A wave of anguish has swept across Nigeria following the alleged collapse of CBEX, a digital investment platform accused of siphoning over N1.3 trillion from unsuspecting investors in what appears to be yet another devastating Ponzi scheme. The incident has left thousands of Nigerians, many of whom had entrusted their life savings to the platform, in severe financial distress.
The situation escalated on Tuesday after it was reported that several women were seen breaking down in tears, with many claiming to have lost millions of naira to the now-inaccessible platform. According to multiple reports circulating on social media, CBEX users began experiencing technical difficulties while attempting to withdraw funds. Soon after, many were shocked to discover their account balances had been wiped clean.
On X (formerly known as Twitter), Nigerians have taken to the platform to share their anger, frustration, and disappointment, with reactions ranging from sympathetic outpourings to harsh criticism of the affected investors. One user, @edoPeekeen, captured the mood with a tweet that read, “Even pipul wey no get anything to do with CBEX dey cry too… 9ja don tire person to the extent person nor know who dey lie again. Chai.”
Others seized the moment to highlight the lack of financial literacy and poor regulatory oversight that continue to leave many vulnerable. @Eskimoh_ tweeted, “No one rule of investment states, ‘Never invest any amount you can’t afford to lose.’ A lot of people need financial literacy, and the sad story is the government will never add that to school subjects.”
However, not all reactions have been empathetic. Some users, like @ricky_chiekezie, blamed the victims outright, tweeting, “Nigerians don’t learn. Trust me, if another platform kicks off right after the CBEX collapse, Nigerians will still flood in like idiots. The level of greed, foolishness and gullibility amongst you people needs studying.”
A number of emotional videos posted by devastated investors have sparked mixed reactions, with some online voices dismissing their pain. One user, @victorajibade10, stated, “I don’t feel for anyone who records themselves while crying… If she like make she cry till tomorrow, na her sabi!” Another added a sarcastic twist: “Don’t cry eh, more Ponzi are coming,” tweeted @kingleke34.
For a few, the incident has served as a painful but necessary lesson in wealth preservation. Financial analyst @DSegaj noted, “If managing wealth were that easy, wealth management firms wouldn’t exist. Yes, investing is key to sustaining wealth – but without a good financial advisor, you might lose everything to naivety.”
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have in the past issued repeated warnings to the public about unregulated investment schemes, particularly those that promise exaggerated returns. Despite this, platforms like CBEX continue to attract a growing number of Nigerians desperate for financial breakthroughs, only to vanish without a trace.
CBEX reportedly promised investors a 100% return on capital within just 30 days, with transactions made exclusively in U.S. dollars — a red flag that many ignored in pursuit of high-yield profits. Amid the outcry, the name of a Lagos-based forex broker, known as RHI O.O.BI and active on social media under the handle @Obobanj, has surfaced in connection with the troubled platform. In a recent post, he acknowledged the public uproar, stating, “While investigations are still unfolding, social media has been flooded with heartbreaking stories, outrage, and bitter lessons from victims and observers alike.”
As more victims come forward and legal experts weigh in, the true scale of the financial losses remains uncertain and could take weeks to fully unravel. So far, all attempts to reach CBEX’s operators have proven unsuccessful, further fuelling suspicions that the platform was a fraudulent operation from inception.
With confidence in online investment platforms shaken once again, experts are reiterating the importance of due diligence and urging Nigerians to steer clear of schemes that operate outside the regulatory frameworks of the CBN and SEC.
