Nigerians Fear Losses as CBEX Investment App Locks Users Out Amid Crash Fears

In a distressing turn of events, Nigerian users of the digital investment platform CBEX are voicing their fears and frustrations after being locked out of their accounts. The app, which gained popularity by promising unusually high returns—doubling investors’ money each month—has left thousands unable to access their funds. Some have taken to social media in tears, sharing how their life savings are now potentially lost, while others have resorted to drastic actions, looting a CBEX office in Ibadan in protest.

For many, the situation feels all too familiar. The economic hardship in Nigeria has driven people to seek quick financial solutions, making platforms like CBEX appealing despite the risks. One investor, Ola, shared his regret after holding off on withdrawing his 450,000 naira, only to now face the possibility of losing it all. Other heartbreaking stories have emerged online, including one user who claims to have lost $16,000. Although the issue first appeared over the weekend, tensions escalated on Monday as the platform remained inaccessible.

CBEX has communicated sparingly, reportedly telling some users via Telegram that the platform was hacked and would be restored. However, the lack of public transparency has only deepened concerns. Meanwhile, Nigeria’s Securities and Exchange Commission (SEC) has stayed silent on the matter, though it has previously warned against unregulated investment schemes, likening them to Ponzi structures.

This debacle is dredging up painful memories of the infamous MMM scheme that collapsed in 2016, which also promised unrealistic returns and left millions devastated. It’s a harsh reminder of the ongoing vulnerability of citizens in a tough economic climate, where the promise of quick financial gain can sometimes come with crushing consequences.

Source: BBC