Tensions erupted in the Oke-Ado area of Ibadan, Oyo State, late Monday night, as angry investors descended on the office of CBEX, a cryptocurrency and forex trading platform now accused of orchestrating a massive Ponzi scheme.
The aggrieved investors, many of whom had reportedly lost life savings and borrowed funds to invest in the now-defunct platform, stormed the premises and looted office equipment including televisions, air conditioners, and computers.
Eyewitnesses said the looting was triggered by shocking reports over the weekend that users’ account balances had been wiped without explanation, just days ahead of CBEX’s scheduled withdrawal date on April 15.
“There was no prior notice. People woke up to empty accounts. It felt like a nightmare,” said Adekunle Lawal, one of the affected investors who claimed to have lost over ₦3 million.
Social media has since been flooded with videos showing chaos at the CBEX office, as desperate investors vented their frustration over what they described as betrayal and deceit by the platform.
CBEX had gained popularity among Nigerians by promising high returns through digital asset trading and online forex services. Its aggressive online marketing strategy and promises of fast financial gains lured thousands into its investment web.
“This is more than just a scam — it’s a national disaster,” lamented Yetunde Afolayan, another investor who said her cooperative society lost nearly ₦12 million to the platform. “We trusted this company, and now our members are left in tears.”
The company’s sudden disappearance and alleged account wipe-out have left an estimated 200,000 Nigerians reeling with grief, anger, and confusion.
Kenny Ogunmiloro, a sportscaster and media strategist, issued a public appeal to broadcasters, urging them to handle the issue with empathy when discussing it on air.
“Dear broadcasters, if you will be discussing the CBEX issue on your shows, please be kind with your words and not add to the depression level of some of your audience that might have been affected,” Ogunmiloro stated.
He also called for public education on financial scams, adding, “Let’s educate them on how to spot a Ponzi scheme next time and offer them words of encouragement. Bring a financial expert as a guest to discuss the issues if you can.”
Meanwhile, financial analysts have urged regulatory agencies like the Securities and Exchange Commission (SEC) to ramp up efforts in curbing unregistered digital trading platforms and strengthen public awareness about investment fraud.
As the fallout intensifies, calls are growing louder for justice, compensation, and stricter control over online investment platforms that prey on Nigerians seeking financial growth.
