CBEX Scam: Nigerians lament as firm ‘officially’ crashes, disappears with N1.3trn investors’ funds

*Some furious customers ransack a CBEX office, at Oke Ado, in Ibadan, Oyo State capital, South-West Nigeria, as the firm ‘officially’ collapses, and disappears with the investors’ N1.3 trillion funds

Isola Moses | ConsumerConnect

Sequel to official crash of the Ponzi scheme and its investment platform with about N1.3trillion investors’ funds, some furious customers have ransacked a CBEX office, at Oke Ado, in Ibadan, Oyo State capital, South-West Nigeria.

ConsumerConnect learnt the angry investors carted off chairs, air-conditioners and a solar panel in the process.

However, it was gathered that members of the Nigeria Police and Amotekun security outfit later moved in to secure the office from further looting by the fuming crowd.

Other equally angry Nigerians are reportedly fast turning to social media platforms to describe how they have been locked out of their accounts on the CBEX digital financial platform.

Likewise, people have posted videos of themselves crying, saying that they could not withdraw their investments, and worried that their money had disappeared into thin air, according to report.

The company reportedly had promised that investors would double their money every month.

Nigeria is currently facing straitened economic times and many are desperate to find a way to boost their income.

Hitherto, CBEX members were assured, and we’re supposed to receive a 30 percent returns on their investment in just 30 days, according to report.

The firm launched in the West African country November 2015, and according to its founders, had up to three million members before it collapsed officially.

Relating his ordeal, an investor, identified as Ola, told BBC Pidgin that he feared he had lost N450,000 ($280; £210).

He said: “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.”

Several others have shared similar stories online, with one person talking about losing $16,000 in the Ponzi scheme.

Report also indicated that rhe problem was first noticed over the weekend, but the anger boiled over when Monday, April 14, 2025, came and investors still were not able to access their money from CBEX.

Some investors, who made complaints on the private messaging service Telegram, however, received responses from CBEX, report said

They were told that the problem was the result of a hack and things will be resolved soon.

Earlier, Nigeria’s Securities and Exchange Commission (SEC), which regulates the investment sector, had warned Nigerians against the apparent risks involved in such an investment, and unregulated digital platforms and potential Ponzi schemes.

For some, the situation brings back painful memories from 2016 when another popular financial scheme, called MMM, froze its transactions, leaving many investors heartbroken in the process.

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