Thousands of Nigerians have been plunged into heartbreak and financial ruin following the sudden collapse of CBEX, a fast-rising Ponzi scheme that promised wealth and financial freedom but has now left behind a trail of empty accounts and shattered dreams.
CBEX, which gained widespread popularity on social media in recent weeks, lured investors with screenshots of supposed account balances ranging from $1,000 to as much as $85,000. These glowing testimonials painted a picture of quick wealth and easy returns. However, by Tuesday morning, reality hit hard as users woke up to find their accounts wiped clean—access denied, unless they deposited more funds.
“The small amount I made in Libya was invested in it,” said Bolarinwa, a returnee sobbing outside a CBEX office in Oke-Ado, Ibadan. “I was made to believe I would make twice that amount.” She revealed that much of her investment was borrowed from friends who are now expecting repayment.
The situation quickly turned chaotic. A viral video showed a mob storming the CBEX office in Ibadan, carting away office furniture and equipment in anger after no representative of the platform came forward to explain the situation. “They said we should still wait so that they can attend to us,” Bolarinwa cried.
On social media, victims shared their stories of dashed hopes. A struggling singer wrote on X (formerly Twitter), “I invested in CBEX all in the name of making enough money to push my unreleased song, Alhamdulillah. I woke up today and discovered that all my $4000 is gone. At this point, I am lost.”
Despite the chaos, CBEX administrators released a video on Tuesday afternoon, claiming users could still retrieve their funds—if they deposited more money. “If you have below $8,000 in your CBEX account, you have to pay $100 to withdraw your money. If you have above $8,000, then you will have to pay $200,” a voice said in Pidgin English.
But many see the new directive as yet another scam. “If you fall for the new scam… don’t be surprised that they will come up with a new idea to milk you further,” a user warned. “Accept your loss and move on. CBEX is gone.”
Regulatory bodies have issued repeated warnings. The Securities and Exchange Commission (SEC) of Nigeria recently cautioned citizens against investing in unauthorized digital platforms that promise unrealistic returns.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” said SEC Director General Dr. Emomotimi Agama.
For many Nigerians, the collapse of CBEX is a harsh reminder of the dangers of Ponzi schemes. While some are still holding on to a slim hope of recovery, others are beginning to come to terms with their losses—another painful lesson in the pursuit of fast wealth.
