Frustration is mounting across Nigeria as users of the digital financial platform CBEX report being locked out of their accounts, sparking fears that their investments may be lost.
Many have taken to social media to express their distress, with some posting emotional videos—crying and pleading for help—after being unable to withdraw their funds.
In the south-western city of Ibadan, the anger turned physical. Enraged customers stormed a CBEX office, ransacking it and making off with chairs, air-conditioners, and even a solar panel. As of now, CBEX has made no public statement.
The platform had promised investors an enticing return—claiming they could double their money every month. In a time of serious economic hardship in Nigeria, many people, desperate to grow their income, were drawn in by the offer.
One investor, identified only as Ola, told BBC Pidgin:
“I was ready to withdraw all my investment just last week but my friend told me to be patient and wait – and now it has crashed.”
Ola believes he may have lost 450,000 naira ($280; £210). Others have shared similar stories online, with one user reporting a staggering $16,000 loss.
Trouble first emerged over the weekend when users noticed they couldn’t access their accounts. But as Monday arrived with no resolution, panic and outrage intensified.
Some users reached out to CBEX via the messaging platform Telegram. In response, the company claimed that a hack had caused the disruption and assured users that the issue would be resolved soon.
Nigeria’s Securities and Exchange Commission (SEC), which regulates the financial market, has yet to respond to the BBC’s request for comment.
For many, this crisis brings back painful memories of 2016, when another notorious financial scheme, MMM, abruptly froze its transactions and left countless Nigerians in despair.
Launched in November 2015, MMM promised a 30% return in just 30 days and quickly gained popularity. At its peak, the scheme claimed to have up to three million members before it collapsed.
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Written By Elegbe Theodore