Nigerians are flooding social media with their frustration and fear after being locked out of their accounts on the digital financial platform CBEX.
Videos posted online show distressed individuals crying, claiming they can no longer access their investments. Many worry that their money might disappear forever.
“I was ready to withdraw all my investment just last week, but my friend told me to be patient and wait — and now it has crashed,” lamented one investor, Ola, in an interview with BBC Pidgin. Ola said he had invested 450,000 naira (approximately $280).
Another user online claimed to have lost as much as $16,000.
From Promises to Panic: CBEX’s Bold Claims
CBEX, which had been gaining popularity in Nigeria’s economically strained climate, had promised to double investors’ money every month — a pitch that drew in many desperate to improve their financial situation.
The trouble reportedly began over the weekend, when users started experiencing issues accessing their accounts. But by Monday, with the platform still inaccessible and no formal explanation issued, anger erupted.
Ibadan Office Ransacked
Frustration boiled over in Ibadan, a city in Nigeria’s south-west, where a group of furious investors stormed a CBEX office. Eyewitnesses reported that chairs, air-conditioners, and even a solar panel were carted off in the chaos.
So far, CBEX has not issued any public statement regarding the incident or the status of users’ funds.
Some users who contacted CBEX representatives through the private messaging app Telegram reported receiving responses stating that a hack caused the disruption. The company assured them that it would resolve the problem soon.
Regulatory Silence and Haunting Parallels
Nigeria’s Securities and Exchange Commission (SEC) has yet to respond to inquiries from the BBC about CBEX, leaving many in limbo.
For older investors, the unfolding situation is stirring painful memories of 2016’s infamous MMM scheme. MMM, which promised a 30% return within 30 days, collapsed dramatically after drawing in millions of Nigerians. CBEX’s aggressive profit claims and sudden silence are strikingly familiar.
Cameroon’s Brush with Ponzi Pain
The CBEX crisis resonates beyond Nigeria’s borders. In neighbouring Cameroon, similar schemes have left deep scars. One such example was Emerald Investment Club, which gained massive traction in 2020 by offering daily interest on digital assets. Despite its initial hype and massive subscriber base, the platform suddenly shut down, citing regulatory challenges — leaving thousands of Cameroonian investors stranded without recourse.
Another high-profile collapse was Liyeplimal, a Cameroonian cryptocurrency investment platform that promised substantial returns through digital trading. It garnered international interest, especially from the diaspora, before reports surfaced of massive losses and frozen accounts. Its founder was later arrested in 2022, accused of orchestrating a sophisticated financial scam.
These cases share striking similarities with the CBEX debacle — unregulated platforms offering impossibly high returns, minimal oversight, and eventual silence when things go wrong.
Sunrun Cameroon: A Solar-Powered Scam
In late 2024, the collapse of ‘Sunrun Cameroon’ shocked the nation. This fraudulent investment platform pretended to be an affiliate of the legitimate U.S.-based solar energy company, Sunrun. The scheme, which had been operating for just two weeks, promised investors substantial returns by “renting” solar panels and claims to generate profits from selling electricity to developed countries.
Early investors earned returns, building trust and generating word-of-mouth promotion, which drove rapid growth. As recruitment slowed, the platform shut down abruptly, leaving thousands of Cameroonians unable to access their funds. Reports indicate that individuals extorted over 20 billion CFA francs, mainly from young people seeking quick returns. Sunrun confirmed it has no operations in Cameroon, and authorities arrested the individual posing as the manager in Buea on November 26, 2024.
A Region Ripe for Exploitation
With high youth unemployment, limited financial literacy, and weakening currencies, West and Central Africa have become fertile ground for digital-era Ponzi schemes masquerading as tech-savvy investment platforms.
Until regulators catch up and enforce stricter digital finance laws, many fear CBEX won’t be the last name on a growing list of failed dreams and lost savings.
As the silence from CBEX continues however, affected users across Nigeria — and perhaps even in Cameroon, where the platform may have operated quietly — wait anxiously, hoping for answers that may never come.
