Outrage as CBEX Allegedly Defrauds Investors of N1.3tn

Thousands of Nigerians have been left devastated following the alleged collapse of CBEX, a digital investment platform accused of defrauding users of over N1.3 trillion in a suspected Ponzi scheme.

Investors, mostly women, were seen in viral videos weeping after discovering their accounts had been wiped clean, with many unable to access the platform.

CBEX reportedly promised a 100% return on dollar investments within a month before crashing without warning.

The Central Bank of Nigeria had previously warned against unregulated schemes, but CBEX still attracted a massive following.

Efforts to reach platform representatives have been unsuccessful as calls grow for financial literacy and stricter regulatory oversight.