Thousands of Nigerians are reeling from massive losses after the sudden disappearance of digital investment platform CBEX, which allegedly wiped out over ₦1.3 trillion of investor funds.
Reports surfaced earlier this week that the platform had become completely inaccessible. Users initially experienced failed withdrawals—followed shortly by vanishing account balances, raising fears of yet another high-stakes Ponzi-style collapse.
The incident has triggered a firestorm across social media, where victims and observers are voicing anger, grief, and bitter lessons.
On X (formerly Twitter), one user, #edoPeekeen, captured the shock with a tweet that read,
“Even people who had nothing to do with CBEX are crying. Nigeria has tired us to the point we don’t even know who’s lying anymore.”
Others pointed to the urgent need for better financial education. User #Eskimoh_ tweeted,
“One golden rule of investing: never invest what you can’t afford to lose. Many people need financial literacy. Sadly, the government won’t include that in schools.”
On Facebook, the pain turned personal. Chinenye Nduka wrote,
“My brother invested his school fees. He can’t even face our parents. This country keeps breaking us.”
David Eyo, another Facebook user, shared,
“I warned my church WhatsApp group, but they mocked me. Now they’re tagging me to help recover their money. How?!”
Instagram also flooded with heartbreak.
#the_real_aduke posted,
“I lost $1,000 — my bridal savings. I don’t even know how to tell my fiancé. I feel numb.”
And in a brutally honest confession, #iam_gideonlegend said,
“CBEX came, sweet-talked everyone, and vanished like a thief in the night. Let’s be real — we were greedy.”
A Lagos-based forex broker known online as #Obobanj — reportedly linked to CBEX — also weighed in, saying,
“Investigations are ongoing, but social media is already overflowing with pain, regret, and hard-earned lessons.”
Regulators Reiterate Warnings Amid Rising Fintech Risks
This crisis adds to a growing list of digital investment platforms that promise extraordinary returns with little to no regulatory backing.
The Central Bank of Nigeria (CBN) has repeatedly warned the public about the dangers of Ponzi schemes. These warnings have been echoed by the Securities and Exchange Commission (SEC), which has pledged to strengthen oversight of fintech activities in Nigeria’s capital market.
At a recent media workshop in Abuja, SEC Director-General Dr. Emomotimi Agama reassured investors that the Commission is committed to enforcing market rules, preventing fund mismanagement, and protecting investors from fraudulent operators.
