Angry Nigerians are taking to social media to voice their frustrations after being shut out of their investment accounts on the digital financial platform CBEX. Distressed users have shared videos expressing their sorrow and anxiety over the inability to withdraw their hard-earned investments. In a dramatic act of protest, some customers ransacked a CBEX office located in Ibadan, southwestern Nigeria, taking furniture and appliances in their fury.
The app had attracted users by promising to double their investments every month, which many turned to amid Nigeria's ongoing economic struggles. Ola, one user, shared with BBC Pidgin that he feared losing 450,000 naira ($280; £210) after deciding to wait on a friend's advice to withdraw his investment, only to find the platform's operations halted.
Other users have reported even greater losses, with amounts totaling $16,000 mentioned. The app's freezing of accounts first became apparent over the weekend, and the situation escalated on Monday as the platform remained unresponsive. While some investors have reached out via Telegram and received replies claiming the issue was due to a hacking incident, many remain skeptical.
The Nigerian Securities and Exchange Commission (SEC), which oversees investment practices in the country, has not yet addressed the ongoing crisis, despite previous warnings about the risks associated with unregulated digital platforms and potential Ponzi schemes.
The current turmoil recalls memories of the 2016 MMM scheme, which also left countless Nigerians devastated as it froze transactions, promising a 30% monthly return on investments. The CBEX incident is a stark reminder of the dangers individuals face in seeking swift financial gains amid challenging economic conditions.
