Thousands of Nigerians are expressing distress and confusion as they find themselves locked out of their accounts on the digital financial platform, CBEX. The situation, which has caused a wave of panic across the country, is gaining attention on social media, where affected users are sharing emotional videos and stories, fearing the loss of their hard-earned savings.
The platform, which gained popularity for its promise of doubling users’ investments within a month, is currently unresponsive, sparking concerns of a possible financial scheme collapse. With the nation battling tough economic conditions, CBEX attracted many desperate individuals to improve their financial status.
Reports indicate that some frustrated investors stormed a CBEX office in Ibadan, removing office equipment, including chairs, air-conditioners, and even a solar panel. The company has yet to make a public statement, further deepening concerns among its clients.
One investor, known only as Ola, told BBC Pidgin that he had invested 450,000 naira, approximately $280, with the hope of securing a better financial future. Just when he was preparing to withdraw his funds, he was advised by a friend to be patient. Now, Ola is among those unable to access their money.
Another affected user claimed to have lost as much as $16,000. These personal stories have resonated across various platforms, especially on X (formerly Twitter), where people are calling for regulatory action and clarity from financial authorities.
CBEX has reportedly told some users via Telegram that the issue was due to a hack and assured them it would be resolved soon. However, many users remain sceptical as they continue to wait without a clear timeline or official update from the company.
Nigeria’s Securities and Exchange Commission has not yet issued a response, but it has, in the past, warned citizens against investing in unregulated digital platforms, highlighting the risks of falling victim to Ponzi schemes. This current development has revived memories of the infamous MMM scheme, which collapsed in 2016, leaving millions devastated after losing money.
That scheme, which promised a 30% return on investment within 30 days, gained a massive following before it abruptly froze transactions. For many, the CBEX issue is a painful reminder of that financial blow.
As uncertainty surrounds the situation, affected Nigerians continue to hope for a resolution that will allow them to recover their investments and regain trust in the growing digital financial sector.
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