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CBEX Collapse: Nigerians Still Counting Losses After CBEX Ponzi Scheme Rakes ₦1.3trn
Many Nigerians are biting their fingers over their financial ruin following the sudden collapse of CBEX, a digital investment platform accused of operating a Ponzi scheme.
Reports suggest the company disappeared with more than ₦1.3 trillion ($850 million USD), leaving investors in distress.
Heartbreaking stories from victims have flooded social media, highlighting the widespread impact of the alleged fraud.
One investor recalled that she was persuaded by a friend to invest $100 in Bitcoin with promises of a 100% return in just 35-40 days. Initially skeptical due to past scams, she visited CBEX’s Egbeda office, where a displayed EFCC certificate reassured her of the platform’s legitimacy.
“Seeing that certificate convinced me they were trustworthy, so I invested $100,” she said. However, when she attempted to withdraw her matured funds, the money had vanished. “Everything disappeared on April 14—my savings, my hopes—gone,” she lamented.
Other victims reported even heavier losses, with some losing up to ₦3 million. Tragically, the scam has allegedly led to multiple deaths, including suicides. “About three people have died, and many others attempted suicide after losing everything,” the audio transcript revealed.
The scale of the fraud has sparked outrage over regulatory failures. “Where were the authorities while Nigerians poured billions into this scam?” questioned one victim. CBEX’s physical offices in Egbeda and Ikeja lent it an air of credibility, further deceiving investors.
Public reactions on social media have been mixed, with some expressing sympathy and others frustration. “When will Nigerians learn?” tweeted @ricky_chiekezie, while victims voiced despair over their losses.
As the fallout continues, calls are mounting for a thorough investigation and accountability. The incident underscores the urgent need for greater financial literacy and stricter oversight to protect investors from fraudulent schemes.
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