Nigerian Investors in Disarray as CBEX Freezes Accounts Amid Hack Fears

Amid rising economic tensions, Nigerian investors are expressing despair as the investment platform CBEX locks them out of their accounts, leading to public outcry and demands for accountability. Many worry that their savings may be permanently lost after claims of a hacking incident.

Angry Nigerians are taking to social media to share their distress over being locked out of their accounts on the investment platform CBEX. Frustration erupted into protests recently, with some individuals ransacking a CBEX office in Ibadan, removing furniture and appliances in their outrage. The company has yet to issue a public statement regarding the situation.

The platform had lured investors with the promise of doubling their money each month, a tantalizing offer amid Nigeria's current economic struggles. Ola, a worried investor, recounted his ordeal, stating he had planned to withdraw his 450,000 naira ($280; £210) just days before the freeze. “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,” he lamented. Reports of significant losses have surfaced, with one individual claiming to have lost as much as $16,000.

The freezing of accounts initially became apparent over the weekend, but tensions escalated as Monday arrived without resolution. Some investors received replies on Telegram, attributing the issue to a hack and assuring them it would be fixed soon.

The Nigerian Securities and Exchange Commission (SEC) has not yet commented on the situation but has previously alerted citizens about the dangers of unregulated digital platforms and the risk of Ponzi schemes. This recent incident recalls the notorious collapse of MMM, a similar financial scheme, in 2016 that left countless victims devastated after their transactions were frozen.

As many look for alternative means of income in the current economic climate, the troubles with CBEX have stirred up painful memories for investors, deepening their fears of financial ruin.