Many Nigerians have been thrown into tears and disbelief following the sudden collapse of the CBEX Ponzi scheme earlier this week.
Just weeks ago, excited investors flooded social media with screenshots of high account balances from $1,000 to as much as $85,000 — celebrating what they described as their gateway to “financial freedom.” That hope has now vanished.
By Tuesday morning, users reported blanked-out dashboards with no access to their funds unless they complied with a fresh directive: deposit more money to make withdrawals.
“The small amount I made in Libya was invested in it,” Bolarinwa, a Libya returnee, sobbed at one of CBEX’s offices in Oke-Ado, Ibadan. “I was made to believe I would make twice that amount from the scheme.” She disclosed that part of her deposit was a loan from friends who now demand repayment.
The CBEX office where Bolarinwa spoke was being looted by angry victims. A trending video on social media showed people carting away office furniture after failing to get any explanation from staff.
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“They told us to keep waiting. Nobody has answered us,” Bolarinwa added in tears.
A music artist shared his ordeal on X, lamenting that he lost $4,000 meant to promote his unreleased song. “I woke up today and discovered all my money is gone. I am lost,” he wrote.
Meanwhile, Nigeria’s Securities and Exchange Commission, SEC, recently issued a public warning against patronizing unlicensed digital investment platforms promising unrealistic returns.
SEC’s Director General, Dr Emomotimi Agama, stressed that innovation in the financial space must operate under regulatory oversight to protect investors.
Despite the crash, CBEX representatives claimed on Tuesday that investors could still recover their money if they deposited more funds. A video shared in the community explained the procedure in Pidgin English.
However, some users described the latest directive as another layer of the scam, urging fellow victims to stop chasing false hope.
“Accept your loss and move on,” one said. “CBEX is gone, and there’s nothing more to expect.”
TheGuardian
