Outrage Grows as Nigerians Lose Access to CBEX Funds

Nigerians have taken to social media to express frustration and heartbreak after being locked out of their accounts on the digital finance platform, CBEX. Many users reported being unable to withdraw their investments, fearing their money might be gone for good. Emotional videos have surfaced online, with some individuals in tears over their losses.

In Ibadan, a group of angry customers stormed a CBEX office, taking away office equipment, including chairs, air conditioners, and a solar panel. The company has yet to release an official statement regarding the situation.

CBEX had attracted widespread attention with a promise to double investors’ money each month. With Nigeria currently facing tough economic conditions, many people saw it as a chance to increase their income quickly.

One investor shared that he lost 450,000 naira (about $280), explaining that he had planned to withdraw his funds the previous week but was advised by a friend to wait. Now, the platform appears to have crashed. Another person claimed to have lost as much as $16,000.

The issues reportedly began over the weekend, but frustration grew sharply on Monday when users still couldn’t access their funds. Some investors received messages via the private messaging platform Telegram, where CBEX representatives blamed a hack for the disruptions and assured users that the matter would be resolved.

So far, Nigeria’s Securities and Exchange Commission has not commented on the incident.

This ordeal has reminded many of the 2016 collapse of MMM, a similar financial scheme that left millions of Nigerians devastated. MMM had promised a 30% return on investment within 30 days and reportedly had up to three million participants before shutting down operations.