Nigerians Alarmed as Popular Investment App CBEX Freezes Accounts

The recent freezing of accounts on the investment app CBEX has ignited outrage among Nigerian users, who fear losing their savings. Reports indicate that investors, drawn by enticing returns, are now locked out and frustrated, recalling past financial scheme failures in the country.

Anguish has swept through Nigeria as users of the investment app CBEX find themselves unable to access their accounts. Many take to social media, sharing videos of their despair and expressing fears that their savings are lost amid the platform's sudden inaccessibility. Customers' frustration escalated dramatically, leading to the ransacking of a CBEX office in Ibadan, where irate investors took items including furniture and air-conditioning units.

CBEX has yet to release an official statement addressing the situation. The platform had marketed itself with promises of doubling users' investments every month, a beacon of hope for Nigerians grappling with ongoing economic challenges. One investor, known only as Ola, expressed his distress at the potential loss of 450,000 naira (approximately $280 or £210) due to the platform's sudden crash. Others recounted tales of significant financial loss, including one individual who claimed to have lost $16,000.

The issues with CBEX began to surface over the weekend, but the urgency escalated as the days passed without resolution. Some users did receive responses to inquiries through private messaging platforms like Telegram, where CBEX attributed the situation to a hacking incident, promising a swift resolution.

The Nigerian government, through its Securities and Exchange Commission (SEC), has not yet made any comments about the situation, despite past warnings regarding risks associated with unregulated financial platforms. These investments have even prompted memories of the collapse of a similar scheme, MMM, back in 2016, which left numerous investors in distress and rekindled fears of another lost opportunity.