The recent freezing of accounts on the CBEX investment app has left many Nigerians in despair, leading to protests and fears of losing substantial amounts of money, reminiscent of past financial crises in the country.
Nigerians in Turmoil as Investment App Lockouts Trigger Anger
Nigerians in Turmoil as Investment App Lockouts Trigger Anger
Thousands of users of CBEX, a digital investment platform, report being locked out of their accounts, sparking riots and fears of massive financial losses.
Angry Nigerians are expressing their outrage on social media as they find themselves locked out of their accounts on the digital investment platform, CBEX. Many users have shared distressing videos revealing their inability to withdraw funds, raising fears that their savings have been lost for good.
In a fervent display of frustration, some customers stormed a CBEX office in Ibadan, a city in south-western Nigeria, seizing office furniture and equipment in a riotous protest. As of now, CBEX has remained silent on the matter, offering no public statement regarding the situation.
The platform had previously attracted investors with promises of doubling their money every month, a tempting offer in a country grappling with economic hardship. One investor known as Ola expressed his fears over losing 450,000 naira (approximately $280 or £210), stating, "I was ready to withdraw all my investment just last week, but my friend advised me to wait, and now it has crashed." Several other users echoed his concerns, including one individual who reported a loss of $16,000.
The issues began over the weekend, but public frustration escalated on Monday when many remained unable to access their funds. Some users who sought assistance through CBEX's Telegram channel were informed that a hack caused the problem and that resolutions were forthcoming. However, many remain skeptical of these claims.
The Nigeria Securities and Exchange Commission (SEC) has yet to comment on the situation, although it has previously cautioned citizens about risks associated with unregulated digital platforms and potential Ponzi schemes. The current turmoil stirs haunting memories of another financial disaster in 2016, when a similar scheme known as MMM froze its transactions, devastating countless investors who were promised quick returns on their investments.
As the plight of these investors continues to unfold, many are left anxiously awaiting news, hoping for a resolution and the return of their hard-earned money.
