BREAKING: Panic as Nigerians Lose Access to CBEX Accounts, Fear Millions Lost

Nigerians have taken to social media in outrage after being locked out of their accounts on CBEX, a digital investment platform that had promised to double investors’ money each month. The situation has sparked concern, anger, and even violence, as many fear their funds have vanished without a trace.

Over the weekend, users began reporting issues with accessing their CBEX accounts, but tensions escalated on Monday when the problems persisted. Videos circulating online show distressed individuals — some in tears — expressing frustration at being unable to withdraw their investments. In Ibadan, a group of enraged investors stormed a CBEX office, making off with items such as chairs, air-conditioners, and a solar panel.

CBEX has yet to issue an official statement, though some users reported receiving messages via the Telegram platform claiming the system had been hacked and would soon be restored.

One investor, Ola, told BBC Pidgin that he had lost 450,000 naira (around $280), saying he had been ready to withdraw his funds days earlier but was persuaded by a friend to wait. “And now it has crashed,” he lamented. Another user said they had lost as much as $16,000.

The incident has revived painful memories of the infamous MMM scheme, which collapsed in 2016 after drawing in millions of Nigerians with promises of 30% monthly returns.

Nigeria’s Securities and Exchange Commission (SEC) has not commented on the CBEX situation, but it has previously warned the public against unregulated platforms and the high risks of Ponzi schemes.

With Nigeria’s worsening economic conditions pushing many to seek alternative income sources, the CBEX saga serves as a cautionary tale about the dangers of get-rich-quick investment platforms.