Nigerian Investors Are Left Reeling After CBEX App Freezes Accounts

Mon Jun 22 2026 22:08:47 GMT+0000 (Coordinated Universal Time)

Customers express distress as they can't access their savings on the CBEX platform, sparking violence and frustration among users.

In Nigeria, a surge of anger has erupted among investors locked out of their accounts on the investment app CBEX. Users have reported being unable to withdraw their funds, leading to fears of losing their savings. The app, which promised high returns, has faced accusations of mishandling investments, likened to previous financial scandals in Nigeria.

Angry Nigerians have taken to social media to voice their outrage over being locked out of their accounts on the digital financial platform, CBEX. Many users posted emotional videos, expressing concerns as they discovered their inability to withdraw their investments, leading them to fear that their money was gone. In a desperate show of protest, some disgruntled customers stormed a CBEX office in Ibadan, southwest Nigeria, seizing chairs, air-conditioners, and a solar panel.

CBEX has not issued any public statement regarding the situation. The investment platform attracted participants with the promise of doubling their money each month, particularly during a time when many Nigerians are grappling with economic hardships.

One investor, identified as Ola, shared his distress about potentially losing 450,000 naira, approximately $280 (£210). "I was ready to withdraw all my investment just last week, but my friend advised me to be patient and now it's all gone," Ola lamented. Similar stories emerged online, with another individual reporting a loss of $16,000, highlighting the widespread fear and frustration.

While the issue was first identified over the weekend, tensions escalated when account access issues persisted into Monday. Customers who sought assistance through Telegram received messages from CBEX claiming that a hack was responsible for the disruptions, assuring users that it would be resolved soon.

Nigeria’s Securities and Exchange Commission (SEC), which oversees the investment sector, has not yet responded to inquiries regarding the situation. The SEC has previously warned citizens about the dangers surrounding unregulated financial platforms and potential Ponzi schemes.

For many, this current predicament echoes the painful memories of the 2016 collapse of MMM, another financial scheme that left numerous investors heartbroken after freezing its transactions. At the time, MMM promised a 30% return on investment within 30 days and purportedly had around three million members before its downfall.