Nigerians Suffer ₦1.3 Trillion Loss As CBEX Collapses Amid Ponzi Scheme Allegations

Nigerians Suffer ₦1.3 Trillion Loss As CBEX Collapses Amid Ponzi Scheme Allegations

Thousands of Nigerians are grappling with significant financial losses following the collapse of CBEX, a digital investment platform now at the center of a major Ponzi scheme allegation. The platform is accused of disappearing with over ₦1.3 trillion (approximately $850 million USD), prompting widespread public outcry and personal tragedies….READ MORE….

Numerous victims have taken to social media to share their experiences. In a transcribed audio obtained by Daily Sun, one investor recounted being persuaded by a friend to invest $100 in Bitcoin with a promised 100% return in just over a month. Initially hesitant due to previous experiences with fraudulent schemes, she was reassured by a visit to the CBEX office in Egbeda, Lagos, where she reportedly saw a certificate suggesting endorsement by the Economic and Financial Crimes Commission (EFCC).

“I saw what looked like an EFCC certificate claiming they were aware of CBEX and that it wasn’t a scam. That gave me the confidence to invest $100,” she explained.

However, her investment—and those of countless others—was lost when CBEX abruptly halted withdrawals. “My investment matured last Monday. I planned to withdraw this week, only to discover by 5 p.m. on April 14th that our funds had disappeared,” she said.

Some victims reported losses in the millions of naira, with one case allegedly involving a suicide note left by an investor who had committed both personal and borrowed funds. The audio further claimed that at least three people have died, with many others attempting suicide due to the financial devastation.

The incident has reignited criticism of regulatory lapses. “Where were the authorities when Nigerians were investing such huge sums into this platform?” one victim asked. CBEX’s physical presence in Egbeda and Ikeja had given it a false sense of legitimacy, further complicating the situation.

Financial analysts emphasized that the Central Bank of Nigeria (CBN) has consistently warned the public against schemes that promise unrealistic returns. In a statement on X (formerly Twitter), a Lagos-based forex broker, @Obobanj, noted, “Despite repeated warnings from the CBN, platforms like CBEX continue to lure investors with unsustainable promises, often collapsing and leaving financial ruin in their wake.”

Reactions on social media have ranged from sympathy to frustration. One user, @ricky_chiekezie, wrote, “Nigerians don’t learn,” expressing exasperation at the recurrence of such scams. Meanwhile, the emotional toll on victims remains evident, with one lamenting, “God, what have I done to deserve this? CBEX has finally destroyed me.”

As public anger mounts, there are growing calls for a thorough investigation into CBEX’s operations and for those responsible to be held accountable. Experts stress that the incident underscores the urgent need for improved financial literacy and caution when engaging with high-risk investment schemes.