Nigerians In Tears As CBEX Ponzi Scheme Crashes

Many Nigerians have been thrown into financial despair after a self-acclaimed digital trading platform, CBEX, reportedly crashed, leaving victims with empty accounts.

CBEX had positioned itself as a high-yield investment platform, promising users a 100% return on investment within one month. Investments were made strictly in U.S. dollar.

However, circulating reports indicated that the platform became inaccessible after users experienced difficulties in withdrawing their funds. Many later discovered that their account balances had been wiped to zero.

Several emotional posts are trending on social media platforms such as TikTok and X (formerly Twitter), as distraught victims shared their anguish after losing their life savings.

One of them, known by her TikTok handle Pretty Nikky Babe, posted a tearful video with the caption: “CBEX don my savings.” Her clip has since gone viral, echoing the heartbreak of many who fell victim to the now-collapsed scheme.

The fallout took a violent turn on Monday as a group of aggrieved individuals stormed the CBEX office located in the Oke Ado area of Ibadan, Oyo State.

In a show of rage and frustration, the mob looted the premises, carrying away tables, couches, and various office equipment.

The crowd forcibly entered the office building, ransacking every corner.

A viral video from the scene shows dozens of people hauling furniture and other items, with some angrily demanding explanations for their lost funds.

“This is what greed brings,” muttered an onlooker. “They warned us, but people no gree hear.”

The Securities and Exchange Commission (SEC) had earlier flagged CBEX, warning Nigerians that the digital trading platform was not registered with the Commission. Still, thousands reportedly invested in the hope of quick and massive returns.

Reacting to the situation, Bashir Ahmad, a former presidential aide, wrote on X: “So, our Securities and Exchange Commission (SEC) warned Nigerians against patronising CBEX after they clarified that they did not register with the Commission, and our people still went ahead and invested their money.”

In one of the many heart-wrenching videos circulating online, a woman identified as Bola stood weeping at the CBEX office entrance, devastated by the loss of her savings.

“Me 200 dollars, but I collected all my friends money, all the money 1,000 dollars,” she cried, revealing that the funds were all she had managed to save after years of working in Libya.

Another victim, Oguonu Nchedo Esther, shared her grief online: “To everyone here...pls don't cry too much, God will see us through...my kids are just crying as if someone died...all the hopes I gave them are just scattered...we are back to zero...lost $1000...is not the end of life…”