Nigerians who together staked around $6.1 million. The hook? AI-powered trading magic. But come April, the music stopped. Withdrawals froze, protests erupted in Lagos, Ibadan, and Abuja, and offices vanished into thin air. Nigeria’s Securities and Exchange Commission (SEC) promptly labelled it a Ponzi scheme and declared it unregistered.
Now, in a dramatic twist, CBEX is back online, letting users register, trade, and even withdraw. Well, only new users. Old investors? Still locked out while the promoters claim an audit (allegedly backed by UK insurance) is ongoing. They promise withdrawals will resume on June 25, but only after investors pay at least $100 to “unlock” their funds.
Nigeria’s SEC isn’t having it. In a fresh warning, the regulator says CBEX is still unlicensed and its latest comeback stunt is as shady as ever. The commission says promoters pushing these schemes could now face 10 years in jail or up to ₦20 million in fines, thanks to new rules in the 2025 Investments and Securities Act.
Influencers hyping unverified platforms are also in the crosshairs. The SEC says flashy marketing doesn’t make a scam legit, and they’ve seen this movie too many times. Think MMM, Famzhi, and now CBEX. On Reddit, users from Nigeria, Kenya, and Uganda have been flagging CBEX’s sketchy tactics for months.
If it sounds too good to be true, it probably is. The SEC advises Nigerians to always verify any investment platform via its official website, avoid promises of quick riches, and remember that flashy platforms and initial payouts are classic Ponzi tactics. Don’t let déjà vu drain your savings.
Court blocks Access Bank’s move to freeze MTN accounts
A Federal High Court in Lagos has just denied Access Bank’s attempt to freeze MTN Nigeria’s bank accounts over a ₦180.95 billion ($125 million) debt claim tied to an old fibre-sharing deal with defunct Multi-Links Telecommunications, per Nairametrics. The court said, “Not so fast.” MTN must be heard before any such order can be granted.
Here’s the gist: Access Bank, now overseeing Multi-Links’ receivership, believes MTN owes a massive sum from a deal signed over a decade ago. The infrastructure-sharing agreement expired in 2024, but Access claims MTN kept benefiting from Multi-Links’ network while Multi-Links didn’t use much of MTN’s. So, they filed a motion to lock up MTN’s funds across all Nigerian banks.
MTN says that’s nonsense. The telco estimates its actual debt under the original deal at just over ₦1 billion ($690,000) and claims the new bills, nearly ₦170 billion ($117 million), came from a third party, Hoop Telecoms, which doesn’t even have a valid telecom licence. MTN took the matter to the Nigerian Communications Commission (NCC), which sided with them on the licence issue.
The judge, Justice Akintayo Aluko, said the situation is too complex for a one-sided decision. He refused the freeze and ordered MTN to appear in court within five days to explain why its accounts shouldn’t be frozen. The next hearing is set for June 23.
Access Bank might be rethinking its approach. Insiders say the bank may not have fully grasped the long legal and commercial backstory before jumping into court. Meanwhile, sources that spoke to Nairametrics hint that MTN and Access are now talking behind the scenes, hoping to sort this out without further drama.
For now, MTN has dodged the financial freeze. But this case shines a spotlight on the murky world of legacy telecom deals, court receiverships, and the not-so-subtle role of political and commercial pressure in Nigeria’s corporate battles. Stay tuned, this could be far from over.
MultiChoice flirts with SuperSport unbundling
MultiChoice is once again toying with the idea of unbundling its prized SuperSport channels from the rest of the DStv package, a move that could shake up how millions access live sports. The company says it’s reviewing its entire bouquet line-up to better reflect changing viewer habits.
While nothing’s final yet, the pay-TV giant confirmed it’s looking at whether sports and general entertainment could be offered separately in the future. The goal? More flexibility and better value for customers who may not want the full bundle.
Right now, it’s still early days. MultiChoice isn’t saying how pricing would work or whether a sports-only option would be optional. But it insists any changes will only come after careful testing of customer demand and business impact.
This isn’t the first time we’ve heard of something like this. Back in 2021, MultiChoice floated a “DStv Flex” idea that allowed subscribers to bolt on different sports packages to a base Entertainment Pack. It never really took off, and by 2024, the company had largely shelved the idea.
But with Canal+, MultiChoice’s potential new owner, known for offering sports as a separate package in its home market, this unbundling talk suddenly feels more serious. Canal+ Sport in France gives users nine sports channels plus Apple TV+ for €34.99 (around R720) a month.
Still, some industry watchers are sceptical. TV journalist Thinus Ferreira reckons Canal+ wouldn’t dare strip sport out of DStv’s core offering, since it’s the glue holding premium subscribers. But with the acquisition likely finalised by October, we’ll soon see if sports TV in Africa is headed for a remix.
In case you missed it
- From operators to founders: The Flutterwave alumni building Africa’s future
What I’m watching and reading
- The Universe in 90 minutes: Time, free will, God, & more | Sean Carroll
- Data says Nigeria overspent by $9.8 billion in 2024. Finance Minister has other numbers
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Have a fun weekend!
Victoria Fakiya for Techpoint Africa.
