Nigerians Weep as CBEX Swindles ₦1.3trn

Nigerians are in shock, disbelief, and tears after another Ponzi scheme named CBEX crashed early this week.

Weeks ago, many who invested in the scheme advertised their newly-found pathway to ‘financial freedom’ on social media with screenshots of account balances from $1,000, $10,000, and $85,000.

As of Tuesday morning, their accounts have been blanked, with no access to funds except they comply with a new directive to deposit more funds to withdraw from their accounts.

The reality is harsh in disbelief and tears.The small amount I made in Libya was invested in it. I was made to believe I would make twice that amount from the scheme,” a lady named Bolarinwa said sobbing uncontrollably.

The Libya returnee disclosed that a large part of her deposit in CBEX was a loan from friends who are expectant of a refund.

The location where Bolarinwa spoke is one of the offices of CBEX in the Oke-Ado area of Ibadan, Oyo State, Southwest, Nigeria which is being looted by an angry mob.

A trending video on social media showed people carting away furniture and other items from the office after officials failed to speak with CBEX officials.

“They said we should still wait so that they can attend to us,” Borinwa said amid tears.

Another victim of the scheme on X said he invested in CBEX “all in the name of making enough money to push my unreleased song, Alhamdulillah.”The singer said he woke up “today and discovered that all my $4000 is gone. At this point, I am lost.

”Recently, the Securities and Exchange Commission (SEC) warned Nigerians against depositing funds with fraudulent and unauthorized digital platforms for unrealistic returns.

The Director -General of SEC, Dr Emomotimi Agama, said the warning was to protect Nigerians from falling prey to fraudulent schemes.

“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama said.