Angry Nigerians Take to Social Media as CBEX Locks Customers Out of Accounts
Angry Nigerians are taking to social media to express their frustrations after being locked out of their accounts on the digital financial platform, CBEX. Videos have surfaced of individuals in tears, unable to withdraw their investments and fearing that their money may be lost.
In a disturbing turn of events, some disgruntled customers even resorted to ransacking a CBEX office in Ibadan, seizing furniture and equipment. Despite the uproar, CBEX has remained silent on the matter.
The company had lured investors with promises of doubling their money every month, a tempting proposition in a country grappling with economic challenges. Many Nigerians, desperate to supplement their income, jumped at the opportunity.
One investor, identified as Ola, shared his anguish with BBC Pidgin, revealing that he stands to lose 450,000 naira ($280; £210). “I was on the verge of withdrawing my investment last week, but a friend advised me to wait. Now, it seems that decision has backfired,” Ola lamented.
Numerous others have taken to social media to recount their losses, with one individual claiming to have lost a staggering $16,000. The issue first came to light over the weekend, but tensions escalated when customers were still unable to access their funds on Monday.
Some investors who reached out to CBEX via Telegram were informed that the problem stemmed from a hack and reassured that the situation would soon be rectified. However, Nigeria’s financial regulator, the Security and Exchange Commission, has yet to weigh in on the matter.
For many Nigerians, the debacle evokes painful memories of the 2016 collapse of MMM, another popular financial scheme. Promising a 30% return on investment within 30 days, MMM amassed millions of members in Nigeria before abruptly halting transactions.
As the CBEX saga unfolds, investors are left grappling with uncertainty and apprehension. The repercussions of this crisis may reverberate throughout Nigeria’s financial landscape, underscoring the risks associated with high-yield investment schemes.
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