Thousands of Nigerians are taking to social media to share their distress after funds on the digital financial platform CBEX were reportedly frozen. The anger led to protests where customers vandalized an office in Ibadan, showing the depth of their frustrations.
Nigerians Express Anguish Over Investment App CBEX Lockout
Nigerians Express Anguish Over Investment App CBEX Lockout
Users of the CBEX investment app are voicing their despair after they were unable to access their funds, leading to protests and calls for accountability.
The article text:
As thousands of investors in Nigeria scramble to understand the fate of their savings, the digital investment platform CBEX is under fire for freezing accounts, leaving many concerned that their hard-earned money is at risk. In a series of emotional social media posts, some users have documented their distress, with several crying on camera as they express their fears of losing significant amounts of savings, reportedly in some cases exceeding $16,000.
The tumult escalated dramatically in the southwestern city of Ibadan, where a group of agitated customers stormed a CBEX office in protest, forcibly removing office furniture and equipment, including air-conditioners and solar panels. The discontent has been fueled by a previous investment promise from CBEX, which advertised a monthly doubling of invested funds. This enticing gamble proved attractive amidst Nigeria's challenging economic climate, prompting many to invest in hopes of financial relief.
Ola, a worried CBEX investor, shared with BBC Pidgin his distress over possibly losing 450,000 naira (approximately $280 or £210). "I was ready to withdraw all my investment just last week, but my friend advised patience, and now it has crashed," Ola lamented.
The unrest began when users found themselves locked out of their accounts over the weekend, with frustrations reaching a peak on Monday as access issues persisted. Limited responses from CBEX on private messaging platforms suggested that a hacking incident was behind the account lockouts, with assurances that the situation would be remedied shortly.
The Nigerian Securities and Exchange Commission (SEC), tasked with regulating the investment sector, has yet to comment on the ongoing crisis. However, the SEC has a history of cautioning citizens about unregulated digital investment platforms and the risks of potential Ponzi schemes. This alarming situation echoes the painful memories from 2016 when a notorious financial scheme, MMM, halted transactions, leading to significant financial losses for many of its participants.
The unfolding events surrounding CBEX highlight the need for increased vigilance among investors and a robust regulatory framework to safeguard citizens' financial interests in the rapidly evolving digital investment landscape.
As thousands of investors in Nigeria scramble to understand the fate of their savings, the digital investment platform CBEX is under fire for freezing accounts, leaving many concerned that their hard-earned money is at risk. In a series of emotional social media posts, some users have documented their distress, with several crying on camera as they express their fears of losing significant amounts of savings, reportedly in some cases exceeding $16,000.
The tumult escalated dramatically in the southwestern city of Ibadan, where a group of agitated customers stormed a CBEX office in protest, forcibly removing office furniture and equipment, including air-conditioners and solar panels. The discontent has been fueled by a previous investment promise from CBEX, which advertised a monthly doubling of invested funds. This enticing gamble proved attractive amidst Nigeria's challenging economic climate, prompting many to invest in hopes of financial relief.
Ola, a worried CBEX investor, shared with BBC Pidgin his distress over possibly losing 450,000 naira (approximately $280 or £210). "I was ready to withdraw all my investment just last week, but my friend advised patience, and now it has crashed," Ola lamented.
The unrest began when users found themselves locked out of their accounts over the weekend, with frustrations reaching a peak on Monday as access issues persisted. Limited responses from CBEX on private messaging platforms suggested that a hacking incident was behind the account lockouts, with assurances that the situation would be remedied shortly.
The Nigerian Securities and Exchange Commission (SEC), tasked with regulating the investment sector, has yet to comment on the ongoing crisis. However, the SEC has a history of cautioning citizens about unregulated digital investment platforms and the risks of potential Ponzi schemes. This alarming situation echoes the painful memories from 2016 when a notorious financial scheme, MMM, halted transactions, leading to significant financial losses for many of its participants.
The unfolding events surrounding CBEX highlight the need for increased vigilance among investors and a robust regulatory framework to safeguard citizens' financial interests in the rapidly evolving digital investment landscape.
