Nigerians Cry Out as CBEX Allegedly Wipes Out Over N1.3 Trillion in Investor Funds
Many Nigerians have been left devastated after allegedly losing over N1.3 trillion to the sudden crash of the digital investment platform, CBEX. Several users have come forward online to share heartbreaking stories of how they can no longer access their accounts or withdraw funds, with many describing how their entire account balances were wiped clean.
According to PUNCH Online, trouble started when users noticed persistent issues with withdrawals. Shortly after that, the platform reportedly became completely inaccessible. As panic spread, some investors began suspecting a large-scale scam.
Social media was flooded with reactions as Nigerians expressed shock, regret, and deep concern. One X (formerly Twitter) user, known as #edoPeekeen, wrote, “Even people 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.” Another user, #Eskimoh_, pointed out the need for financial education, noting, “No one rule of investment states, ‘Never invest any amount you can’t afford to lose.’”
On Facebook, users also shared their pain. Chinenye Nduka posted, “My brother invested his school fees and now he can’t even face my parents. God, this country keeps dealing with us.” Similarly, 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 also filled with emotional testimonies. One user, #the_real_aduke, revealed, “I lost $1,000. That was my bridal savings. I don’t even know how to tell my fiancé. I feel numb.” Another, #iam_gideonlegend, admitted, “CBEX came, sweet-talked everyone, and vanished like a thief in the night. Make we no lie, we were all greedy.”
A Lagos-based forex broker identified as #Obobanj, who has been loosely linked to the platform, addressed the issue via X. “While investigations are still unfolding, social media has been flooded with heartbreaking stories, outrage, and bitter lessons from victims and observers alike,” he said.
The Central Bank of Nigeria (CBN) has repeatedly warned the public to avoid Ponzi-style investments, especially those offering unusually high returns without any regulatory backing. The bank stressed that despite several alerts, many people still fall for these platforms due to the promise of quick profit.
In response to the rising number of such incidents, the Securities and Exchange Commission (SEC) also released a statement. The Director-General, Dr. Emomotimi Agama, at a recent training for financial journalists in Abuja, reaffirmed the commission’s commitment to protecting investors in the fintech space. He assured that SEC will continue to enforce regulations and ensure operators comply with Nigeria’s capital market rules, especially concerning fundraising.
Q: Can Nigerians still withdraw their money from CBEX?
A: At the moment, many users report that the CBEX platform is no longer accessible, and all account balances have been wiped. It is unlikely that users can withdraw funds unless authorities intervene or the platform reappears.
Tips for Investors:
- Always verify if an investment platform is registered with SEC Nigeria.
- Be cautious of schemes that offer quick, high returns.
- Never invest money you cannot afford to lose.
- Stay updated with alerts from the CBN and SEC to avoid falling for scams.
This incident serves as a painful reminder of the risks involved in unregulated digital investments.
