Thousands of Nigerians have reportedly been plunged into financial distress following the alleged collapse of CBEX, a digital investment platform accused of defrauding investors of over ₦1.3 trillion in what is suspected to be a large-scale Ponzi scheme.
On Tuesday, heartbreaking scenes unfolded as several Nigerian women were seen in tears after allegedly losing millions of naira to the platform.
Reports circulating online indicate that users began encountering difficulties withdrawing their funds before the platform eventually became inaccessible. Many later discovered that their account balances had been completely wiped.
HOW PEOPLE REACTED ON SOCIAL MEDIA
Social media platform X (formerly Twitter) has since been flooded with reactions, painting a bleak picture of the fallout.
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“Even pipul wey no get anything to do with CBEX dey cry too… 9ja don tire person to the extent person nor know who dey lie again. Chai,” @edoPeekeen (Edo Blood) voiced his anguish, reflecting the widespread confusion and emotional strain surrounding the situation.
User @Eskimoh_ pointed out the persistent problem of financial illiteracy in a tweet, stating:
No one rule of investment states, ‘Never invest any amount you can’t afford to lose.’ A lot of people need financial literacy, and the sad story is the government will never add that to school subjects
Others showed little sympathy, instead placing blame on the investors for overlooking obvious warning signs.
“Nigerians don’t learn,” wrote @ricky_chiekezie (COLDPLAYTM).
“Trust me, if another platform kicks off right after the CBEX collapse, Nigerians will still flood in like idiots. The level of greed, foolishness, and gullibility amongst you people needs studying.”
“If managing wealth were that easy, wealth management firms wouldn’t exist,” said @DSegaj (Segun Ajayi).
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As victims search for answers and explore potential legal action, financial experts are once again stressing the importance of caution and thorough research before investing—particularly in platforms that operate outside the regulatory framework of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).
Attempts to contact CBEX representatives have so far been futile, and it may take weeks to fully assess the extent of the financial losses.
CBEX marketed itself as a high-yield investment platform, claiming to offer users a 100% return on investment within just one month. All investments were conducted exclusively in U.S. dollars.
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