Nigerian Investors Left in Limbo as CBEX Investment App Freezes Accounts
- by Femi, Nigeria, RNG247
- about 13 days ago
- 105 views

In a shocking turn of events that has sent ripples through Nigeria's digital investment community, thousands of investors find themselves locked out of their accounts on the popular financial platform, CBEX. The sudden freeze has sparked widespread panic and outrage, with many fearing their hard-earned savings have vanished into thin air.
As the crisis unfolds, social media platforms have become a digital wailing wall, flooded with heart-wrenching videos of distraught investors. Tearful testimonies recount tales of inaccessible funds and shattered financial dreams, painting a grim picture of the situation's human toll.
The tension reached a boiling point in Ibadan, a southwestern Nigerian city, where enraged customers took matters into their own hands. In a dramatic display of frustration, they stormed a CBEX office, making off with furniture, air conditioning units, and even a solar panel. The company has yet to issue an official statement regarding the incident or the broader account freeze.
CBEX had enticed investors with the tantalizing promise of doubling their money every month – an offer that proved irresistible to many Nigerians grappling with harsh economic realities. One investor, who wished to be identified only as Ola, shared his anguish with RNG247 reporter: "I was on the verge of withdrawing my entire investment of 450,000 naira last week. A friend advised patience, and now it seems I've lost everything."
Similar stories of financial ruin abound online, with reports of losses ranging from a few hundred dollars to a staggering $16,000. The crisis, which began brewing over the weekend, reached fever pitch on Monday as investors realized they were still unable to access their funds.
In response to the growing outcry, CBEX has reportedly attributed the problem to a hack via private messages on Telegram, assuring investors that the issue will be resolved soon. However, these claims have done little to quell the rising tide of anxiety and anger.
As of press time, Nigeria's financial watchdog, the Security and Exchange Commission, has not responded to requests for comment on the unfolding situation.
For many Nigerians, this debacle resurrects painful memories of the 2016 MMM scheme collapse, which left countless investors bereft of their savings. That notorious pyramid scheme had promised a 30% return on investment within 30 days and claimed to have amassed three million members before its spectacular implosion.
As the CBEX saga continues to unfold, it serves as a stark reminder of the risks associated with high-yield investment schemes and the importance of financial literacy in an increasingly digital economy. For now, thousands of Nigerians are left to grapple with an uncertain financial future, their dreams of prosperity hanging precariously in the balance.
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