Chaos in Ibadan as CBEX Ponzi Scheme Crashes, Investors Loot Office in Desperation
Tears, shock, and rage gripped parts of Nigeria this week after the collapse of yet another Ponzi scheme, CBEX, leaving thousands of Nigerians devastated and broke.
What began as a seemingly promising path to “financial freedom,” with investors flaunting screenshots of thousands of dollars in earnings, quickly turned into heartbreak as accounts were wiped clean. By Tuesday morning, users discovered they could no longer access their funds—unless they paid additional deposits as part of a suspicious new withdrawal directive.
In Oke-Ado, Ibadan, one of CBEX’s offices became the scene of chaos as angry victims stormed the building, looting furniture and equipment. “The small amount I made in Libya was invested in it,” said Bolarinwa, a returnee in tears. “Now my friends who lent me money are expecting refunds I can’t give.”
Social media is awash with heartbreak stories. One aspiring artist lamented losing $4,000 he had planned to use to promote his song. “I woke up and saw nothing in my account. At this point, I am lost,” he posted.
Despite the outrage, CBEX administrators offered a glimmer of hope, telling investors via a Pidgin-English video that they could still withdraw funds—if they invested more. Users with balances under $8,000 were told to pay $100, and those above $8,000 to pay $200.
However, a whistleblower in the CBEX community warned: “This is just another trick. If you send more money, you’re only digging deeper. Accept the loss and move on. CBEX is gone.”
This latest scandal unfolds amid renewed warnings from the Securities and Exchange Commission (SEC) urging Nigerians to avoid unregulated digital investment platforms promising unrealistic returns. SEC Director General, Dr. Emomotimi Agama, stressed the importance of innovation within a regulated environment to safeguard investors.
For many, the CBEX collapse is a painful reminder of the dangers of chasing fast money in an unregulated digital landscape.
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