Nigerians Lose Over N1.3 Trillion as CBEX Collapses

A Nigerian digital investment platform, CBEX, has allegedly collapsed, leaving investors with losses estimated at more than N1.3 trillion (£730 million).

The platform, which had grown in popularity among Nigerians seeking high-yield investment opportunities, became inaccessible earlier this week. Users reported being unable to withdraw funds before their account balances were abruptly wiped, Warri Sentinel learnt.

The incident has prompted widespread outrage on social media, where victims have shared personal losses and criticised the lack of oversight in the fintech sector.

One user on X (formerly Twitter), posting under the name #edoPeekeen, wrote:

“Even people who had nothing to do with CBEX are crying… Nigeria has exhausted people to the point we can’t tell what’s real anymore.”

Another, using the handle #Eskimoh_, commented:

“People need financial education. The saddest part is the government won’t include that in the school curriculum.”

Among those affected is Chinenye Nduka, who wrote on Facebook:

“My brother invested his school fees and now he can’t even face my parents. God, this country keeps dealing with us.”

On Instagram, the user #the_real_aduke shared a similar experience:

“I lost $1,000. That was my bridal savings. I don’t even know how to tell my fiancé. I feel numb.”

Another investor, #iam_gideonlegend, stated:

“CBEX came, sweet-talked everyone, and vanished like a thief in the night. Let’s be honest, we were all greedy.”

The Central Bank of Nigeria (CBN) has long warned against unregulated investment schemes that promise unrealistic returns. In light of the CBEX collapse, the CBN reiterated its position, urging citizens to be cautious and avoid platforms that operate outside of regulatory frameworks.

The Securities and Exchange Commission (SEC) also responded, with Director-General Dr Emomotimi Agama vowing stronger enforcement of fintech regulations.

“We are committed to protecting investors and ensuring that operators in the fintech space comply with existing capital market rules,” he said at a media briefing in Abuja.

CBEX is the latest in a series of unregulated digital platforms that have drawn in Nigerian investors with the promise of rapid returns. Many of these schemes eventually collapse, often leaving victims without any legal recourse. CBEX has yet to comment.