Frustration is mounting among Nigerian users of the investment app CBEX, as many report being unable to access their accounts and fearing the loss of their savings. The situation escalated when customers protested and vandalized a CBEX office in Ibadan.
Nigerians in Turmoil as Investment App CBEX Locks Users Out of Accounts
Nigerians in Turmoil as Investment App CBEX Locks Users Out of Accounts
Nigerians express outrage on social media as they face financial distress after their funds in the investment app CBEX become inaccessible.
Angry Nigerians took to social media to voice their distress over being locked out of their accounts on the digital investment platform CBEX. Videos surfaced online showing devastated investors expressing fears over lost savings, unable to withdraw funds they had invested in hopes of high returns. Amid an ongoing economic downturn, many had turned to CBEX, which promised to double investments monthly, to secure financial stability.
Reports indicate that issues began over the weekend, but escalated on Monday as users remained locked out. An individual named Ola expressed concerns over potentially losing a significant amount—450,000 naira ($280)—after deciding to wait on a withdrawal based on advice from friends. Collective anger prompted some frustrated clients to raid a CBEX office, taking furniture and equipment in a display of desperation.
In response to affected customers via Telegram, CBEX hinted at a hack being the cause of the disruptions, assuring users that the situation would be rectified shortly. However, as Nigeria's Securities and Exchange Commission (SEC) has yet to issue a formal comment, many users remain anxious about their funds. This incident echoes the painful collapse of another investment scheme, MMM, in 2016, which left countless Nigerians devastated after their savings were frozen.
The SEC has previously cautioned the public regarding the potential risks of investing in unregulated digital platforms, drawing parallels with past Ponzi scheme experiences. The growing fear among users of CBEX highlights the persistent vulnerabilities within Nigeria's financial landscape as individuals seek alternative methods to bolster their income during these challenging times.
Reports indicate that issues began over the weekend, but escalated on Monday as users remained locked out. An individual named Ola expressed concerns over potentially losing a significant amount—450,000 naira ($280)—after deciding to wait on a withdrawal based on advice from friends. Collective anger prompted some frustrated clients to raid a CBEX office, taking furniture and equipment in a display of desperation.
In response to affected customers via Telegram, CBEX hinted at a hack being the cause of the disruptions, assuring users that the situation would be rectified shortly. However, as Nigeria's Securities and Exchange Commission (SEC) has yet to issue a formal comment, many users remain anxious about their funds. This incident echoes the painful collapse of another investment scheme, MMM, in 2016, which left countless Nigerians devastated after their savings were frozen.
The SEC has previously cautioned the public regarding the potential risks of investing in unregulated digital platforms, drawing parallels with past Ponzi scheme experiences. The growing fear among users of CBEX highlights the persistent vulnerabilities within Nigeria's financial landscape as individuals seek alternative methods to bolster their income during these challenging times.
