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The digital investment platform CBEX has allegedly collapsed, with reports indicating losses amounting to over N1.3 trillion incurred by investors.
On Tuesday, PUNCH Online reported that the platform became inaccessible after users experienced persistent withdrawal failures, followed by sudden account balance wipes.
The incident has sparked widespread reactions, particularly on social media, where users have expressed frustration, criticism, and concern over the situation.
On X (formerly Twitter), a user identified as #edoPeekeen (Edo Blood) commented, “Even pipul wey no get anything to do with CBEX dey cry too… 9ja don tire person to the extent person nor know who dey lie again. Chai,” capturing public disbelief.
Another user, H #Eskimoh_ stated:
“No one rule of investment states, ‘Never invest any amount you can’t afford to lose.’ A lot of people need financial literacy, and the sad story is the government will never add that to school subjects.”
On Facebook, Chinenye Nduka lamented,
“My brother invested his school fees and now he can’t even face my parents. God, this country keeps dealing with us.”
Another Facebook user, David Eyo, wrote,
“I warned my church WhatsApp group, but they mocked me. Now the same people are tagging me to help them recover their money. How??”
Instagram was no different with posts from victims and observers.
#the_real_aduke posted,
“I lost $1,000. That was my bridal savings. I don’t even know how to tell my fiancé. I feel numb.”
#iam_gideonlegend commented,
“CBEX came, sweet-talked everyone, and vanished like a thief in the night. Make we no lie, we were all greedy.”
A Lagos-based foreign exchange broker, #Obobanj (RHI O.O.BI), who has been linked to the platform, commented on the X platform,
“While investigations are still unfolding, social media has been flooded with heartbreaking stories, outrage, and bitter lessons from victims and observers alike.”
The Central Bank of Nigeria has consistently warned against investing in Ponzi-style schemes, particularly those offering high returns without regulatory oversight.
“The Central Bank of Nigeria (CBN) has long warned citizens about the dangers of Ponzi schemes, cautioning against investments that promise unrealistic returns. Despite this, platforms like CBEX continue to attract large followings, often collapsing without warning and leaving chaos in their wake,” #Obobanj added.
PUNCH Online earlier reported that the Securities and Exchange Commission had reaffirmed its commitment to safeguarding investors’ funds amid the growing prominence of fintech in Nigeria’s financial sector.
This is according to a statement by the Commission, which noted that the Director-General of SEC, Dr Emomotimi Agama, said this at a one-day capacity-building session for financial journalists in Abuja.
The SEC DG assured all that the commission would enforce existing regulations within the fintech space to prevent mismanagement of funds and ensure operators comply with the capital market rules, especially about fundraising.
