Just like any Ponzi scheme, CBEX, a trading platform operating in Nigeria without formal registration, according to the regulatory body SEC has collapsed.
Across Nigeria, investors in the company are trooping out en masse to express their grievances over their losses, with many turning violent as they storm the scheme’s offices, destroying and looting its property.
In Ibadan, investors invaded the CBEX office in Oke Ado, taking whatever they could carry including air conditioners, fridges, fans, office tables and chairs, furniture, and other valuable items.
On social media, particularly TikTok and X, the collapse of the Ponzi scheme is trending, with various reactions and commentary.
It was gathered that investors no longer have access to their funds, and the accounts of many have been adjusted to reflect zero balances.
Speaking on the matter, Dailydoseblogger said: “CBEX is gone. I was telling you yesterday, the chances of withdrawing your money are just one percent. It has proven to be a Ponzi scheme. It is a business scam. CBEX has blocked all its Telegram groups. Everyone’s balance is zero. These guys knew what they were doing. They knew they were going to shut down, and that’s why they suspended withdrawals for five days. From April 9 to April 14, thousands of new investors registered. The company had strategized this exit months ago. Now, it is official, the scheme has ended. Check on your loved ones. Be sure they are doing okay. Reach out to them, because many people had millions of naira on that platform, and the investment is gone. This is going to weigh many people down and may even cost some lives. Many people used their business funds, some took loans, and others sold their land and property.”
A lady identified as Ololade1995 was seen on TikTok holding her phone to her ear, bitterly crying and saying, “CBEX has killed me.”
