Nigerians Fear Savings Lost as Investment App CBEX Freezes Accounts
IBADAN, Nigeria—Nigerians are reeling after the digital investment platform CBEX abruptly froze user accounts on April 9, 2025, leaving thousands unable to withdraw funds, with many fearing their savings are lost, according to affected investors and local reports. The app, promising to double investments monthly, has drawn ire amid Nigeria’s economic crunch—naira at N1,635/$1 and 40% inflation—prompting protests and a ransacked CBEX office in Ibadan. With #CBEXScam trending at 180,000 posts on X, the crisis evokes memories of past financial flops, as of April 15, 2025.
Account Freeze: A Digital Nightmare
The trouble began when CBEX users reported failed withdrawals starting April 9, with balances showing $0.00, per BBC Pidgin interviews. Ola, a 32-year-old trader, told reporters he lost ₦450,000 ($280), lamenting, “I was set to cash out, but my friend said wait—now it’s gone.” By April 12, furious investors stormed CBEX’s Ibadan office, carting off chairs, air conditioners, and a solar panel, per police reports cited by Daily Trust. CBEX, silent since the freeze, had no public statement as of April 14, fueling speculation of fraud. #CBEXCrash posts (100,000) show videos of distraught users, some crying, pleading for answers.
Broken Promises: CBEX’s Risky Pitch
CBEX, launched in 2023, lured Nigerians with aggressive ads on TikTok and Instagram, promising 100% monthly returns via “crypto-backed trading,” per Legit.ng. Hong Kong’s SFC warned in 2024 of CBEX’s “suspected virtual asset fraud,” a red flag ignored by many, drawn by influencer endorsements and seminars, per Reuters. “It looked legit—everyone was joining,” said student Amina Jega, who invested ₦200,000. Nigeria’s SEC flagged CBEX as unregistered in January 2025, per The PUNCH, but its affiliate programs kept sign-ups soaring—3 million users by March, per estimates. #CBEXScam posts call it “MMM all over again,” referencing the 2016 Ponzi collapse that burned millions.
Economic Desperation: A Perfect Storm
Nigeria’s woes—rice at ₦100,000 per bag, fuel at ₦950/litre, and Trump’s tariffs slashing $200 million in exports—drove many to CBEX, seeking quick gains, per NBS. With 95 million in poverty and 53% youth unemployment, per World Bank, platforms like CBEX thrived on hope. “I wanted to pay school fees,” said Jega, echoing #FixNigeria posts (120,000). A N659 billion stock market dip and naira’s fall to N1,635/$1, per CBN, heightened desperation. Analyst Dr. Tunde Lawal said, “Hard times breed scams—people chase miracles.” CBEX’s freeze hits hardest in cities like Lagos and Port Harcourt, per Vanguard.
Fallout and Fury: Protests and Probes
The Ibadan raid on April 12 saw no arrests, but Oyo police are probing, per Leadership. A viral April 13 CBEX message, asking users to deposit $100-$200 for “wallet verification,” sparked outrage, with #CBEXFraud (60,000 posts) calling it a trap. EFCC launched a preliminary investigation April 14, per The Guardian NG, targeting CBEX’s operators, rumored to be overseas. “We need justice,” tweeted @LagosHustler, reflecting 70% of X sentiment demanding refunds. PDP’s Atiku linked the scam to Tinubu’s “failed policies,” per a tweet, while APC’s Ganduje urged calm, per ThisDay. #TinubuActNow posts (40,000) press for action.
Echoes of MMM: Can Trust Return?
The CBEX saga mirrors MMM’s 2016 crash, which left 3 million Nigerians poorer, per Reuters. With 24,232 bank fraud cases costing ₦5.79 billion in 2023, per FITC, Nigeria’s fintech trust is shaky, per Business Insider Africa. Lawal urged regulation, noting SEC’s lag—only 10% of 200 fintech apps are licensed, per TechCabal. #SecureFintech posts (30,000) demand CBN oversight. As Borno’s bombs and Plateau’s 51 deaths dominate news, per AP, CBEX’s victims—like Ola, down $280—face a bleak wait. Can Nigeria shield its desperate savers, or will scams keep thriving in hardship’s shadow?
