Angry customers are expressing their fears on social media after being unable to access their investments with the CBEX app, prompting a wave of outrage and protests.
**Nigerians In Turmoil as Investment App CBEX Freezes Accounts**
**Nigerians In Turmoil as Investment App CBEX Freezes Accounts**
Frustration Mounts Among Investors Locked Out of Their Funds Amid Economic Hardship
In Nigeria, a growing wave of despair has surged among investors following the sudden freezing of accounts on the digital financial platform, CBEX. Users have taken to social media to express their heartbreak, sharing videos that depict their distress as they struggle to withdraw their funds. Reports indicate that some furious customers resorted to vandalizing a CBEX office in Ibadan, removing office furniture and equipment in their anger.
Customers were initially lured by the company's promises of exorbitant monthly returns on their investments, enticing them during a challenging economic climate. One frustrated investor, known as Ola, lamented the loss of 450,000 naira (approximately $280; £210), stating he was just about to withdraw his investment when the funds became inaccessible. Many others echoed Ola's sentiments, with some claiming to have lost as much as $16,000.
The issue first emerged over the weekend, but frustration hit its peak when withdrawal attempts continued to fail on Monday. Investors received messages from CBEX through platforms like Telegram, alleging the problem stemmed from a hacking incident, assuring that the situation would soon be resolved. However, the Nigerian Securities and Exchange Commission (SEC) has yet to respond to concerns raised by the BBC regarding the matter, despite previous warnings about the risks associated with unregulated investment platforms.
This unfolding crisis is reminiscent of the catastrophic collapse of the investment scheme MMM in 2016, which left countless individuals devastated after their funds were frozen, having promised unsustainable returns of 30% monthly. As the CBEX saga continues, the ghosts of past financial schemes haunt many, leaving a lingering sense of dread in the air.
For more stories from Nigeria and updates on this situation, visit BBCAfrica.com and follow us on social media @BBCAfrica.
Customers were initially lured by the company's promises of exorbitant monthly returns on their investments, enticing them during a challenging economic climate. One frustrated investor, known as Ola, lamented the loss of 450,000 naira (approximately $280; £210), stating he was just about to withdraw his investment when the funds became inaccessible. Many others echoed Ola's sentiments, with some claiming to have lost as much as $16,000.
The issue first emerged over the weekend, but frustration hit its peak when withdrawal attempts continued to fail on Monday. Investors received messages from CBEX through platforms like Telegram, alleging the problem stemmed from a hacking incident, assuring that the situation would soon be resolved. However, the Nigerian Securities and Exchange Commission (SEC) has yet to respond to concerns raised by the BBC regarding the matter, despite previous warnings about the risks associated with unregulated investment platforms.
This unfolding crisis is reminiscent of the catastrophic collapse of the investment scheme MMM in 2016, which left countless individuals devastated after their funds were frozen, having promised unsustainable returns of 30% monthly. As the CBEX saga continues, the ghosts of past financial schemes haunt many, leaving a lingering sense of dread in the air.
For more stories from Nigeria and updates on this situation, visit BBCAfrica.com and follow us on social media @BBCAfrica.
