Many Nigerians are voicing their frustrations online after being locked out of their accounts on the investment platform, CBEX, fearing financial losses.
Nigerians in Uproar as Investment App Locks Users Out of Accounts
Nigerians in Uproar as Investment App Locks Users Out of Accounts
Angry investors express heartbreak over lost savings as CBEX app faces backlash.
Anger and despair are sweeping through Nigeria as users of the digital financial platform, CBEX, report being unable to access their investment accounts. Many have taken to social media to share their stories of frustration, with some posting emotional videos as they fear their savings are lost.
In a dramatic expression of anger, a group of customers stormed a CBEX office in Ibadan, southwest Nigeria, stealing office furniture and equipment. So far, CBEX has remained silent on the unfolding crisis.
The app had previously enticed investors with the promise of doubling their money within a month, leading many to invest in hopes of improving their financial circumstances amid Nigeria’s current economic challenges. One investor, identified only as Ola, shared with BBC Pidgin that he had been ready to withdraw 450,000 naira (approximately $280 or £210) just before the platform froze. "My friend advised me to wait, and now it has crashed," he lamented.
As the distress grew, reports of lost funds began to circulate online, with some claims reaching up to $16,000. Although the issue first emerged over the weekend, frustrations escalated when users were still unable to access their funds by Monday.
CBEX reportedly responded to some inquiries made through Telegram, attributing the disturbances to a hacking incident, and assured users that the situation would be resolved soon.
The Nigerian Securities and Exchange Commission (SEC), which oversees the investment sector, has not yet commented but had previously cautioned the public regarding the dangers of unregulated digital platforms and potential Ponzi schemes.
This situation is drawing parallels to a similar crisis in 2016 involving another investment scheme, MMM, which caused widespread financial turmoil by freezing transactions, leaving countless investors in despair.
