A wave of outrage has erupted across Nigeria after users of CBEX, a digital investment platform, reported being locked out of their accounts and unable to access their funds.
Dozens of investors took to social media over the weekend and into Monday, posting emotional videos and messages expressing fear that their savings may have been lost.
Some claimed to have invested significant sums, with one individual alleging they had put in as much as $16,000.
In Ibadan, the capital of Oyo State, frustrated customers stormed a CBEX office, seizing office equipment including chairs, air conditioners, and a solar panel.
CBEX had promised to double investors’ money monthly — a claim that attracted large numbers of Nigerians amid a worsening economic climate and rising cost of living. The platform has yet to issue an official statement.
One investor, identified only as Ola, told BBC Pidgin that he had invested 450,000 naira (approximately $280) and had planned to withdraw the money last week. “My friend told me to wait, and now the whole thing has crashed,” he said.
Some users said they received responses from CBEX on Telegram, where the company attributed the issue to a cyberattack and assured users it was being addressed.
The Securities and Exchange Commission (SEC) has not commented on the incident, but has previously warned Nigerians about the risks of investing in unregulated digital platforms, cautioning that such schemes could be fraudulent.
The situation has drawn comparisons to the 2016 collapse of MMM, another high-yield investment program that claimed millions of members before freezing withdrawals, leaving investors devastated.
CBEX’s operations and the growing public concern have reignited calls for tighter regulation of digital investment platforms in Nigeria.
