On Wednesday, the usually quiet Egbeda-Idimu area of Lagos became a scene of tension and confusion after dozens of angry investors stormed the CBEX office located at Seliat Bus Stop in Alimosho Local Government Area.
The building, now locked and abandoned, was broken into by furious individuals desperate for answers. No employees were present, and the office appeared deserted. Even the security personnel were missing.
The investors said they had poured huge sums of money into the crypto platform, hoping for the advertised 100% return on investment within 30 days.
The company operated from a well-furnished office and displayed certificates from top Nigerian regulatory agencies, including the Nigerian Stock Exchange (NSE) and the Economic and Financial Crimes Commission (EFCC), which made the platform appear trustworthy.
Police officers from the Lagos State Command and the Rapid Response Squad (RRS) eventually arrived to restore peace and prevent the situation from escalating further. As of now, there is no confirmation that anyone has been arrested, including any CBEX officials or the landlord of the property.
The panic began last Friday when users discovered they could no longer access their CBEX accounts. This signaled a complete collapse of the platform and sparked fears that the operators had vanished with investors’ funds.
One victim, Mr. Victor Ozime, shared his story of loss. “We are on ground zero,” he said. “How do we finance our children’s school fees and pay house rent? I had so many plans for the money. Right now, I feel like ending it all.” Ozime and his wife reportedly lost over $7,000, which amounts to more than N11 million.
Another investor, Mr. Segun, who took a cooperative loan of $1,700 to invest, said he joined CBEX after being convinced by online testimonials and local seminars. “My wife encouraged me to join. Now look where we are,” he noted. He also mentioned that CBEX had expanded quickly, opening new offices in Ikeja and Ikorodu, and held weekly seminars that attracted large crowds.
According to Segun, the operators likely waited until they had collected massive funds before disappearing. “These Ponzi operators have targets. Once they hit the figure they want, they vanish,” he said, adding that the scheme may have brought in over a trillion naira.
Sadly, the financial ruin has also led to tragic events. Reports have emerged of a pensioner dying from shock, a woman allegedly taking her own life after handing borrowed money to her husband to invest, and a medical doctor currently hospitalized due to a breakdown.
In a statement released on Sunday, the Securities and Exchange Commission (SEC) reminded Nigerians that under the new Investments and Securities Act 2025, no individual or company is allowed to run a digital asset or forex trading platform in the country without proper registration.
