Nigerians Count Losses As CBEX Ponzi Scheme Collapses.
Hundreds of Nigerians have been left devastated following the sudden crash of CBEX, a suspected Ponzi scheme that promised unrealistic financial returns to its investors.
Only weeks ago, social media was awash with testimonies and screenshots of impressive account balances – some boasting earnings of up to $85,000 – as participants celebrated what they believed to be a gateway to “financial freedom.” Today, many of those same investors are in disbelief, unable to access their funds and grappling with the harsh reality of their losses.
By Tuesday morning, CBEX users reported that their accounts had been wiped clean. A new and highly suspicious directive demanded that investors deposit additional funds – between $100 and $200 – in order to withdraw their existing balances. For many, it was the final blow in a sequence of misleading tactics.
Bolarinwa, a Libya returnee, broke down in tears outside the CBEX office in Oke-Ado, Ibadan, where angry crowds had gathered. She shared that the little money she had managed to save abroad was invested in CBEX, along with loans from friends who are now seeking repayment.
“The small amount I made in Libya was invested in it. I was made to believe I would make twice that amount from the scheme,” she said, sobbing.
The mood at the CBEX office quickly turned hostile, with video footage showing frustrated victims looting furniture and equipment after officials failed to address the growing crowd.
Elsewhere, a young musician expressed his regret on social media, revealing he had invested $4,000 in hopes of funding the release of his new single. “At this point, I am lost,” he wrote, describing the pain of watching his dream slip away.
In response to the crisis, the Securities and Exchange Commission (SEC) reiterated its warnings about unauthorised digital investment platforms. Dr Emomotimi Agama, Director General of SEC, cautioned Nigerians to stay vigilant.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” he stated.
Despite CBEX administrators claiming that funds can still be withdrawn by following their new directive, many see this as a further ploy. In a circulating video, users are told they must pay $100 or $200, depending on their account balance, to retrieve their money. Skeptics within the CBEX community are warning others not to fall for what they describe as “a new twist in the scam.”
“Accept your loss and move on. CBEX is gone, it has crashed, and there’s nothing you can do about it,” one victim advised.
The collapse of CBEX serves as another painful reminder of the risks associated with unregulated financial schemes, as authorities urge citizens to prioritise due diligence and remain cautious in their pursuit of quick profits.
