In brief
Frustrated Nigerian investors are taking to social media after being locked out of their accounts on the digital platform CBEX, fearing they have lost their savings due to an alleged hack.
Nigerians are in a state of panic as they find themselves unable to access their funds on the investment app CBEX, leaving many worried that their hard-earned money has vanished. As the economic situation worsens, customers flocked to social media, sharing emotional posts about their experiences. Videos of distressed users emerged, some claiming they couldn't withdraw their investments and feared losing thousands.In Ibadan, angry customers turned to protests, breaking into a CBEX office and taking away equipment in frustration. The app's appeal had been its promise of high monthly returns, with some investors claiming they could double their money. One individual, Ola, shared his heartbreak over losing nearly 450,000 naira (about $280), just a week after considering a withdrawal.The problems escalated over the weekend, and when access had not been restored by Monday, outrage intensified. CBEX reportedly informed some users via Telegram that a hack caused the issue, assuring them it would be resolved soon. Nonetheless, the Nigerian Securities and Exchange Commission (SEC) has yet to comment on the situation, despite previously warning about risks with unregulated platforms. This incident revives memories of the 2016 MMM scheme collapse, which left many investors heartbroken.
