In Ibadan, Oyo State, chaos erupted as frustrated investors stormed the CBEX office after the platform was revealed to be a Ponzi scheme.
Events in Ibadan
In Ibadan, enraged investors rushed to the CBEX office after it was revealed as a Ponzi scheme, promising 100% returns in 30 days. Fueled by frustration, they began looting the office, with one participant shouting in a video, "This is our money they stole!"
Emotional Impact on Investors
The financial and emotional toll on investors, especially in Nigeria, has been devastating. Many had invested their life savings, lured by CBEX's aggressive marketing. One investor who lost $4,000 said, "I put in money to fund my music career, and now it’s all gone." Deep anguish and despair have swept through communities, with reports of some investors contemplating extreme measures.
Regulatory Gaps and Calls for Action
Nigerian regulators, including the Securities and Exchange Commission (SEC), noted that unregistered platforms like CBEX are illegal. This case highlights the need for revising and strengthening laws regarding digital assets. Local experts are calling for more proactive monitoring and increasing financial literacy among the population.
The collapse of CBEX has sparked outrage and devastation among investors, underscoring the need for stricter measures to protect against financial fraud in Nigeria.
