Many Nigerians have been thrown into shock and sorrow after the sudden collapse of CBEX, a digital investment platform that promised huge returns.
CBEX became popular for claiming to give investors up to 100% profit in just one month. But recently, the website and app stopped working, leaving users unable to withdraw their money. Many later found their account balances completely wiped out.
What made matters worse was that CBEX asked investors to pay in U.S. dollars, adding to their pain due to the high exchange rate.
Videos on social media showed women crying and calling for help. One woman shouted in a viral video, “All my savings are gone! I don’t know what to do!” Another victim said, “They promised us returns, but they have ruined our lives.”
Update on the reason people looted CBEX; Apparently a lot of people ,like this lady invested all their live savings but CBEX later crashed and didn’t allow any of them to redraw their capital or Profit , so they got angry and looted the whole building and now the company has… https://t.co/HI9ViEaLok pic.twitter.com/xywcw0kjsv
— PB (@Pep_Boxx) April 15, 2025
CBEX don finish people for real😭😭😭😭 pic.twitter.com/5maR77dOwP
— Prom Prom🌚 (@effizzzyy) April 15, 2025
Many young people joined the platform hoping for financial freedom. But things went bad quickly when reports of frozen accounts and missing funds started spreading. Some people have now accused CBEX of being a Ponzi scheme.
CBEX don finish people for real😭😭😭😭 pic.twitter.com/5maR77dOwP
— Prom Prom🌚 (@effizzzyy) April 15, 2025
The situation became even more tense after angry investors stormed the CBEX office, destroying property and carrying away equipment. The videos of this scene have also gone viral online.
In reaction, the Securities and Exchange Commission (SEC) of Nigeria warned the public against investing in platforms that are not registered with the commission.
Speaking during a virtual meeting on Monday about the new Investment and Securities Act (ISA 2025), SEC Director General, Emomotimi Agama, said, “Very recently, there has been a post that has gone viral around a particular platform… If it is not registered, it is illegal.”
While Agama did not mention CBEX by name, many Nigerians believed he was referring to the platform because of its recent crash.
CBEX had also promised bonuses to users who brought in new investors, another sign that made people question its legitimacy.
Agama added, “The new law signed by President Bola Tinubu gives SEC the power to fight illegal schemes, pump-and-dump tokens, and fake exchanges. Nigerians must be careful and only invest in approved platforms.”
He also warned celebrities and influencers to stop promoting unregistered digital assets, saying, “This kind of behaviour will no longer be tolerated.”
