Frustrated investors have besieged the offices of digital financial platform CBEX in Lagos and Ibadan following reports of locked accounts and inaccessible funds, with some resorting to vandalism in protest. The growing crisis has triggered a wave of distress on social media, where customers share alarming accounts of being unable to withdraw their investments, fueling fears of a potential financial collapse.
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Videos circulating online show investors in visible anguish, with some breaking down in tears as they describe losing access to their savings. The situation turned violent on Monday when a group of enraged customers ransacked a CBEX office in Ibadan, making off with office equipment, including chairs, air-conditioning units, and solar panels. Despite the uproar, CBEX has yet to issue an official statement addressing the allegations. The platform had previously lured investors with promises of doubling their money monthly—a claim that now appears increasingly dubious.
Affected investors have taken to social media to share their despair. “I was ready to withdraw all my funds last week, but a friend advised me to wait. Now, the platform has crashed,” said Ola, one of many facing financial ruin. Others report even steeper losses, with one investor claiming $16,000 is now trapped in the system. The platform’s sudden inaccessibility was first noticed over the weekend, but frustrations reached a boiling point when withdrawals remained frozen on Monday.
In private messages to investors on Telegram, CBEX representatives blamed the disruption on a “system hack” and assured users that normal operations would resume soon. However, skepticism runs high, given the company’s silence in the face of public outrage. Nigeria’s Securities and Exchange Commission (SEC), the regulatory body overseeing investment platforms, has not commented on the incident. The SEC has previously warned citizens about the dangers of unregulated digital investment schemes, many of which operate as Ponzi scams.
The unfolding crisis has drawn unsettling parallels to the 2016 collapse of MMM, a notorious investment scheme that promised 30% returns in 30 days before abruptly freezing accounts, devastating millions of Nigerians. With the country grappling with severe economic challenges—including rampant inflation and unemployment—many desperate citizens have turned to high-risk, high-reward platforms like CBEX in search of financial relief.
As anger mounts and investors demand accountability, authorities face increasing pressure to intervene and prevent further financial harm. The incident underscores the urgent need for stronger regulatory measures to protect Nigerians from predatory financial schemes.
