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Nigerians Express Outrage Over Locked Accounts on CBEX Financial Platform
Frustration is growing among Nigerians as many users find themselves unable to access their accounts on the digital financial service, CBEX. A wave of discontent has erupted on social media, where individuals are sharing their experiences of being locked out and expressing their fears over lost investments.
Several users have posted emotional videos, revealing deep concerns about their financial futures and voicing fears that their money has vanished. In a troubling display of anger, a group of customers vandalized a CBEX office in Ibadan, a city in southwestern Nigeria, taking furniture and equipment including air-conditioners and a solar panel. Despite the mounting unrest, the company has yet to make a public statement addressing the ongoing issues.
CBEX had previously assured users they could double their money each month, a promise that likely attracted many in a nation grappling with economic hardships, where citizens are eager for any opportunity to enhance their financial security.
One investor, referred to as Ola, shared his devastating loss of 450,000 naira (approximately $280 or £210), noting, “I was ready to withdraw all my investment just last week, but my friend advised me to hold on—and now it has all collapsed.” Similar narratives have surfaced, with one individual claiming to have lost $16,000 in the debacle.
The problems with CBEX first became apparent over the weekend, but tensions escalated after another day passed without resolution. While some investors sought help through the messaging platform Telegram, they reported receiving responses claiming that a hacking incident was to blame and that the situation would soon be rectified.
Nigeria’s Securities and Exchange Commission (SEC), responsible for overseeing the investment sector, has not commented on the situation following inquiries. However, they have previously cautioned the public about the dangers of unregulated digital platforms and the risks associated with potential Ponzi schemes.
The current crisis has drawn unsettling parallels to events in 2016 when another scheme, MMM, froze its transactions, leaving countless investors in distress. This notorious program promised participants a staggering 30% return on their investments in just 30 days and attracted up to three million members before its collapse.
As the CBEX situation continues to unfold, many Nigerians are left reflecting on their experiences with digital finance and the precarious nature of unregulated investment opportunities.
Source
www.bbc.com