Bhluemountain is effective, reliable, and easy to work with. Schedule a free consultation and we’ll show you why we were named one of the top IT firms in Nigeria
start Now
We are a team of top-accredited professionals who are unceasingly committed to delivering trailblazing solutions that ensure your maximum productivity. We help our customers build the core foundation for a successful and secure digital transformation journey
Quality is at the heart of everything we do, and we continuously challenge ourselves to improve our services to meet or exceed the needs and expectations of our customers, while always complying with regulations and specifications.
Whilst we have a big smile on our faces about our recognition, we never forget that our team and our clients work together as one, so thank you for all of your support.
Together with our team of accredited experts, we assist businesses in navigating their current IT estates and digital future through informed and cost-saving IT models.
At Bhluemountain we help small and large enterprises, run their mission-critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. We deploy our technology solutions and services to enable businesses drive performance, competitiveness, and customer experience.
Whatever your industry area, we provide full-spectrum IT support services to help you meet changing business needs.
Effective Cloud Solutions and strategies that help you drive overall efficiency and scale effortlessly.
Gain key insights from data to drive impactful outcomes for strategic objectives.
Technology and industry consulting expertise to help you drive your digital transformation journey.
On April 15, the internet was abuzz with news of Ponzi platform CBEX that claimed to double investors’ money in 30 days through an AI-powered trading bot. CBEX lured investors with promises of great returns and “no trading skills or experience” required. However, it has been an elaborate scheme in the making. CBEX, or “CryptoBridge eXchange,” an exchange platform that reportedly had claims to Chinese origins, has long been in partnership with crypto trading group Super Technology (ST) Team. Super Technology Team had reportedly been operating in physical offices in Nigeria—under the brand, “Smart Treasure Operation Centre”—including one recently opened in Ibadan and Lagos. TechCabal could not verify the extent of its ties to Super Technology, but CBEX marketed its platform on the technology that Super Technology supposedly provided. An image of ST’s alleged office in Ikeja, Lagos. Taken from their Telegram group. While the CBEX website is still active at the time of this report, Super Technology has deleted traces of its internet presence, including its social media platforms. A screenshot taken from CBEX’s homepage. The promise of trading with AI was false because both CBEX and Super Technology had no real product, and in the unlikely case that they did, both companies had no history of operating a crypto trading business before late 2024. This was the first red flag from CBEX. Additionally, the platform has used multiple domain names since it started operating, including www.cbex9.com, www.cbex39.com, www.cbex38.com, www.cbex18.com, www.cbex1.com, and www.cbex.vip. All of them, except www.cbex9.com, are now inactive, likely due to reports of illegal trading activities. Currently, CBEX remains operative under https://cbex.cx. “The domain [cbex1.com] is tied to the same CBEX crypto scheme that crashed in Nigeria,” said Kassy Olisakwe, a senior blockchain developer and founder of AuroraWeb3. “They’re just using that domain name as a spare, they registered it in early March. They’ve been hopping between multiple domains to avoid getting blacklisted or caught.” USDT “bullion” wallets CBEX operates a highly elaborate scheme, combining multi-level marketing (MLM) with Ponzi techniques. Once a user registers on the platform, it asks them to invite others, known as “downlines”. However, whether they keep the referral loop spinning or not, users earn from compounded returns. A user who “invested” $100 in July 2024—the reported month CBEX became active—will have $25,600 in their account by March 2025, an oversized increase that even some legitimate fast-growing assets, like gold, are unable to match in the same period. When a user creates an account on CBEX, the platform assigns a USDT or Ethereum wallet where they deposit their funds. Shortly after, the platform moves the funds from the deposit wallets to intermediate wallet addresses that carry the money to other accounts. Through some digging, TechCabal traced some of these intermediate wallets to a CBEX-linked website: TLFZVNxiHkfcUQdzN1DJCjHegFQQ368888 TFo7GZvgdUU5gj41irQeH3NDR5FYWPssFQ THn25XKVoBXGSaFfYa6o9pU9Hf4sgtZNZM TKadxGap9adtWVztGkRfdvnAgb4JFopXxX We found those addresses on the website, www.cbex1.com, which, still active, contains USDT transaction records linked to CBEX. To verify the transaction trails, we used public blockchain explorer tools like Tronscan and Tokenview, which allow anyone to check wallet activity on the blockchain. TechCabal was unable to verify if the records showed the total live transactions being processed on the platform. At the time of this report, $145,266 has been moved from its main accounts—random USDT deposit addresses that CBEX generates for its users to deposit money—to its intermediate accounts. About $120,829 has been moved to other accounts. “Those transactions are from an API call they’re making to api.hv2365.com and they control it. They built their backend and database to disappear quickly. Because they’re using anonymous services, we can’t get the exact information of the people that registered CBEX. Even on plain whiteweb name searches, it comes back as ‘(namecheap)’,” said Olisakwe. Screenshot taken from the website, www.cbex1.com It is also likely that these amounts were more, and the transfer records on the website do not tell the full story. TechCabal investigated further. We traced how the money flowed immediately when a user deposited money on the platform. One of CBEX’s victims, who identified only as ‘Earth Laureate’ on Telegram, told TechCabal that she deposited $2,600 on CBEX on April 2, 2025, only days before the platform froze withdrawals. She deposited the sum from a Bybit wallet into the address, TC7nTFpBHp9j81521m5n76D6wsD4suUXrH, a TRON (TRC-20) blockchain address which holds the USDT stablecoin. Transactions on the address, TC7nTFpBHp9j81521m5n76D6wsD4suUXrH/Screenshot taken from Tokenview Transactions on the address, TC7nTFpBHp9j81521m5n76D6wsD4suUXrH/Screenshot taken from Tokenview After three hours, the funds were siphoned to another address, TB6pGj8FiR3XbXbE1th4cVHzASs8xXVL4p, one of the multiple intermediate addresses—likely a level-1 address. At the time of this report, this intermediate address held no USDT; however, it had received $64,591,317 USDT tokens (where 1 USDT = $1), and had sent out the exact amount of tokens. Transactions on the address, TB6pGj8FiR3XbXbE1th4cVHzASs8xXVL4p/Screenshot taken from Tokenview Upon further checks, the level-1 intermediate address frequently sent funds to a Bridgers cross-chain bridge address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s, which held $422,241 USDT tokens at the time of this report. A bridge cross-chain account is used to move crypto assets between two different blockchains, like moving money from a bank in one country to a bank in another. Transactions on the address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s/Screenshot taken from Tokenview The public name shows that the address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s, is a Bridgers cross-chain bridge wallet/Screenshot taken from Tronscan.org From this bridge account, the funds are further obfuscated into different accounts and blockchains. Smaller amounts like $10,000 and lesser are then transferred into layer-2, layer-3, and layer-4 addresses to hide the origin of the money. This is known as “smurfing.” Transactions on the address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s/Screenshot taken from Tokenview TechCabal examined another case of a CBEX user who managed to withdraw their money from the platform. The person, who asked not to be named, shared that they received $2,619.15 in USDT payment from the address, TY5yKqWoXRVaHYKNNkY2rf1UjkrLDF6323, on April 1, 2025. Transactions on the address, TY5yKqWoXRVaHYKNNkY2rf1UjkrLDF6323/Screenshot taken from Tokenview Transactions on the address, TY5yKqWoXRVaHYKNNkY2rf1UjkrLDF6323/Screenshot taken from Tokenview We traced the source of the funds used to pay the user to the address, TASdnkGdYsRxncjmJBUwKym7BDBFvLsyHM, which
Read More
Access Holdings Plc, the parent company of Access Bank, spent a record ₦193.5 billion ($120.5 million) on technology infrastructure and electronic business in 2024, even as its fraud-related losses dropped sharply by 73%, according to its latest full-year financial statement. The tech spend—a 147% jump from 2023—is the highest in the banking sector, more than double the amount competitors such as Guaranty Trust Holding Company (GTCO) Plc, United Bank for Africa (UBA) Plc, and Zenith Bank Plc spent last year. Several factors drove the surge in technology spending: inflation amplified by exchange rate volatility, major upgrades to its core banking software Flexcube, cybersecurity enhancements, and expansion into Tanzania, Namibia, and Hong Kong. Access Holdings says these moves were necessary to support its growing digital customer base and fend off competition from fintech companies like Opay, PalmPay, and Moniepoint. “Our technology spend reflects a deliberate balance between capital investments in new capabilities and operating expenses that support existing systems, such as subscriptions and service licenses,” Access Holdings’ spokesperson said in an email to TechCabal. The spokesperson added that a significant portion of their IT spend remains vendor-driven, especially in areas like licensing, technical support, and niche services. “Approximately 80% of our operational IT costs are tied to licensing, 15% to support services, and the remaining portion to consultancy and professional services.” Analysts say the surge in tech spend may have slashed fraud losses by 73% from ₦6.15 billion ($3.8 million) to ₦1.64 billion ($1.0 million). “I suspect that the group invested in some cybersecurity infrastructure, especially given that the amount lost to fraud declined significantly,” Mobifoluwa Adesina, investment research analyst at Afrinvest West Africa Limited, said. Enhanced IT systems lead to fewer fraud incidents and financial losses for customers, according to Nabila Mohammed, a research analyst at Chapel Hill Denham, an investment banking firm in Lagos. “This increased security and seamlessness encourage customers to transact more, generating increased fee income for banks,” she said. Access’s aggressive tech push leaves competitors trailing. GTCO reported a 48% rise in IT expenses to ₦88 billion ($56.8 million), Zenith doubled its budget to ₦67.3 billion ($43 million), while UBA grew its spend by 107% to ₦48 billion ($30.5 million). Fraud losses across the sector show the impact of these investments. GTCO saw fraud losses fall slightly to ₦159.1 million ($99,421) from ₦198.8 million ($ 123,881). Zenith, however, recorded a spike, from ₦383.4 million ($238,914) to ₦5.26 billion ($3.3 million), underlining the urgent need for better fraud prevention tools. The rise of digital payments in Nigeria has led to an increase in financial transactions, which has been accompanied by a growth in fraud cases within the financial system. According to the Nigeria Inter-Bank Settlement System (NIBSS), fraud incidents surged 112% between 2019 and 2023, while the value of losses spiked 496% to ₦17.67 billion ($11.1 million). Computer, mobile, and PoS fraud dominate, driven by increased digital activity and gaps in cybersecurity protocols. Another report by the Financial Institutions Training Centre (FITC) noted that fraud-related losses in Nigeria rose to ₦10.1 billion across 19,007 cases in the third quarter of 2024, up from ₦1.18 billion across 12,066 cases in the same period of 2023. However, on a quarter-on-quarter basis, the total amount dropped from ₦42.8 billion, suggesting some recent gains. “Increased trust and confidence in the banking system in this sector will lead to stronger growth in the coming years and quarters,” Mohammed of Chapel Hill Denham said. Access Holdings, with a market capitalisation of ₦1.15 trillion, has not yet disclosed its tech budget for 2025, but it intends to deepen investment in staff training and advanced technology skill development to strengthen internal capacity and reduce exposure to foreign currency-driven costs. “We will continue to invest in modernization, innovation, and customer experience, while maintaining tech expenditure in line with similar global financial institutions to balance innovation and operational efficiency,” the spokesperson added.
Read MoreAs of April 2025, 12 Nigerian states—including Zamfara, Katsina, Anambra, Kebbi, Nasarawa, Bauchi, Adamawa, Kaduna, Ekiti, Imo, Plateau and Niger—have officially waived Right of Way (RoW) fees to attract telecom infrastructure investments. While these states are willing to forgo vital revenue, they are discovering that waiving fees is only the beginning of a much larger and more complex equation. Lagos remains Nigeria’s undisputed leader with 7,864.60 kilometres of laid fibre as of 2023, despite charging RoW fees ranging from ₦850 ($0.53) to ₦1,500 ($0.93) per metre. Edo (4,892.71km), the Federal Capital Territory (4,472.03km), and Ogun (4,189.18km) also lead the way, none of which have eliminated RoW fees. Niger and Kaduna, two of the 12 fee-waiver states, are a rare exception, ranking fifth with 3,681.66km and sixth with 3,028.88km respectively in fibre deployment. This trend suggests that fee waivers alone aren’t the deciding factor for investment. States with strong infrastructure, investor-friendly policies, functional bureaucracies, and urban population density continue to attract more attention from telecom operators, regardless of RoW charges. Wole Abu, Managing Director, Equinix West Africa, told TechCabal that right-of-way is just one component in the cost breakdown of fibre deployment. “You must still estimate customer demand, as return on investment depends on revenue generation,” Abu said. “If you deploy fibre to a community with insufficient demand or purchasing power, the business case will fail. Waiving right-of-way fees is a good first step to incentivise investment. I believe stimulating local demand is another crucial step in this process.” States like Rivers, Akwa Ibom, and Imo have significant Gross Domestic Product figures but lag behind Lagos in both total and per capita terms. For instance, while Lagos boasts a GDP of ₦41.17 trillion ( $102 billion) with a GDP per capita of $6,614, Rivers State has a GDP of ₦7.96 trillion with a per capita GDP of $2,277, while Akwa Ibom’s GDP stands at ₦7.77 trillion with a per capita GDP of $2,962. RoW refers to the legal permission telecom providers need to lay down critical infrastructure like fibre optic cables and towers across public or private land. Without this infrastructure, broadband connectivity and digital services simply can’t scale. The Nigerian Communications Commission (NCC) and the Federal Ministry of Communications have repeatedly emphasised RoW reform as a catalyst for digital inclusion. However, real-world outcomes suggest that the elimination of fees hasn’t been enough to spark the infrastructure boom envisioned. The push to harmonise RoW charges across Nigeria began in 2013, when the National Executive Council (NEC) proposed a standard fee of ₦145 ($0.09) per linear metre. The goal was to streamline infrastructure deployment and reduce prohibitive costs. However, many states disregarded the directive, continuing to impose arbitrary and often excessive charges as a means of boosting internally generated revenue (IGR). It wasn’t until between 2020 and 2025, after a push by Isa Ali Pantami, then Minister of Communication and Digital Economy, that some states began aligning with federal recommendations by reducing or waiving RoW fees altogether. The decision to eliminate fees varies by state, often influenced by local conditions. In Niger State, the government waived RoW fees for a few number of operators in September 2024 primarily due to a surge in fibre cuts caused by extensive road construction. “Our governor is constructing 1,200 kilometres of roads in his first year in office. As a result, we’ve been experiencing numerous fibre cuts,” said Suleiman Isah, the state’s Commissioner for Communications Technology and Digital Economy. Between January and February 2025 alone, the NCC reported nearly 230 fibre cuts. That’s why the governor approved zero naira RoWas compensation.” The second reason, Isah noted, was to encourage telecom investments by lowering the barriers to entry. Despite the push for harmonisation, only 12 out of Nigeria’s 36 states have fully waived RoW fees. While the Federal Capital Territory (FCT) and Kwara State charge minimal fees—₦145 and ₦1, respectively—many others still present challenges. Telecom operators remain cautious, deterred by inconsistent regulations at the state and local levels. Even in states offering free RoW, the lack of uniformity, overlapping rules, and added levies create a complex and costly compliance landscape that limits large-scale investment. Securing permits for telecom infrastructure deployment in Nigeria remains deeply hindered by bureaucratic red tape. Lengthy approval processes at state and local government levels frequently cause significant delays. Even after installations are completed, some infrastructure faces disruption due to harassment or arbitrary shutdowns stemming from conflicting enforcement by multiple regulatory bodies. Adding to these challenges is the opaque implementation of RoW waivers. Many of these waivers are granted through executive orders rather than legislation, leading to inconsistent enforcement. Telecom operators often encounter hidden or informal “administrative fees” that drive up costs, despite the existence of official zero-fee policies. In some cases, local authorities impose levies that directly contradict their state’s waiver commitments, further undermining investor confidence and complicating deployment efforts. Despite the widespread challenges facing telecom infrastructure deployment in Nigeria, some states are taking proactive steps to streamline the process and reduce barriers for network operators. Niger State has introduced a more predictable framework: operators are required to pay a one-time, non-refundable application fee of ₦500,000 ($311.8). This fee covers both initial deployments and future expansions. Even if a company received its permit a decade ago, it does not need to pay again to expand its network. “If you applied 10 years ago and you want to expand your network today, there is no need to pay another fee. You just need to inform the state you are expanding,” explained Isah. Anambra State has adopted a different but equally facilitative approach. There, network operators can apply at no cost to the state’s physical planning agency. Applications are reviewed in collaboration with the Anambra State ICT Agency, which helps assess their technical and spatial feasibility. “We avoid multiple digging. We engage the interested telco to consider the possibility of leasing ducts to avoid digging multiple times,” said Chukwuemeka Fred Akpata, Managing Director of the Anambra State ICT Agency. Nigeria’s broadband growth also hinges
Read More
