CBEX accounts in Nigeria: People fear savings lost as investment app freezes them out
April 15, 2025
Nigerians fear savings lost as investment app freezes them out
Getty ImagesAngry Nigerians are turning to social media to describe how they have been locked out of their accounts on the digital financial platform, CBEX.
People have posted videos of themselves crying, saying that they could not withdraw their investments and worried that their money had gone.
Some angry customers ransacked a CBEX office in the south-west city of Ibadan, carting off chairs, air-conditioners and a solar panel. CBEX has not yet publicly commented.
The company had promised that investors would double their money every month. Nigeria is currently facing straitened economic times and many are desperate to find a way to boost their income.
One investor, identified as Ola, told BBC Pidgin that he feared he had lost 450,000 naira ($280; £210).
“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,” Ola said.
Many others have shared similar stories online, with one person talking about losing $16,000.
The problem was first noticed over the weekend, but the anger boiled over when Monday came and people were still not able to access their money.
Some investors who made complaints on the private messaging service Telegram received responses from CBEX.
They were told that the problem was the result of a hack and things will be resolved soon.
Nigeria’s financial regulator, the Security and Exchange Commission, has not yet responded to a BBC request for comment.
For some, the situation brings back painful memories from 2016 when another popular financial scheme, called MMM, froze its transactions, leaving many investors heartbroken.
Members were supposed to receive a 30% return on their investment in just 30 days. It launched in Nigeria in November 2015 and according to its founders, had up to three million members before it collapsed.
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