Angry Nigerians are expressing their outrage on social media after being locked out of their accounts on the investment app CBEX. Customers have been posting emotional videos, struggling to cope with the inability to withdraw their funds, prompting fears that their investments might be lost forever. In a dramatic response, some dissatisfied clients vandalized a CBEX office in Ibadan, seizing furniture and electrical appliances.
CBEX's enticing promise of doubling monthly investments attracted many users during a time when Nigerians are looking for financial relief amidst economic hardships. One investor, Ola, voiced his distress to BBC Pidgin, revealing he feared losing 450,000 naira (approximately $280; £210) after hesitating to withdraw just days prior due to a friend's advice to be patient. Similar stories emerged, including one individual reportedly losing $16,000 as the issue became apparent over the weekend.
Despite the uproar, CBEX has yet to issue a formal public statement regarding the situation, although it has communicated with some investors via Telegram, attributing the problems to a hacking incident that they claim will be resolved shortly. The Nigerian Securities and Exchange Commission (Sec), which oversees the investment sector, is yet to respond to inquiries regarding the matter, although it has previously cautioned investors about the risks associated with unregulated platforms and potential Ponzi schemes.
Many investors are reminded of past tragedies, notably the 2016 collapse of the MMM financial scheme, which left thousands heartbroken after freezing transactions, despite its promise of high returns. The CBEX crisis has reignited these painful memories for many, painting a bleak picture for digital investment in Nigeria.
