Nigerians in Anguish: Investment App CBEX Leaves Customers Locked Out

Angry customers are taking to social media to express their frustration over being locked out of their CBEX accounts, fearing they have lost their life savings. The company had promised high returns, but recent events have sparked fears reminiscent of past financial scandals.

Anguish spreads across Nigeria as customers of the digital investment platform, CBEX, report being unable to access their accounts. Many investors, attracted by promises of high monthly returns, are now expressing their desperation online, sharing videos depicting their emotional distress as they confront potential losses. In a notable outburst of frustration, irate customers vandalized a CBEX office in Ibadan, taking items such as furniture and office equipment in protest against the platform's failure to allow them to withdraw their savings.

The crisis unfolded after investors noticed they were unable to access their funds over the weekend, with the situation exacerbated as the days passed without resolution. One investor, Ola, expressed dread over potentially losing 450,000 naira (around $280), lamenting that he was just about to withdraw his funds before the incident. Other investors reported even larger losses, with one individual stating they were potentially out $16,000.

CBEX has yet to provide a public response, though some users reported responses via Telegram mentioning that a hacking incident was to blame for the service outage. Meanwhile, the Nigerian Securities and Exchange Commission (SEC) has not commented but has previously issued warnings regarding the risks associated with unregulated platforms, highlighting the potential for Ponzi schemes in the ongoing economic climate.

This alarming scenario brings forth troubling memories of past financial failures in Nigeria, notably the infamous MMM scheme that collapsed in 2016, leaving numerous investors heartbroken after promising unsustainable returns. As desperation mounts, many Nigerians are left fearing whether their savings will ever be recovered, stirring widespread anxiety across the nation.