Following the failure of CBEX, a digital investment platform accused of operating a Ponzi scheme that allegedly disappeared with over ₦1.3 trillion ($850 million USD), thousands of Nigerians face financial ruin. Victims of the fallout have shared heartbreaking tales on social media, causing widespread distress.
In an audio recording that the Daily Sun was able to transcribe, one investor said that he was seduced by a friend who promised a 100% return on a $100 Bitcoin investment in 35–40 days. After visiting CBEX’s Egbeda office, where a purported EFCC certificate suggested legitimacy, she was reassured after initially being suspicious due to previous scams. “When I went to theoffice, I only saw a sort of EFCC certificate stating that they are aware of these individuals, that they are not con artists, and the
Even though she was cautious and only invested $100, her money disappeared when withdrawals were prohibited. “I intended to withdraw my investment this week since it matured on Monday of last week. All of the money in our account was gone when we woke up yesterday, April 14, at around five o’clock,” she recalled. According to other reports, one man allegedly wrote a suicide note after investing his home and borrowed money, and losses of up to ₦3 million have been reported. “Roughly three people have been reported dead,” the audio stated. This Ponzi scheme led to numerous suicide attempts.
Concerns regarding regulatory oversight have been raised by the alleged fraud’s magnitude. “The question now is to the authorities, where are they when Nigerians are injecting,” the victim, who wished to remain anonymous, said.
Financial experts noted the Central Bank of Nigeria (CBN) has long warned against Ponzi schemes promising unrealistic returns. A Lagos-based forex broker, @Obobanj, tweeted, “The Central Bank of Nigeria (CBN) has long warned citizens about the dangers of Ponzi schemes, cautioning against investments that promise unrealistic returns. Despite this, platforms like CBEX continue to attract large followings, often collapsing without warning and leaving chaos in their wake.”
Social media reactions on X range from sympathy to criticism. “Nigerians don’t learn,” tweeted @ricky_chiekezie, reflecting frustration over repeated scams. The victim’s despair was palpable: “God, oh, God, oh, what have I done to deserve this? Huh? What have I gotten myself into? God, please help me. Hey, whoa. CBEX has finally killed me, oh.”
As victims reel, calls grow for authorities to investigate CBEX and hold perpetrators accountable. The forex broker emphasized, “The collapse serves as a reminder of the critical need for financial literacy and vigilance in the face of seemingly lucrative investment opportunities.”
