Anger erupted among Nigerian investors as many found themselves unable to access their funds on the digital financial app, CBEX, which promised lucrative returns. Videos of distressed customers surfaced online, showing individuals in tears over their inability to retrieve their investments, with several claiming significant financial losses.
Furious clients took to the streets, vandalizing a CBEX office in Ibadan, stealing furniture and equipment in a desperate display of rage. The app had encouraged investors with the enticing offer of doubling their money every month, a prospect that many now wish they had steered clear of, especially amid Nigeria's economic struggles.
Reports indicate that the issue began over the weekend but intensified on Monday, leaving customers agitated as they still couldn't access their money. One investor, Ola, shared his heartbreak, explaining how he missed the chance to withdraw his 450,000 naira ($280) just days prior. Others echoed similar sentiments, with a user claiming a loss of $16,000.
CBEX alleged the situation arose due to a hacking incident, assuring clients via Telegram that the problem would be resolved soon. The Nigerian Securities and Exchange Commission has yet to respond but previously cautioned citizens about the risks associated with unregulated investment platforms and potential scams. Memories of the 2016 MMM collapse, where many investors were left devastated after the scheme froze transactions, linger heavily within the community.
