The platform, which attracted widespread patronage by promising a 100% return on investments within one month, reportedly stopped processing withdrawals, and many users later discovered their account balances had been wiped clean.
On social media, the fallout has been swift and intense. Videos of distraught investors—many of them women—breaking down in tears have circulated widely, reflecting the devastating personal toll. Some users responded with empathy, while others expressed frustration at what they see as a recurring pattern of poor financial judgment.
One X user, @edoPeekeen (Edo Blood), captured the national mood with an emotional post: “Even pipul wey no get anything to do with CBEX dey cry too… 9ja don tire person to the extent person nor know who dey lie again. Chai.”
Others, like @Eskimoh_, lamented the lack of financial literacy among the populace, tweeting:
“No one rule of investment states, ‘Never invest any amount you can’t afford to lose.’ A lot of people need financial literacy, and the sad story is the government will never add that to school subjects.”
While some showed sympathy, others were openly critical.
@ricky_chiekezie (COLDPLAYTM) tweeted, “Nigerians don’t learn,” while @kingleke34 (officialkingleke) added sarcastically, “Don’t cry eh, more Ponzi are coming.”
Financial experts also weighed in, warning about the dangers of unsupervised investment schemes.
@DSegaj (Segun Ajayi) wrote: “If managing wealth were that easy, wealth management firms wouldn’t exist... Investing is key to sustaining wealth – but without a good financial advisor, you might lose everything to naivety.”
The Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) have consistently cautioned against investing in schemes that offer unrealistic returns, stressing the importance of regulatory oversight. Yet, platforms like CBEX continue to gain traction, often crashing and leaving devastation behind.
A Lagos-based forex broker, identified as RHI O.O.BI and known on X as @Obobanj, has been linked to the now-controversial platform. While investigations are still ongoing, social media has been flooded with firsthand accounts from victims and observers alike.
Efforts to reach CBEX representatives have so far proved futile, and the full extent of the losses is still being determined.
Commenting on the scale of the tragedy, one user offered a blunt assessment:
“Trust me, if another platform kicks off right after the CBEX collapse, Nigerians will still flood in like idiots. The level of greed, foolishness, and gullibility amongst you people needs studying.”
Another user, @victorajibade10 (Vicocool A), criticized those who shared videos of themselves crying online: “I don’t feel for anyone who records themselves while crying… If she like make she cry till tomorrow, na her sabi!”
As victims seek legal recourse and answers, financial analysts continue to urge Nigerians to exercise caution and conduct due diligence before investing, especially in platforms not sanctioned by regulatory authorities.
