CBEX: Nigerians count losses as over N1.3trn vanishes in alleged ponzi scheme

Thousands of Nigerians have been plunged into financial turmoil following the sudden collapse of CBEX, a digital investment platform now accused of orchestrating one of the country’s largest-ever Ponzi schemes.

According to PUNCH Online, the embattled platform allegedly swept away over ₦1.3 trillion from unsuspecting investors. Heartbreaking scenes of women weeping and lamenting the loss of their life savings have since flooded social media.

Trouble began when users started facing difficulties withdrawing funds from the platform. Shortly after, many discovered their account balances had mysteriously been reset to zero — sparking widespread panic.

CBEX, once touted as a trustworthy avenue for digital asset trading, has since gone dark with no official explanation or refund process announced.

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.