Nigerians Fear Savings Lost as Investment App Freezes Them Out

Angry Nigerians are taking to social media to express their frustration and despair after being locked out of their accounts on the digital financial platform, CBEX. The platform's investors claim that they have been unable to withdraw their investments, leaving them worried that their hard-earned savings may be lost forever.

The Crisis Unfolds

People have posted emotional videos and messages on social media, sharing their stories of woe and desperation. One investor, Ola, has come forward, revealing that he fears he has lost a significant amount of money - 450,000 naira ($280; £210). He told BBC Pidgin that he had been ready to withdraw his investment just last week but was advised by a friend to be patient and wait. However, with the platform now frozen, Ola is left wondering if he will ever see his money again.

Others have shared similar stories online, including one person who lost $16,000. The situation has sparked a sense of panic among investors, many of whom are already struggling financially due to Nigeria's economic challenges.

A Desperate Situation

The problem was first noticed over the weekend, but it wasn't until Monday that the full extent of the crisis became clear. Investors who attempted to access their accounts were met with error messages and unable to withdraw their funds. The situation has left many feeling frustrated and helpless.

CBEX Responds

CBEX has acknowledged the issue, stating that it was caused by a hack and that they are working to resolve the problem as soon as possible. However, some investors who reached out to them on Telegram received responses that failed to alleviate their concerns.

A Cautionary Tale

The situation has brought back painful memories for many Nigerians, particularly those who experienced similar financial setbacks in 2016 when the MMM scheme collapsed. The scheme promised investors a 30% return on their investment in just 30 days and had over three million members before it went under.

A Warning from Regulators

Nigeria's Securities and Exchange Commission (SEC) has warned citizens about the risks surrounding unregulated digital platforms and potential Ponzi schemes. However, they have yet to respond to a BBC request for comment on the CBEX crisis.

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