In what is fast becoming another tragic chapter in Nigeria’s battle with fraudulent investment schemes, thousands of Nigerians have reportedly lost millions of naira to the now-collapsed digital trading platform, CBEX.
CBEX, which positioned itself as a crypto and forex investment platform, had promised users mouthwatering returns on investments. For months, it attracted unsuspecting Nigerians young and old with promises of daily profits, referral bonuses, and guaranteed withdrawals. However, those promises have now turned into anguish for many.
The platform reportedly began showing signs of distress when users started experiencing difficulties in processing withdrawals. Shortly after, the CBEX app and website became inaccessible, and many users were shocked to find their account balances reduced to zero.
The collapse has sparked outrage and protest across the country. In Ibadan, Oyo State, aggrieved investors stormed the company’s office located in the Oke Ado area, looting furniture and equipment in a desperate attempt to reclaim what they could. Similar scenes of frustration have been reported in other parts of Nigeria.
Several victims, especially women who reportedly pooled funds through thrift groups and community savings platforms, have lamented the loss of their life savings. In one viral video, a distraught woman tearfully narrated how she lost everything she had worked for after trusting the scheme.
CBEX had built trust through aggressive marketing on social media, using influencers and WhatsApp broadcast chains to lure investors. Many Nigerians believed it to be a legitimate investment opportunity until the rug was pulled out from under their feet.
Despite the scale of the alleged fraud, no official statement has been issued by CBEX, and there is yet no word from relevant authorities on any investigation or recourse for victims.
The CBEX saga is a stark reminder of the growing wave of digital Ponzi schemes preying on Nigerians’ desire for financial freedom. As more victims speak out, the urgent need for financial education and stricter regulation of online investment platforms becomes even more glaring.
Olamilekan Adeyemi
