Photo caption: Nigerian women in tears after allegedly losing millions to crashed CBEX trading platform.
Thousands of Nigerians have been thrown into financial despair following the alleged collapse of CBEX, a digital investment platform accused of sweeping over N1.3 trillion from unsuspecting investors in what appears to be another massive Ponzi scheme.
On Tuesday, PUNCH Online reported that several Nigerian women have been seen breaking down in tears after reportedly losing millions of naira to CBEX.
According to circulating reports, the platform became inaccessible after users experienced difficulties withdrawing their funds. Many later discovered that their account balances had been wiped to zero.
On X (formerly Twitter), reactions have poured in, painting a grim picture of the aftermath.
“Even pipul wey no get anything to do with CBEX dey cry too… 9ja don tire person to the extent person nor know who dey lie again. Chai,” lamented @edoPeekeen (Edo Blood), capturing the widespread confusion and emotional toll.
User @Eskimoh_ highlighted the recurring issue of financial illiteracy, tweeting:
“No one rule of investment states, ‘Never invest any amount you can’t afford to lose.’ A lot of people need financial literacy, and the sad story is the government will never add that to school subjects.”
Others were less sympathetic, with some blaming investors for ignoring red flags.
“Nigerians don’t learn,” wrote @ricky_chiekezie (COLDPLAYTM).
“Trust me, if another platform kicks off right after the CBEX collapse, Nigerians will still flood in like idiots. The level of greed, foolishness and gullibility amongst you people needs studying.
Another user, @victorajibade10 (Vicocool A), criticised victims who shared emotional videos online:
“I don’t feel for anyone who records themselves while crying… If she like make she cry till tomorrow, na her sabi!”
Adding a tone of sarcasm, @kingleke34 (officialkingleke) tweeted:
“Don’t cry eh, more Ponzi are coming.”
For others, the situation serves as a hard lesson in the complexities of wealth management.
“If managing wealth were that easy, wealth management firms wouldn’t exist,” said @DSegaj (Segun Ajayi).
“Yes, investing is key to sustaining wealth – but without a good financial advisor, you might lose everything to naivety.”
As affected individuals seek answers and possible legal redress, financial experts continue to urge caution and due diligence before committing to any form of investment, especially those operating outside the regulatory oversight of the CBN and the Securities and Exchange Commission.
A Lagos-based foreign exchange broker identified as RHI O.O.BI, known by the handle @Obobanj, has been linked to the controversial platform.
Be tweeted, “While investigations are still unfolding, social media has been flooded with heartbreaking stories, outrage, and bitter lessons from victims and observers alike.
“The Central Bank of Nigeria (CBN) has long warned citizens about the dangers of Ponzi schemes, cautioning against investments that promise unrealistic returns. Despite this, platforms like CBEX continue to attract large followings, often collapsing without warning and leaving chaos in their wake.”
Efforts to reach CBEX representatives have so far been unsuccessful, and the scale of financial damage may take weeks to fully uncover.
CBEX had positioned itself as a high-yield investment platform, promising users a 100% return on investment within one month. Investments were made strictly in U.S. dollars.
