Anger erupted across Nigeria as users of the investment application CBEX reported being locked out of their accounts, unable to withdraw their money. Many took to social media with emotional videos, expressing fears of financial ruin as their investments remained inaccessible. In Ibadan, a group of furious customers raided a local CBEX office, taking away furniture and equipment in protest.
CBEX had gained traction by promising customers high monthly returns—doubling their investments, which attracted many desperate for financial alternatives in Nigeria’s struggling economy. One user, identified as Ola, lamented the loss of 450,000 naira (approximately $280), expressing regret for not withdrawing his funds earlier per his friend’s advice. Reports from other participants highlight losses upwards of $16,000.
The issues began surfacing over the weekend, but discontent soared when users could still not access their accounts by Monday. Some who reached out to CBEX via Telegram were informed that hacking incidents caused the disruptions, with assurances that the matter would be resolved shortly.
Meanwhile, Nigeria's Securities and Exchange Commission (SEC), which oversees investment operations, has not yet responded to inquiries about the situation. It previously issued warnings regarding potential hazards associated with unregulated platforms and the likelihood of Ponzi schemes. Investors fear potential parallels to the 2016 collapse of MMM, an infamous scheme that once promised impractical returns and left many devastated when it suspended transactions, reflecting deep-seated concerns over the safety of such investments in Nigeria.
