In tears, Nigerians loot CBEX office as Ponzi scheme fails
Many Nigerians are in shock, disbelief, and tears after another Ponzi scheme named CBEX crashed early this week.
Weeks ago, many who invested in the scheme advertised their newly-found pathway to ‘financial freedom’ on social media with screenshots of account balances from $1,000, $10,000, and $85,000.
As of Tuesday morning, their accounts have been blanked, with no access to funds except they comply with a new directive to deposit more funds to withdraw from their accounts.
The reality is harsh in disbelief and tears.
“The small amount I made in Libya was invested in it. I was made to believe I would make twice that amount from the scheme,” a lady named Bolarinwa said sobbing uncontrollably.
The Libya returnee disclosed that a large part of her deposit in CBEX was a loan from friends who are expectant of a refund.
The location where Bolarinwa spoke is one of the offices of CBEX in the Oke-Ado area of Ibadan, Oyo State, Southwest, Nigeria which is being looted by an angry mob.
A trending video on social media showed people carting away furniture and other items from the office after officials failed to speak with CBEX officials.
“They said we should still wait so that they can attend to us,” Borinwa said amid tears.
Another victim of the scheme on X said he invested in CBEX “all in the name of making enough money to push my unreleased song, Alhamdulillah.”
The singer said he woke up “today and discovered that all my $4000 is gone. At this point, I am lost.”
Recently, Nigeria’s Securities and Exchange Commission (SEC) warned Nigerians against depositing funds with fraudulent and unauthorized digital platforms for unrealistic returns.
Director General of SEC, Dr Emomotimi Agama, said the warning was to protect Nigerians from falling prey to fraudulent schemes.
“We welcome innovation, but it must occur within a regulated environment that protects investors and maintains the integrity of our market,” Agama said.
Hope for CBEX investors?
Amid lamentations, CBEX administrators Tuesday afternoon investors can still withdraw their funds if they follow a procedure that will see them invest more in the same scheme.
A video on CBEX community explained the procedure in Pidgin English.
“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 to withdraw it,” a male voice said in the video.
Meanwhile, a member of the community warned other users that the procedure was a new twist in the scam.
He wondered why the administrators would require new deposits of at least $100 to withdraw from the initial balance.
“If you fall for the new scam with the hope of getting your investment, don’t be surprised that they will come up with a new idea to milk you further without you achieving your aim,” he said.
“Accept your loss and move on. CBEX is gone, it has crashed and there’s nothing you can do about it.”
