A wave of panic is sweeping across Nigeria as thousands of investors say they’ve been locked out of their accounts on CBEX, a digital financial platform that promised unusually high returns.
Many users took to social media to vent their frustration and fear, with some posting emotional videos in tears, stating they could no longer access or withdraw their funds. The situation escalated in Ibadan, where outraged investors stormed a CBEX office, looting office furniture, air conditioners, and even a solar panel.
CBEX has yet to release an official statement.
The platform gained traction by promising to double users’ investments monthly — a tempting offer in a country grappling with economic hardship and high unemployment. But the dream quickly turned into a nightmare for many, including Ola, a young investor who told BBC Pidgin he feared losing 450,000 naira (about $280).
“I wanted to pull out my money last week, but a friend convinced me to wait. Now everything is gone,” Ola said.
Others claim to have lost even more, with some reports of individual losses exceeding $16,000.
The issue first surfaced over the weekend, but tensions flared after investors were still locked out on Monday. Some users who reached out via Telegram were told that CBEX had experienced a hacking incident and that their funds would soon be restored — a message that has done little to calm nerves.
Nigeria’s Securities and Exchange Commission (SEC) has not yet responded to media inquiries. However, the regulator has previously warned the public about the dangers of investing in unregulated online platforms, many of which turn out to be Ponzi schemes.
This incident is reviving painful memories of MMM, a notorious financial scheme that collapsed in 2016 after promising participants a 30% return in 30 days. At its peak, MMM reportedly had over three million Nigerian members before shutting down, leaving countless investors devastated.
As the CBEX controversy unfolds, many are left questioning how to protect their money in a digital age where high returns often come with hidden risks.
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