Nigerian users of the financial platform CBEX are voicing their frustration on social media after being unable to access their accounts or withdraw their savings, triggering protests and concerns over potential losses.
Nigerians in Turmoil as Investment App Locks Users Out of Accounts
Nigerians in Turmoil as Investment App Locks Users Out of Accounts
Investors express desperation as CBEX freezes withdrawals amid economic struggles.
Amid Nigeria’s economic turmoil, many citizens had turned to the investment app CBEX, drawn by the promise of doubling their money monthly. However, a sudden freeze on the platform has led to widespread panic and anger, with users claiming they were unable to withdraw needed funds.
Videos flooded social media depicting distraught investors lamenting their inability to access their accounts. One affected investor, Ola, recounted how he was on the verge of withdrawing 450,000 naira ($280), only to be advised by a friend to wait, leading to regret as he watched the investment freeze. Other investors are reporting substantial losses, including one individual claiming to have lost $16,000.
The uproar culminated in a violent incident where frustrated customers vandalized a CBEX office in Ibadan, seizing equipment in their rage over the inaccessible funds. The company has not released a public statement regarding the crisis, which purportedly stems from a hacking incident, according to limited communication with users on messaging platforms.
The Nigerian Securities and Exchange Commission (SEC), which oversees investment activities, has yet to comment on the situation. However, it has previously cautioned the public about unregulated digital financial platforms and the risks of engaging with potential Ponzi schemes.
For many Nigerians, this disheartening scenario echoes the memories of the 2016 MMM scandal, where a similarly structured financial scheme left millions without their investments after it ceased operations, heightening the public's mistrust in digital finance solutions.
As the situation unfolds, investors await clarity from CBEX while grappling with the implications of their financial commitments in an already precarious economic climate.
Videos flooded social media depicting distraught investors lamenting their inability to access their accounts. One affected investor, Ola, recounted how he was on the verge of withdrawing 450,000 naira ($280), only to be advised by a friend to wait, leading to regret as he watched the investment freeze. Other investors are reporting substantial losses, including one individual claiming to have lost $16,000.
The uproar culminated in a violent incident where frustrated customers vandalized a CBEX office in Ibadan, seizing equipment in their rage over the inaccessible funds. The company has not released a public statement regarding the crisis, which purportedly stems from a hacking incident, according to limited communication with users on messaging platforms.
The Nigerian Securities and Exchange Commission (SEC), which oversees investment activities, has yet to comment on the situation. However, it has previously cautioned the public about unregulated digital financial platforms and the risks of engaging with potential Ponzi schemes.
For many Nigerians, this disheartening scenario echoes the memories of the 2016 MMM scandal, where a similarly structured financial scheme left millions without their investments after it ceased operations, heightening the public's mistrust in digital finance solutions.
As the situation unfolds, investors await clarity from CBEX while grappling with the implications of their financial commitments in an already precarious economic climate.
