The collapse of digital investment platform CryptoBank Exchange (CBEX) has triggered widespread chaos and heartbreak across Nigeria, as angry investors stormed company offices in Ibadan and Abuja to demand refunds after losing billions.
In Ibadan, Oyo State, aggrieved investors broke into the CBEX office in the Oke Ado area, carting away furniture and equipment in frustration. Police and Amotekun officers were deployed to restore order.
Meanwhile, in Abuja, the CBEX office in Jahi remained locked and deserted. A security guard confirmed no staff showed up for fear of attacks. “We’ve been instructed to lock the gates and restrict access,” he said.
Victims across the country have begun sharing their losses. A woman who lost $10,000 said she was convinced by a friend’s earlier gains. Another investor mourned losing her $1,000 bridal savings, while a student’s sibling revealed he had invested his tuition fees.
“I don’t even know how to face my fiancé,” one victim wrote online. Another investor, who escaped with a $100 profit, said his three friends may have lost $8,000.
Public outrage has also been met with criticism. FCT Minister’s spokesman, Lere Olayinka, condemned the victims’ “greed and foolishness,” sparking further debate.
The EFCC, already investigating CBEX prior to its collapse, has vowed to bring the perpetrators to justice. Spokesman Dele Oyewale revealed that some victims have started submitting complaints and warned Nigerians against investing in unregistered platforms.
In March, the EFCC named 58 illegal investment companies, including Wales Kingdom Capital, Farmforte, and AQM Capital, all of which offered fake investment opportunities in forex, real estate, and agriculture.
The EFCC urged the public to verify any investment with the Central Bank of Nigeria (CBN) or Securities and Exchange Commission (SEC) before committing funds. Investigations continue, with hopes of recovery for thousands of defrauded investors.
