The collapse of the digital trading platform CBEX has caused widespread distress among Nigerian investors, particularly women, who have taken to social media to express their heartbreak.
Many reportedly lost millions of naira after the platform became inaccessible, with account balances mysteriously wiped to zero.
Key Details:
- Promises of High Returns: CBEX had marketed itself as a high-yield investment platform, offering a 100% return on investment within one month. Investments were exclusively made in U.S. dollars, attracting thousands of hopeful participants.
- Signs of Trouble: Users began experiencing difficulties withdrawing funds, which escalated into a complete crash of the platform. Viral videos show women lamenting their losses, with some revealing they had invested life savings or borrowed funds.
- Mob Reaction: In Ibadan, Oyo State, an angry mob stormed the CBEX office, looting furniture and equipment in frustration over the financial ruin caused by the platform’s collapse.
- Warnings and Lessons: Critics have likened CBEX to a Ponzi scheme, urging Nigerians to exercise caution and avoid platforms promising unrealistic returns. Legal experts have also highlighted the importance of verifying the legitimacy of investment platforms.
This incident serves as a stark reminder of the risks associated with unregulated investment schemes.