The controversial investment platform CBEX, widely believed to be a Ponzi scheme, has reportedly collapsed, leaving thousands of Nigerian users unable to access their funds.
Just 48 hours after social commentator Chukwudi Iwuchukwu raised the alarm over the suspicious operations of CBEX, users across the country began reporting that they could no longer withdraw money from the platform. One affected investor is said to have over $68,000 trapped in the scheme and has been described as “inconsolable.”
Despite the crash, images shared on social media showed a large crowd gathered at CBEX’s office in Ikeja, Lagos, on Friday afternoon. Many of them appeared to be distraught investors seeking answers or refunds.
Iwuchukwu, who has been vocal about the dangers of unregulated investment schemes, expressed deep concern over the situation, saying, “To know we have this number of gullible people in my country is worrying and distressing.”
The CBEX crash marks yet another setback in a string of fraudulent digital investment platforms targeting Nigerians with promises of high returns.
Regulatory bodies have yet to issue an official statement, but financial experts are urging the public to avoid such schemes and conduct thorough due diligence before committing funds.
This is a developing story. Stay with ANN for more updates.
