**Nigerians Express Outrage as Investment App Freezes Accounts Amid Economic Strain**

As citizens turn to social media for support, many face financial loss from failed investment promises.

Anger has swept through Nigeria as users of the investment platform CBEX find themselves unable to access their accounts, raising fears of lost savings. The platform, which boasted promises of doubling investments every month, has left numerous customers in distress, some depicting their anguish through emotional videos on social media.

Reports emerged over the weekend of customers being locked out, leading to a violent protest in the city of Ibadan, where furious users vandalized CBEX’s office, stealing items like chairs and air-conditioners.

Ola, a distressed investor, shared his trauma with BBC Pidgin, claiming he lost 450,000 naira (around $280). “I had planned to withdraw my investment last week, but a friend advised me to wait – now it’s all gone,” he lamented. Claims of similar financial losses flooded social networks, with one individual stating they lost as much as $16,000.

Communication from CBEX to some affected users suggested a hacking incident was to blame, assuring them that the issue would soon be resolved. However, the Securities and Exchange Commission (SEC) of Nigeria has yet to respond to inquiries regarding the situation, despite having previously cautioned the public about the dangers of unregulated investment platforms possibly running Ponzi schemes.

The current crisis brings to mind the infamous 2016 collapse of MMM, a scheme that also had users riled up after freezing their transactions, leading to devastating financial losses for many. As Nigerians seek refuge from the harsh economic climate, their trust in digital financial solutions is rapidly evaporating.